How to buy or sell property at a real estate auction
Panama City Beach Real Estate - Article by Jennifer Mackay
If you ever wondered how to buy or sell property at a real estate auction house, then keep reading…
Real estate auctions are not a new type of real estate sale. They have been around for many years.
Auctions and the real estate agent
Real estate agents may sometimes recommend a property be placed for auction rather then listing it in a local Multiple Listing Service, typically referred to as the MLS
Many agents are not aware that when recommending a property be sold at auction, they can continue to maintain a working relationship with the seller. A real estate agent can continue to assist a seller by:
- Being present during meetings with the seller and auction house
- With draw the listing and receive a referral from the auction house
- Provide the auction house with property, mortgage and seller information
Typically, the real estate agent will retain the seller as a long term customer by assisting to sell the property quickly and provide advice through out the campaign.
In addition, buyer representatives can receive a commission on the sale of an auctioned property by submitting a Brokers Participation Agreement to the auction house
There may be many benefits of selling a property at auction which may include:
Properties sold with clear title
When properties are sold, a title search is performed to verify and validate that there are no outstanding liens, judgments or other issues that can “cloud