What are Sellers on the Line Auction Events? These are high-energy, fast-paced, generally 2–day, online bank-owned property auction events where sellers monitor bidding activity and empower their decision-makers to accept the highest bid closest to the reserve price as auction time runs out. Why are sellers so motivated to accept the highest bid at these events? Great question. Keep reading to find out why.
Why Are Sellers Motivated to Sell? Managing Bank-Owned Homes Can Be Costly
When bank-owned properties stay on the seller’s books for too long they can end up costing them more money than selling the property for less than what may be owed on it. More importantly, sellers are eager to get people back into homes to help bring life back into neighborhoods so that communities can continue to develop and thrive.
What is Auction.com’s Role? Our Role is to Assist Sellers and Buyers
We facilitate the auction and before the bidding period ends, we communicate with both buyers and sellers so that both parties arrive at a fair price. While buyers are submitting their competitive bids, there will be counter bids placed until a seller’s reserve price has been met. Toward the end of the auction time, sellers will be able to evaluate the highest bid and determine if they are willing to accept a bid lower than their reserve price.
What’s in It for You, the Buyer? You May Get a Discount on the Property
Because sellers are motivated to get bank-owned properties off their books, they may consider the highest bid even if it hasn’t met the minimum reserve price. This is great news for buyers, because it means the seller may be willing to accept a bid that is lower than the property’s reserve price, which means the buyer may be able to buy the property at a discount.
Coming Soon…
Properties for the upcoming Sellers on the Line Auction will be available soon. In the meantime, find bank-owned properties in your market now.
