You might have heard of properties sold at auctions and wondering if it is the best move for you. If you have a piece of land and are thinking of placing it at an auction instead of the traditional buy and sell, this article is for you. Read on to learn more about land auction benefits.
Reasons Why a Land Auction Gets You the Best Deal
One of the best ways to sell land in Oklahoma is via auction. Whether it is for residential and commercial, investment, or recreational use, auctions have several benefits over other options, including the following:
Putting your land at auction is a smart way to filter committed and genuinely interested buyers. More often than not, auction buyers have their resources prepared before bidding on the properties. It also saves your energy from lengthy negotiations or buyers delaying and backing out of the deal. This way, you can have the confidence of making the sale and saving your time.
Quick Sale Timeline
One of the most significant advantages of selling your property at auction is the speedy, determined timeframe. In general, a land auction closes in around 30 to 45 days. Unlike selling your property traditionally, you will not need to wait for the buyers to come to you. With a land auction, you set the time, date, and the duration of the sale, and the potential buyers bid within the allotted timeline. Both the buyer and the seller can be assured that the sale will be available by the date. It also brings out a sense of urgency compared to the traditional sales process that may extend over several months.
Equal Opportunity for Buyers
An auction may sound competitive, but this is actually one of its attractive features. Potential buyers are given equal opportunities to win the bidding war. They acquire the same information, conditions, and timelines to start the bidding process in a fair manner.
Opportunity for a Transparent Market Price
A minimum bid can be set as the standard for the following bids in a real estate auction. At a land auction, the range of information about bid prices and asking prices is readily available to the public, potential buyers, and sellers. Given the competitive nature of auctions, you can get a deal higher than the baseline without setting the cost too high or too low. You will be assured that your property will not be sold for less.
A property sale at auction is legally binding for both parties. Compared to the traditional method of sale, the land auction offers a significant degree of security for the seller. Interested buyers must commission their property prior to the auction. This means the due diligence by the buyer has already been completed before bidding. After a successful bidding war, the contracts are exchanged. The winning buyer is obliged to pay the cost or a certain deposit amount by the end of the day.
Purchasing a lot at a land auction has many advantages for both the buyers and the seller. In addition, it is an exciting and efficient way to sell and acquire a property. You can sell a lot for investment, recreational, or commercial purposes and get the best deal possible. Correspond with professional auctioneers to know if the auction is an option for you.
Looking to sell your property or land at auction? Our experienced and dedicated staff at Wiggins Auctioneers understand how to attract interest in a particular lot and drive enthusiasm so that you stand the best chance of achieving a high sale price for your property. Contact us now.