Real estate auctions, in which companies claim to be selling prime real estate at below-market prices, have become one of the most popular ways for builders and investors to market their excessive inventory of properties in some areas. Don’t confuse these auctions with the foreclosure sales that are referee to as auctions in some regions. We’re talking about public auctions where antiques or collectibles may also be sold on the same afternoon. In strong real estate markets,
Even new home builders have turned to private auctions to sell their new homes in an attempt to generate interest and excitement in areas where demand is low.
Private individuals, government entities, and companies that specialize in auctions all use this method of selling real estate to the public. You can often find real estate auctioneers listed in your local yellow pages. Like any auction, the goal is to generate interest and competition among potential purchasers in order to drive up the sales price. Often a minimum or reserve price is set to protect the seller from giving the property away too cheaply.
These real estate auctions are promoted heavily in newspapers, on radio and television, and on the internet with sample prices that sound enticing. They claim to have all types of properties and usually promote a few irresistible sounding properties like 10 acres of pristine land for only $5,000. Of course, who knows how far out into the boonies the property is located.
Real estate auctions, in which companies claim to be selling prime real estate at below-market prices, have become one of the most popular ways for builders and investors to market their excessive inventory of properties in some areas. Don’t confuse these auctions with the foreclosure sales that are referee to as auctions in some regions. We’re talking about public auctions where antiques or collectibles may also be sold on the same afternoon. In strong real estate markets,
Even new home builders have turned to private auctions to sell their new homes in an attempt to generate interest and excitement in areas where demand is low.
Private individuals, government entities, and companies that specialize in auctions all use this method of selling real estate to the public. You can often find real estate auctioneers listed in your local yellow pages. Like any auction, the goal is to generate interest and competition among potential purchasers in order to drive up the sales price. Often a minimum or reserve price is set to protect the seller from giving the property away too cheaply.
These real estate auctions are promoted heavily in newspapers, on radio and television, and on the internet with sample prices that sound enticing. They claim to have all types of properties and usually promote a few irresistible sounding properties like 10 acres of pristine land for only $5,000. Of course, who knows how far out into the boonies the property is located.