Auctions are often associated with foreclosures, but those situations are a small component of services offered by professional auctioneers. Having an auction instead of putting property on the real estate market has benefits to sellers and buyers who participate in Woodward OK Land Auctions. The biggest benefit for the seller is time. Auctions are faster than the real estate process.
Placing Land on the Market
Selling land on the open real estate market can take years. During that time, sellers continue to pay taxes on the land, insure it against fire damage and vandalism, and maintain liability insurance until it is sold. That is a significant amount of money to spend on land that is no longer used or wanted. It is important to note that insurance premiums on vacant land are higher than those for land that is occupied.
People interested in the land will want to see it prior to making a purchase. That means the land has to be accessible. The roadway has to be cleared and maintenance has to be completed. Those costs are added to the continuing costs for higher expenditures. All that hassle and expense is eliminated via Woodward OK Land Auctions.
Buyers save money by getting land at lower pricing. This benefit is an ideal way for investors to acquire land and still have capital to develop it. The amount of savings enjoyed depends on the knowledge and experience of the professional auctioneer. Those who participate in continuing education, like auctioneers available through Wiggins Auctioneers LLC, know current market values of land and work to get a fair price for both the seller and buyer.
On the Auction Date
Buyers bidding in person will want to arrive thirty to sixty minutes before the auction begins. This allows time to register and read the information packet provided. The use of modern auction equipment and the presence of staff available to answer any questions prior and during the auction ensures the event will be a smooth and positive one. Assistance with contracts and paperwork after the bidding is complete is also a benefit of attending an auction. You can also visit them on Google My Business.