Is auction the solution in a slow real estate market? Many sellers think of auction as a possible solution for marketing their properties, and in many respects, they are correct. What they do not realize, is that the less robust the market, the less chance they have for a successful auction. Why?

The first reason, is that in a market flooded with foreclosures and REO properties, the terms and conditions of auction may not afford the best purchasing opportunity for the buyer. There are plenty of alternative properties available for purchase, allowing purchasers to negotiate both price AND terms!

Another reason is that sellers typically owe more on their properties than the potential high bid to be realized at auction, making it unlikely that a deal can be struck. Auction buyers these days are looking for bargains, and they know that if a particular deal doesn't work out, there will be plenty of other opportunities to secure a great buy.

And finally, to succeed at auction, your property must have attributes that make it unique, and provides a compelling reason to purchase it. For example, a property with an incredible view or one on a high traffic corner in a crowded business district. These properties can command competitive bidding by multiple prospective purchasers, and a good auctioneer can achieve a higher than market sale.

Before you list your property for auction, ask your auctioneer about your chances of success. A good auctioneer will guide you through the process, provide local knowledge, and assist you in deciding if auction is the right way to go. Ask questions, and do not proceed if anything diesn't seem quite right to you. Feel free to get several opinions from different companies, and choose the auctioneer that offers the best combination of knowledge and marketing resources.

Visit us online at Coweta Fayette Realty.