The pros and cons of an auction vary between a buyer and a seller.
Buyers will often tell you they hate auctions because they feel like they are being forced to pay more than what they would under normal circumstances. Sellers, on the other hand, dislike auctions because of the perceived pressure of ensuring their items will sell high enough to cover the cost of marketing.
Buyers attend auctions under the belief that they could find items they like at amazing prices and because they are informed that all negotiations will be transparent and open.
So, let's get this straight! Sellers want the highest value, while buyers expect a bargain. All this is played out in public.
Is it any wonder why agents have a hard time selling the concept to sellers? Why do they bother?
Here is why…
Would you buy or sell a property at an auction?