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Working in the most competitive real estate markets in the country has shown us the pitfalls associated with the current system. A lot of frustration arises with bidding wars – a common method of sale where more than one buyer competes to purchase a home without knowing the amount of money other buyers are willing to pay. As a result, buyers are left in the dark to make one of the most important decisions of their lives. Sellers are often left wondering whether each buyer truly made their highest offer before bowing out of the process. In many cases, buyers don’t stay in the process long enough to make their highest offer and sellers lose out as a result.
Selling your home by auction is a proven method that works in other competitive real estate markets such as Australia and the United Kingdom. The main benefit of auctions is the transparency of the offer prices and the certainty that the sale price of the home is maximized. Let’s take a look at some of the other benefits in detail:
All auctions are operated and managed by our official partner auction house, On The Block Auctions, Inc.
We provide all of the necessary information to home buyers ahead of time so that they can make an offer on your home without variable conditions. For example, a home inspection by a professional and independent third-party company is conducted prior to listing your home and provided to each and every buyer who shows interest in making an offer (and they can also conduct their own inspection ahead of time). This takes away the need for an inspection condition in the auction process. For each auction, every buyer is on a level playing field, meaning the only variable is the price.
We complete the offer documentation ahead of time. Sellers have the ability to choose their ideal closing date, the items included in the sale along with any exclusions. Each and every buyer has access to this information ahead of the auction date so they are aware of the details. The only part of the agreement that needs to be completed once the auction ends is the buyer’s name and purchase price.
When we list your home by auction, we keep the process to a tight schedule. When our ‘For Sale By Auction’ sign goes up, it tells buyers how you’ve chosen to sell your home and the date it will sell. An auction date is a deadline that home buyers take seriously.
When a buyer registers to participate in your
home’s auction, they need to be verified and agree to a pre-authorized deposit amount on their credit card. This ensures that each and every buyer is taking the process very seriously.
A buyer will feel more comfortable increasing their bid amount if they know the offer prices of competing bidders. Every buyer has a fair chance to increase their bid amount during an auction and no one will be left out of the process.
Before the auction, you will determine your reserve price – the lowest price that you are willing to accept for your home. Therefore, if the highest offer doesn’t reach this price point, you are not obligated to sell your home.
Echo Bay Real Estate
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Brokerage: On The Block Realty Inc. Brokerage