- Member Since: January 20, 2019
Benefits of Commercial Auctions in Florida
Selling commercial property in the traditional manner can take months if not years depending on the trends and demands of the real estate market. The property will be listed and marketed but may not sell as quickly as owners desire. In auction houses for sale to sell it faster, the owner may lower the asking price and not get maximum value for the property. There is always the risk of buyers backing out at the last minute, insisting on contingencies that go along with the offer, or request work be completed before the closing date.
Consider the Auction Process
The process for commercial property auctions Florida takes less time, offers sellers more control over the process, and does not depend on contingencies. The entire affair is completed in eight-weeks from the time an experienced company agrees to hold the auction. property auction house is how it works:
1. The date for the auction is set
2. The property is strategically marketed to serious buyers via print, digital advertisements, emails, and social media
3. One of the professional commercial auctioneers is scheduled to facilitate the bidding
4. The seller, with the help of the company decides what type of auction will take place
There are basically three ways in which a seller can get maximum value for the property. One is to set and publish a minimum price at which the property will be sold. The bidder who meets or exceeds that price buys it. Another option is to set a minimum price without making it public. house auctions is refereed to as a with reserve auction. The last way is to sell the property to the highest bidder regardless of the price. This is called an absolute auction.
Results Are Certain
There are zero contingencies during a commercial property auction Florida. Properties are sold in the present condition at the current location. This is what is meant by the popular auction terms as-is and where-is. In addition to no contingencies, the buyer must submit a non-refundable fee of ten percent of the total purchase price upon acceptance of the bid. Closing happens in as little as ten-days and will only take as long as forty-five days.
Those interested in finding commercial property for auction Florida will want to search the websites of top national and international auction companies. There are upcoming auctions, for example, in Pine Island, Tampa, and Lakeland Florida. Detailed postings will include pictures or a video, indicate the type of auction that will take place, and provide contact information for any questions.