Types of Real Estate Auctions

Courtesy of Southwest Real Estate Auctioneers

You may have asked yourself what are the main types of real estate auctions. Well, there are only a few types of real estate auctions. If you are interested in selling real estate or buying real estate through real estate auctions then this articles about the types of real estate auctions is important to read. Here are the three main types of real estate auctions:

With the first real estate auction type called Auction with Reserve, the seller reserves 5 rights:

Right to cancel the auction

Right to sell before the auction

Right to decline the price achieved at auction

Right to counter-offer the price achieved at auction

Right to accept the price achieved at auction

Second real estate auction type is called Absolute Auction:

Property is sold to the highest bidder regardless of price.

Since a sale is guaranteed, buyer excitement and participation are heightened.

Generates maximum response from the market place.

Many sellers, including financial institutions and government agencies have begun to use this method more frequently.

Final real estate auction type is Minimum Bid Auction:

An acceptable price is established prior to auction

That price is disclosed in all advertising

Once that price is achieved, it converts to an absolute auction

For help on types of real estate auctions or for more info on real estate auctions visit Southwest Real Estate Auctioneers

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