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!
- 45 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
