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4 Myths of Real Estate Auctions
January 22, 2015

Real Estate Auctions offer a myriad of benefits to both the buyers and the sellers of investment properties. However, the reality is that many real estate investors stay away from real estate auctions because they are not completely familiar with the facts about real estate auctions.  These investors may be missing out on incredible and efficient opportunities to buy and sell properties. Here are the 4 common myths of real estate auctions.  Once debunked, real estate investors will surely be eager to consider checking out a Columbia South Carolina real estate auction.

Myth #1: The reason homes sell at real estate auctions are due to foreclosures and/or they are distressed properties.

Fact: While it has been common because auctions offer an efficient method for banks to sell off problem properties, luxury home sellers and new home builders have discovered that auctions are a viable alternative to selling their unique properties. A South Carolina farm land auction is not uncommon as no two farms are alike and comparables are especially difficult to determine for a traditional sale. Additionally, typically a South Carolina land auction or farm auction features not only property but also features much of the farm equipment used on the farm as well.  Sellers who choose real estate auctions are typically motivated sellers who are interested in the accelerated format that an auction offers. This time savings also saves sellers money in carrying costs.

 

Myth #2: Auctioned properties are bought without inspections and purchased sight-unseen.

Fact: Most homes up for auction have a marketing period to hold open houses where buyers are welcome to bring an inspector.  Some auctions provide a complete due diligence package. On the other hand, judicial auctions held by counties typically may not offer the opportunity to enter the home and in a case such as this, that is reflected in the price.

 

Myth #3: Buyers must pay in full cash.

Fact:  Buyers must bring a deposit, which is usually 15% of the expected sale price. The deposit will be applied toward the purchase price and the buyer typically has 30 days to close. The exception again is for judicial auctions where full payment is expected at the auction or shortly after.

 

Myth #4: Real estate auctions are only for experienced investors.

Fact: Real estate auctions are open to the public and qualified bidder is welcome to bid. And yes, while experienced investors do attend auctions, many people who attend real estate auctions are everyday folks who have never attended an auction before.

If you are considering an auction sale or purchase of real estate and are looking for individualized and personal service, consider Carolina Auction Team.  We have been in the industry for four decades as the leading South Carolina and North Carolina Auctioneer.

 

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