Scottsdale Auction: Benefits of Buying and Selling Property
A Scottsdale auction is conducted locally and draws auction goers from all around the Phoenix Valley. A Scottsdale auction doesn’t have the involvement of any government authority nor are there any federal rules that have to be abided by. A Scottsdale auction is conducted according to the will and to the rules set by the auction company where the auction is being held. These types of auctions are often excellent ways to buy and sell property that otherwise could be difficult or costly to purchase or sell.
There are several reasons why a Scottsdale auctioncan beheld. Auctions typically feature seized property, police confiscated items, business liquidation items, bankruptcy assets and more. You can find anything from antiques, jewelry, vehicles, land, electronics and just about anything else you can think of at a Scottsdale auction. Some of the most popular auctions included property and foreclosure auctions.
There are many benefits to buying items at a Scottsdale auction, especially when it comes to bidding on property and homes. Some of these reasons include:
- Purchasing and closing dates are set
- The seller is committed to sell, buyer is reassured of deal
- Elimination of extended negotiation periods, no going back and forth
- Buyers are determining the purchase price, no inflated markups
- Sells usually sell a property for less than its value at auction
As you can see, the benefits for buyers extend past simply saving a little bit of money. You can often find land or homes at auction that are significantly undervalued and you are reassured you are not overpaying when other bidders and competitively bidding on the lot.
Buyers are not the only party that has the benefits of attending a Scottsdale auction. Sellers can quickly unload a property and save money putting up their property or home for auction by avoiding fees and royalties a realtor charges. The seller’s benefits of a Scottsdale auction include:
- Closing dates are set and is typically within 30-45 days from the auction
- Property auctions reveal the true market value without the markups
- Properties are sold as-is with no contingencies
- Sales prices can often exceed expectations due to the competitive nature of bidding
- No fees for the seller, commissions are paid by the buyer
- Free marketing program from the auction house that increases visibility
Depending on the Scottsdale auction, sellers can choose how to list their lot to ensure they receive the minimum they will accept to sell the lot. There are typically three different types of auction listings to choose from, including:
- Absolute Auction
- Subject to a minimum bid, without a published reserve
- Minimum bid, with published reserve
In an absolute auction there is no reserve or minimum price and as long as there is at least one bid on the lot, the lot will be sold. The property is sold to the highest bidder, regardless of the price. Buyer excitement and participation are often heightened during an absolute auction since a sale is guaranteed. This can be risky for the seller; however, as there is no minimum price and the potential for losing money on the lot is possible.
A Scottsdale auction where the property is subject to a minimum bid without a published reserve price, the seller reserves the right to accept or reject the highest bid after the auction. A seller can predetermine the price at which the property is sold at and is not obligated to sell their lot other than at a price that is acceptable to them.
When a minimum bid is set with a reserve, the lowest price the seller is willing to accept is stated. Bidding is started below the minimum selling price and once that minimum selling price is reached the property will be sold to the highest bidder.
As you can see, there are many benefits to buying and selling at a Scottsdale auction and obtain great deals if you are a buyer and have the opportunity to sell at top dollar without the hassle if you are a seller. Find an auction in your area to learn more about the auction process and see how you can benefit from attending and participating in an auction in Scottsdale.
Deb Weidenhamer is President of Auctions Systems Auctioneers & Appraisers, Inc., based in Phoenix, Arizona. They specialize in auctions and professional appraisals. Contact us for information about our Scottsdale auction featuring cars and trucks, electronics, jewelry, industrial equipment, tools and more.
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