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All You Wanted Know About Real Estate Auctions

By Expert Author: Mathew Luther

Earlier, property auction meant distress sale or dishonor sale, that is, a property of a person put to auction who was unable to pay off dues of creditors. Nowadays the concept of property auction has changed completely.

Auctions have become very common today and they are getting a better response than the traditional property sale method. More and more people are now auctioning their residential and commercial properties to get a better price. Online auctions have also become popular as this method is not only convenient but it also reaches a larger target audience.

The Middle East is a great hub for property auctions and Dubai Real
Estate
is doing well, with many people buying and selling properties.

Factors for a Profitable Auction:

A profitable auction from the point of view of the seller depends on the following factors:

• Strong equity position in the property.

• The time of the auction. The property will fetch a good price if the real estate market is doing well.

• There is a low supply of a specific property type.

• The carrying cost of the property is low.

The Auction Process:

Earlier property auction meant selling disputed or distressed properties at a price lower than their market price. But now, property auction has an all-new meaning where sellers set the selling price equal to or greater than the market price.

The buyers need to register themselves to prove their financial stability.

After the auction, the buyer needs to pay a decent amount as down payment which is non-refundable. The balance amount is also promptly settled.

Tips for the Property Owner:

Consult a professional who specializes in this field or has proper experience. There are many reliable online as well as traditional auction consultants who give correct advice for a small consultancy fee.

A consultant will also help in making the marketing strategy of the auction.

Advantages of an Auction:

For the Seller

• Fastest method of property liquidation

• There are multiple buyers and the owner gets the best price

• There is a definite date and time set for the auction and there
is full clarity

• There is no scope of bargaining

• There is no need for renovating the property to get a buyer

For the Buyer

• There is no need of bargaining

• The buyer can decide the buying price and back out if not
interested

• Auction is a time-saving process

• There is a definite date and time set for the auction and there
is full clarity

For buying and selling properties such as an Arabian Ranches Villa or a JVC Apartment in Dubai prospective buyers and sellers may get in touch with an online auction company for reliable and professional assistance.

Address :
www.ezayedrealestate.com
Business Bay Regal Tower 6th Floor
Office Number 609.
PO Box 79373
support@ezayed.com

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