Auction Versus Traditional Sale
Auction Sale:
- Buyer pays the commission ~ NO COMMISSION TO THE SELLER. NONE!
- Seller sets reserve (minimum acceptable price).
- Buyer pays all closing costs (Unless 1st time MD home buyer small credit paid by seller).
- Sold "AS IS", NO inspections, NO repairs by the seller!
- 30 days or less until your auction.
- 10% non-refundable deposit in most cases.
- NO financing, appraisal, or inspections contingencies.
- The date and time of the auction is pre-determined by the seller.
- Seller pays 5-6% commission.
- Split closing costs between buyer and seller.
- Home Inspections.
- Appraisal/Financing/Inspection contingencies which slow down the process.
- Stressful negotiations often take place between buyer and seller.
- Small deposits usually refundable to buyer.
- Lock boxes on front door, unscheduled showings.
