Live auctions are unique in experience, in sound, and in practice. Many auction attendees find the experience addictive. They report that there’s nothing quite like the thrill of finding something they want and then bidding against others who want the same thing. During the live auction, each bid reinforces the market value of the real estate which encourages continued bidding. In conventional real estate sales, buyers negotiate sellers down. At auction, the buyer can win only if he outbids his or her competition for the desired properties.
Our real estate auctions thrive in strong markets when there are plenty of determined bidders to push the price up. Knowing that the auction audience comes to buy, the seller’s benefits include:
- A predetermined sale date and time
- No burdensome back-and-forth negotiating
- Required prequalification for prospective buyers
- The assurance that property will be sold at true market value
- Sales are not subject to obtaining financing-all cash closing typically within 30 days
At Iron Horse Auction Company, we do auctions differently than most auction companies. We were one of the early innovators of the ’The Open Forum Method,’ or “Multi-Parcel” auction. In Multi-Parcel Auctions, a single large property, such as a farm or subdivision, is divided into a variety of tracts, parcels, or lots. This gives buyers the opportunity to purchase single units, all of the units, or put together units in any number of combinations.
Multi-parcel auctions have rapidly gained favor with buyers and sellers over conventional real estate marketing. As with smaller properties at auction, these kinds of environments generate a lot of excitement and attract more interested parties. That is why our auctions often sell a property for considerably more than properties would generate in conventional real estate sales. Multi-parcel auctions are now the method of choice for determining the highest selling price for real estate because:
- They attract more buyers because they allow buyers to purchase certain parcels rather than the whole property.
- More options mean greater seller and bidder flexibility.
- The number and amount of bids increase when buyers can bid on different combinations, thus increasing buyer competition.
Rockingham, NC 28379