Why would a seller want to wait months or possibly years to sell a multi-million dollar luxury property when they can actually pick a date and know exactly when their house is going to sell?
The traditional way of selling homes today is very tough, especially at the upper-end of the market. There is no urgency for buyers to act. Values has slipped making it difficult to determine comps. The homeowner's patience and nerves are shot. They are tired of the inconvenience of property showings. The listing agent is afraid that his/her client might not renew the listing--making marketing dollars already spent and a possible commission check ready to go POOF right into thin air!
To some, "auction" sounds like a scary word--a process used only as a last resort. NOT TRUE! In reality, "auction" means "multi-bid selling" that produces proven results. At the upper-end of the market, there is only one company to trust with the sale of your property---Grand Estates Auction Company.
Grand Estates Auction Company saturates the market with an intense advertising and public relations campaign to thrust your property into the spotlight of a huge national and international audience. This maximizes the number of prospective buyers who are specifically interested in a property like yours.
The seller maintains control of time frame, closing date, terms and conditions. Once the auction date is set, the seller knows that the long wait of trying to sell the home the traditional way is just about over. There won't be extended negotiations or contract contingencies on auction day. What you will get on auction day are pre-qualified bidders fighting over your property, driving the value of the property up. The result is one bidder coming away the winner with a price that equals the highest possible price for your property.
The burden of high monthly carrying costs are over. The sale of the property has been greatly accelerated. Best of all, the seller will have cash-in-hand within 60 to 90 days of starting the process!
Real estate agents that participate in the process as "buyer's agent", "selling agent" or a simple referral are compensated. In addition, after the auction is complete there is only one winner, so that means the remaining bidders are now ready, qualified buyers that all need an agent to work with.
For more information on selling your luxury home through auction, contact Pat Kirby via email at pat@grandestatesauction.com or call 214-649-7346.
My understanding from friends in Scotland is that many of the real estate sales over there are (or were - it's been a while since I heard this) handled by auction. A date for final bids is set. Offers of purchase are submitted to the vendor's lawyer. On the closing day, any offer above the reserve amount is considered and the sellers choose the one that appeals to them the most.
It' s an interesting system.
seems that the future is here