Benefits of Buying at an Auction

The buyer knows the seller is committed to sell.

Auction agreements obligate the seller to transfer title to the highest bidder in an absolute auction. Similarly, the auction agreement binds the seller to transfer title to the highest bidder who meets or exceeds the reserve price in a non-absolute offering. The buyer knows they are getting the property at a fair market price. The buyer feels comfortable with the purchase knowing that there is a contending bid just one increment under the purchase price

Buyers set their own purchase price

Buyers see "the market place" take shape with competitive bidding

Auctions reduce the time to purchase the property by eliminating long negotiation periods

Buyers do not have to worry about variable contingencies because they are spelled out in the auction terms, i.e., closing costs and dates (these terms are the same for all bidders – level field for all players).