Nobel Realtors

Auction is a fair way to sell anything and is one of the oldest forms of sale . The property is marketed to be sold on a set auction day over an average period of four weeks . On auction day , the auctioneer will take bids from buyers . If the seller ’ s reserve price is met or exceeded , the property is officially “ on the market ” and will be sold to the highest bidder . Auction Marketing your property with no price attracts the entire market . You may achieve significantly more than what you anticipated , therefore reducing the risk of underselling . Auction creates urgency between buyers by setting an ‘ end date ’ for the sale . Creates competition between serious buyers and can often exceed the expected value and sale price of the property ( no ceiling price ) therefore boosting the sale price . As the reserve price is not disclosed to potential buyers , it therefore gives the seller a chance to test the market . With an auction - it ’ s an unconditional sale – cash contract . No cooling off period ; no subject to finance or building and pest clauses therefore a rock solid contract . Benefits Best Suited Properties that are unique and hard to compare are best suited to auction . The property location also plays a big part - if you ' re in an auction culture area this is important . If you live in a highly sought after area then auction can be the best form of sale . If you have a deadline and are in a hurry to sell then this is another scenario which is best suited to auction .