Daily News and Information for the Professional Real Estate Agent
Sold! Realtors Raise the Gavel on Home Sales by Auctions
Friday, May 18, 2007
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WASHINGTON, D.C. - Auctions are often associated with cars, furniture and jewelry. In recent years, however, real estate auctions have gained popularity as a way for sellers to sell their homes quickly. That was the message delivered by Realtor® Valerie Gehringer, Keller Williams Realty, Winchester, Va., at a forum held today at the National Association of Realtors® 2007 Midyear Legislative Meetings & Trade Expo.
Gehringer told Realtors that in any market, real estate auctions have many uses and benefits and that they are a great way for Realtors to stay ahead of their competition.
“Auctions are another option for Realtors to put into their toolkits so that they can offer their clients every viable method of buying and selling,” said Gehringer. “Auctions can help set a property apart from others; especially in today’s cooling market where there may be many homes for sale in an area.”
Gehringer added that auctions are a great alternative for sellers in any market and shouldn’t be considered only for foreclosures or as a last resort for homes that won’t sell. “Auctions are contingency-free, the sale typically closes in 30 days or less, there is no negotiating back and forth with buyers, and depending on the type of auction, the seller can accept or reject any offer. Sellers also appreciate having a specific date and time when they will sell their home,” said Gehringer.
“Realtors add value to the real estate transaction and can help sellers analyze their needs, the property and local market conditions to determine if a good auction situation exists,” said NAR President Pat V. Combs of Grand Rapids, Mich., vice president of Coldwell Banker-AJS-Schmidt. “Successful auctions, whether online or not, require well-informed buyers, strong publicity, an adequate period to view the property and a full explanation of the sale terms.”
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