Going...going...gone. If you are selling anything, these words might be music to your ears. Auctions are a quick process for selling properties through public sale, with many benefits to the seller. While auctions are often used to sell properties that need a bit of work, they can also be a profitable way to sell a non-distressed lot and land property. Below are some topics to consider when selling land at an auction.
Set Your Date and Time
Land auctions set the timeframe for the sales process. You pick the date for the auction and terms for closing, and the timeline for your sale becomes much clearer, and typically, much quicker. Whether you have been trying to sell your land for quite some time and are tired of carrying the costs, an auction may provide the exact timing that you want. Since the sale of land often takes much longer than the sale of a home, a shorter timeline and process may be very appealing to you. Uncertainty is one of the most frustrating aspects of selling land, and the auction sale eliminates much of that doubt.
Competitive Bidding
An auction is a thrilling and intense process for both sellers and buyers. The course of the auction with a set date and competitive bidding creates a sense of urgency among buyers that helps focus, and energize, the sale. Buyers know that if they are not partaking in or ready to buy on the date of the auction, the opportunity to own land may be gone. Auctions create a competition between buyers and help eliminate the concern of pricing too high or too low. To start the auction, a minimum bid can be set, but the high bid may well exceed the price established for a traditional sale depending on the number of bidders and their enthusiasm.
Are you interested in selling your land at auction? Market your land with us, and we can help you spread the word about selling your land at an auction.