Real Estate Auctions offer Buyers a way to purchase property in a setting that is both exciting and open. The auction method of purchasing normally provides for a smooth escrow and closing. Buyers for auction property benefit in the following ways:
- A set auction date allows the buyer time to organize their finances and complete property research and inspections before auction day.
- They know they are dealing with a seller who is ready and willing to sell.
- Buying at auction avoids the traditional offer/counteroffer negotiation process and brings everything out in the open.
- They can see thier competition on auction day. Rather than missing out on the property to another buyer, or having to guess what they need to offer in order to buy the property, the open bidding arena of the auction allows each buyer a fair opportunity to be the winning bidder.
- At the end of the auction, the successful buyer knows they will own the property.
- Since the Buyer inspected the property prior to bidding and received, read and approved all of the Seller’s disclosure statements and the sales contracts prior to bidding, the escrow process is a smooth one with no surprises to the Buyer.
It will be interesting to track the various real estate auctions along San Diego Coastal areas in the next year. I know of three auctions in Rancho Santa Fe within the last few months, with two successful sales at auction and one from last Sunday with negotiations pending. There are a few auctions set for January that I’ll report on then.