Even though you may be foreclosing on your house – certainly a stressful experience – there are certain advantages a real estate auction brings. So keep these in mind as you go through the process.
· Added exposure. When doing an auction, the property is likely to receive increased visibility and interest. The owner of the property (the bank) is going to market the property aggressively, which will help to bring exposure.
· Buyers are going to buy. You likely had your property on the market for months (or even years) before deciding to do an auction. Potential buyers came and went, never actually buying. But now, you’re guaranteed to have your house sell. Anyone coming to bid on the house is likely pre-qualified and ready to buy. Continue reading