Why Sell at Auction
Who are we?
Absolute Auctions & Realty are licensed real estate brokers in New York, New Jersey and Connecticut, with associates in all 50 states. We auction residential and commercial owner-initiated properties, as well as tax foreclosure properties.
Why would a seller choose to auction their property?
Auctions create urgency and provide a catalyst to promote buyer interest. We are often asked why sellers choose to sell their real estate by auction. The simple answer is that the Auction Method produces a prompt sale at fair market value.
A common misconception is that only distressed properties are sold at auction. That couldn’t be further from the truth! Our sellers choose to auction their property because it is a cost effective and accelerated way to get the property sold. A fast sale to a qualified buyer eliminates carrying costs and unwanted sales contingencies.
This outcome is the result of an intensive marketing campaign that attracts all serious buyers to a single event – your real estate auction. Gathered in one place at one time, bidders compete against each other for your property, creating an ideal selling environment for achieving fair market value. The bidders are motivated because they don’t want to miss out on the buying opportunity.
Once your property is sold, the short timetable from auction to closing is also a benefit. As a result of our approach, you will be able to reduce the high costs associated with holding property, and you will be free to move forward to other opportunities.
Properties Sold at Auction
The Advantages of Selling Real Estate at Auction
• You set the sale date
• Competitive bidding brings a fair market price. Nothing matches the level of excitement found at an auction.
• No contingencies. The property is sold “As Is Where Is”.
• The winning bidder is required to provide the down payment at the close of the auction, eliminating time spent with unqualified buyers.
• No excessive showings.
• Real estate sold at auction typically closes within 60 days.
Guide to Auction Closing Cost:
The Seller Pays:
Auction Advertising
Payoff of existing mortgage or taxes
The Buyer Pays:
Title insurance
Buyer’s Premium Attorney fees
NYS Transfer tax
NYS Recording fee
Financing fees (if applicable)