Real Estate sales are usually a very emotionally driven buy and sale decision. Typically, the Seller has an emotional belief that the value of their property is far higher than 'real market value' and the Buyer has an emotional belief that the value of the property is almost always lower than the value set by the Seller. This is the nature of property Buyers and Sellers throughout time and throughout the world.
As a result, Buyers and Sellers spend countless hours and dollars with 'experts', 'systems' and 'data' to try to establish a 'fair market' value for a property.
In reality, the 'real market' value of any property is the price that a Buyer is willing to pay a Seller for a property on a given day and time.
The process of Buying and Selling property through the traditional Real Estate Sales system offers Buyers and Sellers the medium to match Buyers with the Seller's property and provide expert negotiation skills to help the parties reach a mutually agreeable price. The process is designed to take as much time as is necessary to find the right match of Buyer and Seller at the right price. However, at the end of the day, the basics of the sale result in establishing the 'real market' value of the property on a given day and time.
The Auction Sales Method can work to expedite he sales process. The underlying key difference is that much of the emotional assessment of the 'fair market' value is removed. If the Seller can establish a minimum price point for their property that is realistically close to the 'real market' value of the property, the Auction Method of Sale can efficiently bring qualified Buyers to the Sale and allow them to compete against each other to establish the maximum amount that they would pay for the property (ergo, the 'real market' value).
The Auction Method of property Sale does not eliminate the services that a Real Estate Broker or Agent can provide either the Buyer or the Seller, but it does significantly streamline the process of the sale and significantly shortens the sales cycle.
The Auction Method of property Sale is NOT right for every real-estate transaction. However, when the emotional aspects of pricing a property are eliminated or replaced with other driving factors such as estate liquidation, forced sale or a realistic expectation of 'real market' value, the Auction Sale Method can be an enormous value to both the Seller and the Buyer.
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