Types of Real Estate Auctions
Which Type of Auction is Right for You?
This means that the property will definitely sell to the highest bidder at the auction without reserve. This type of auction generates maximum response from the marketplace. The lure of potential low prices creates the likelihood of the best result and highest possible price when the buyers know the property will absolutely sell.
Minimum Bid Auction
Bids are taken only above a predetermined and advertised starting price. The advantage of this auction type is that it gives the Seller a level of security when selling. However, it may limit the excitement for the auction and only attract buyers who are willing to pay the disclosed minimum bid.
The auction is conducted in normal manner. The Seller reserves the right to reject the final high bid price. The Seller isn’t obligated to accept a price they deem unacceptable, but many prospective buyers won’t attend without the certainty the property will sell to the highest bidder.
Call Chris Bober at 402.312.5076 today for more information on which type of auction will be best for your situation.
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Chris Bober is a Certified Auctioneer
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