Those who have never been to a real estate auction may be discouraged by some of the myths about real estate auctions. If you happen to be one of those people and you want to know more about real estate auctions, use the information below to help you learn a bit more about this growing area of the real estate industry.
Myth: Auctions are too expensive for the average buyer.
Truth: It's hard to know what real estate will sell for on the traditional real estate market. With real estate auctions, Buyers have the option to set their own limits so they don't go any higher than can afford.
Myth: The whole real estate auction process is too complicated.
Truth: These auctions are about as complicated as any other auction. The North Carolina auctioneer or South Carolina auctioneer will provide the termms of sale, the bidder with the highest bid wins the piece of real estate. It's really that simple.
Myth: Only houses in bad shape go to auctions.
Truth: These auctions are like other auctions in the way that you just never know what you are going to find. Yes, there may be some distressed properties, but many properties are very well maintained as well. Sellers sell their homes for many reasons and usually not out of distress..
Myth: Auction winner pays cash.
Truth: No auction company is going to turn away cash after a sale, but the full amount certainly isn't required. Real estate auctions, typically, offers a 30 day period of time to close the deal. You will know exactly how much you have to come up with that day in the form of a down payment, but you won't necessarily need the full price.
Contact Carolina Auction Team For More Information
To see how these type of auctions work, why not check one out for yourself? Contact Carolina Auction Team at 800-292-9666 to learn the specifics concerning how these auctions work in your area.
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