For years, auctions have been a convenient, private, and efficient means for moving inventory in a hurry. Auctions are unlike any other place where you can buy real estate. They can be a quick and profitable way for qualified buyers and eager sellers to come together and make a deal. As a public sale of a property, auctions also draw energetic crowds who are eager for a good deal. Generally, there are three different types of auctions: an absolute auction, a minimum bid auction, and a reserve auction. Each has a different set of rules and time frames to control the process. There are copious advantages for both sides of the transaction, but also a fair share of risk. The keys to success here are to understand the basics and have a solid team on board to help you cross the finish line. Of course, you’ll also need a system.
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