What is the auction of the house?
The auction of the house, also known as real estate auctions, is a sales process in which future buyers offer each other's purchase of a house. This process is sometimes the result of managing a market for home market closure. It is also often a preferred method for the sale of a house that is considered difficult for the market. The auction of the house is also commonly preferred if the owner wants to avoid a long process of hosting open homes and off -road offers. Auction specialist and seller research of similar houses in this area in order to determine a comparable price of market value (CMV). If there are no CMV houses in the neighborhood, both sides will agree on the reserve price. The house is not sold if there is no offer that is the same or above this reserve price.
This process differs from the auction for a closed feature in which no reserve price. In this case, the highest candidate wins regardless of the actual value of the property. The disadvantage that the buyer usually faces is such that the bank, ktErá has ruled out on real estate, can repeatedly counter -counter until the price they consider to be acceptable.
Adventure investors into real estate are commonly looking for closed properties that are sold cheaply, but subject to real estate sale is classified "as it is". This means that at the end of the sale the bank or credit institution is released from all liability regarding the status of the assets. This surrender includes the infestation of pests, lack of real estate in the field of plumbing or electricity and imperfections in the construction industry or house foundation.
It is often perceived that the auction of the house will bring a much higher market value to a private dealership. Visions of eager buyers higher and higher numbers are common, but in fact it occurs only on the extremely re -re -real estate market where houses available for sale cannot satisfy the demand on the shopping market. SentencesShina dealers who decide to sell auction do not make more profits than browsing through traditional channels.
Most homeowners who decide to sell their homes through the auction of the house claim that the choice was based on economical time because the auction is a one -time event. If it does not fulfill the dedicated offer and goes unsold, the seller is at a disadvantage, because the public now does not offer a higher offer under any circumstances. In addition, the seller has to pay eight to nine percent of the reserve offer to the auctioneer, whether the property is sold.