Auction Method vs. Traditional Marketing

Auction Method of Marketing

Short time from contract to auction. 30-60 days.
Most property is sold "As-Is, Where Is" without contingencies.
Multiple offers are presented on the same day fostering competitive bidding in an open environment.
Opening bid is made and price goes up, not down increasing upside potential.
Preview of property is available.
Auction creates a sense of urgency and Promote Buyer Interest. Buyers must act or lose the property.
Buyers are qualified to purchase.

Traditional Method

Property may remain on the market indefinitely.
Closing could take a long time.
Various contingencies are common.
One offer at a time is usually made to the Seller in a closed environment.
Many unscheduled showings.
Price is reduced to increase interest and sellers wait for buyers.
No Pre-Qualification of Buyers.
Overpricing or underpricing is common.