Why Choose a Land Auction Company to Sell Your Property?

If you’re selling land at auction, it’s important to research and study comparable properties. It’s also a good idea to secure financing. Every day the property remains unsold is a cost against your bottom line.

Make sure you have the necessary financing on hand as well as a knowledgeable attorney and real estate agent. They will help you reasonably value the land and avoid overbidding.

More Convenient

The selling process is often quicker using a land auction company than a traditional method. This is because an experienced auction company can connect you with a pool of qualified buyers to purchase your property. This double vetting system ensures that your investment is safe.

You can find land auctions conducted by government entities or private auction houses nationwide. Typically, these auctions are at-will and not forced sales (e.g., for delinquent taxes or foreclosure). Many of these auctions require you to secure financing before the sale is complete.

Less Time Consuming

The auction-selling method can be much less time-consuming than using a traditional technique for selling property or land. This is because the auction company takes care of a large portion of the marketing process which can be lengthy and time-consuming for owners.

In the case of a land auction, interested buyers of land for sale Iowa can register online or onsite before the auction date and submit their bids. The winning bid will be chosen on the auction day, and the closing process can usually occur immediately.

Typically, private auction houses selling land at-will (versus through a forced sale due to taxes or foreclosure) allow buyers to finance their purchase. If the auction house offers financing, this is a good opportunity to get pre-approved loan approval and ensure you can quickly close the property. This can also help you avoid paying more than the property is worth.

Less Risky

Aside from being a less traditional method of selling, working with a land auction company provides an additional layer of security. Private companies specializing in selling land work with a pool of buyers and vet them for their ability to purchase the property. This can be especially useful if you sell a rare piece of land or a house with liens.

At auctions, potential buyers can inspect the property before bidding and deciding if they want to buy it. They can avoid overpaying for the property in this way. When the bidding process starts, participants can raise their hands or use a paddle with their bid number to express their intention to buy the property.

Some auctions, primarily forced sale sales like foreclosures or delinquent taxes, require the winning bidder to pay their final price immediately. Other auctions, mainly those that are at-will sales, allow for financing.

Less Hassle

Selling property at auction can be less hassle than using a traditional method such as an at-will sale or listing with a real estate agent. The process can still be complicated, but an experienced company will help with everything from advertising to closing.

Depending on the type of property sold, a private auction house can connect you with an eligible pool of prospective buyers. This double vetting system can be beneficial in finding the right buyer.

If you plan to sell your land, visit multiple auctions as an observer to assess the requirements regarding finances and familiarize yourself with the typical grounds up for sale. Once the bidding ends, you will enter a period of closing where you can finalize your purchase. Depending on the type of sale, this could be immediate or take 45-60 days.