Another great service for your real estate buying and selling needs!
Online auctions have gained tremendous popularity as a way for landowners to sell their property at an accelerated
pace with many benefits provided to the seller.
Some considerations when selling your property with MFL’s online auction:
Auctions have a set timeframe of when the auction takes place. Seller sets the date & terms of the auction. Once the auction is complete and the winning bidder is determined the closing will be set 30-45 days after the auction.
An auction is an exciting process for both sellers and buyers. The format of the auction with a set date and a competitive bidding situation creates a sense of urgency among buyers that helps energize the sale. Buyers know that if they aren’t participating and prepared to buy on the date of the auction, they may miss out on the opportunity to own your land.
Auctions create a competition among buyers and help eliminate the issue of pricing too high or too low. A minimum bid can be set to start the process, but the high bid may well exceed the price set for a traditional sale depending on the number of bidders and how badly they want the property. In a traditional listing process, pricing too high can cause a property listing to stay on the market for a longer period of time; pricing too low can leave money on the table. The intention of selling land at an auction is to arrive at a true fair market value for your land.
Online auctions allow the seller to set the terms and conditions of sale from the outset and eliminate the hassle of negotiations. Sellers have already set the time of date of the sale, now you also can set the timeframe for closing, the amount of earnest money deposits (typically 10%) whether the sale is “as is” and so on. Buyers come to the sale prepared to buy on your terms and thus avoid the hassle of negotiating. Buyers will be required to have all their financials in order before registering & bidding at the auction.
Your property will be extensively marketed using all of our proven marketing resources including social media campaigns, featured on all our major land listing websites, MFL’s website along with many more websites and other sources of media we use to extensively market our clients properties. Our marketing resources and strategies have been proven to draw attention from buyers around the nation.
For additional information on our land auction service, please give us a call at 618-532-1961 and one of our experienced brokers will be happy to help you.