WHY A REAL ESTATE AUCTION? | Walker Commercial Services
A real estate auction can be an effective way to generate interest and help sell a property at maximum value. Auctions offer an accelerated process through open bidding often on site in what some call an intense selling event.
Commercial property auctions are a prime opportunity for buyers and sellers because of the great exposure of a real estate auction.
Why should you consider a property auction?
- Auctions can reduce the amount of time a property is on the market
- Auctions create buyer competition and excitement
- Auctions can result in quick closings from quality buyers
- Auctions are ideal for estate and surplus properties
- Auctions can refresh a listing that’s stagnated using a traditional sales approach
- Auctions can eliminate long negotiation processes with an immediate sale
Benefits of a Real Estate Auction
Real estate auctions are beneficial to buyers, sellers, and agents. It’s a property sales situation that can help all parties involved; that’s one of the reasons Walker Commercial Services offers this opportunity throughout the Roanoke Valley.
Auction Buyer Benefits:
- Get a smart investment at fair market value
- No negotiations; you know the seller wants to sell
- Buyer determines price they are willing to pay
- Set purchase and closing dates
- Due diligence packets provide plenty of property information
Auction Seller Benefits:
- Buyers come prepared to purchase
- No negotiations; you know the buyer is serious
- Quick property disposal reduces long-term costs, including maintenance and taxes
- Exposure to a large number of potential buyers
- Ensures an aggressive marketing program to generate interest
Auction Agent Benefits:
- Generates a list of prepared and qualified buyers
- Properties are sold quickly
- Commissions can be generated from auction sales
- Auctions help generate interest for other listings
- Referrals and return business
How a Property Auction Works
A property auction is a three-step process. Walker Commercial Services has an app to facilitate bidding and make it a more seamless, contactless, and easy experience. You can download the app from the Apple or Google Play stores. Search for Walker Commercial Services.
A property auction gets underway with bidding. It’s important to read contracts and terms and conditions before placing a bid. The auctioneer will control bidding and has final say in the process.
Generally, the winning bidder places a down payment of 5% or 10% of the high bid, subject to a minimum that must be paid by cash or check.
Finally, closing on auctions is within 30 days of acceptance unless noted otherwise. Access to the property occurs after closing.