What are the advantages for a buyer in an auction situation?
The buyer knows the seller is fully committed to selling their property. Auction agreements obligate the seller to transfer title to the highest bidder in an absolute auction. The buyer knows they are getting the property at a fair market price. The buyer feels comfortable with the purchase knowing that there will be a contending bid just one increment under the purchase price. The buyer has negotiating power. The buyer can withdraw from the bidding at any time until the gavel falls. The buyer sees many properties in the same place at the same time. They are able to make market comparisons quickly and easily. Other benefits are: * Buyers set their purchase price. * Auctions eliminate long negotiation periods. * Auctions reduce the time it typically takes to purchase a property. * Buyers do not need to worry about contingencies because purchasing and closing dates are known. * Buyers know the property owners are selling at lowest price possible. * Buyers can receive rather favorable fin
