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Many people associate the auctioning of homes with foreclosure, perhaps losing sight of the fact that world record sale prices are usually achieved at auctions such as Christie’s and Sotheby’s. Auctioning a home greatly benefits the seller for several reasons:
- Fetching the highest price for the home,
- Having numerous pre-qualified buyers vie for the home simultaneously,
- Knowing the exact day, date, and time the home will sell, and
- Having the buyer pay the sale commission and marketing fees.
- Selling both the home and personal property simultaneously by the same company.
Although any home can be sold at auction, Graystone Auctions focuses on two halves of the same niche: heirs who are selling a loved one’s home and personal possessions in or out of probate, and seniors who wish to sell their home and personal possessions to downsize to long term care. Graystone Auctions is the leader in this niche, with 35 years of experience and over a thousand successful auctions.
Matt Knowles, a real estate & estate specialist with Graystone Auctions and Phoenix View Realty, compared a conventional home sale to a home sold at an auction, “Home sellers who list their home for sale conventionally will enter into a contract with just one buyer who they are essentially wed to for the 30 to 60 days the transaction takes to close. During the subsequent inspection period, the buyer may raise objections or cancel the contract. The buyer may also fail to raise the funding required to close escrow.”
“When a home is auctioned, however,” continued Matt Knowles, “there are many competing buyers, all of whom have to provide proof of funds before they can bid. The winning bidder will pay 10% of the highest bid immediately, with the balance due within 30 days.” Matt Knowles added “In a conventional home sale, the homeowner can expect to sell sometime during the period of average-days-on-market for their neighborhood, but with an auction, the home seller will know the exact day, date, and hour his or her home will sell.”
In addition to getting the highest price for their home, sellers will also save on sales commissions and marketing fees. In a conventional sale, a seller can expect to pay 6% of the sale price to the realtors. In an auction, however, the buyer pays a 10% premium to cover the marketing of the home and the sales commission.
Lastly, most realtors will not sell the personal property in a home because they are neither licensed nor trained to do so. Graystone Auctions can sell both the home and the personal property for the highest price.
For more information visit graystoneauctions.com and mattknowles.com.
About Graystone Auctions
Graystone Auctions started over 30 years ago in Sun City, Arizona. We specialize in real estate and complete estate and business liquidation for attorneys, accountants, their clients, and the general public. We have conducted over 1000 successful real estate and estate auctions over the past 30 years.
