Why Buy at Auction?
Throughout history auctions have been used as the primary method of commerce to find “true market value” for almost any type of property, commodity or service. Buyers participate in auctions for any number of reasons but the overwhelming buyer motivation is the feeling of “getting a great deal”! There are many types of formats for auctions that have evolved over the centuries; the most prevalent has been the live open outcry auction. Over the last few years Sealed Bid sales, Loan Portfolio sales and Internet auctions have also become popular methods of bid sales. Some of the key reasons why buyers participate in real estate auctions include:
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