Buyer's Information

Why Buy At Auction?

Reason #1: The possibility of Instant Equity

Buying at auction enables you, as the buyer, to move into the property with the potential of instant equity. Since the property starts at a price well under comparables for the area, you are ensured of having the opportunity to acquire your property with potential instant equity. Auctions cut out many fees that would be paid to agents  as well as other miscellaneous retail sale fees. In doing so, the seller is enabled to pass those savings along to you.

Reason #2: Quick Sale

An auction affords you, the buye, the opportunity to purchase property at fair market value with a standard 30-day escrow. There are no lengthy drawn-out escrows. After the sale is made, the buyer and seller are immediately taken to an escrow representative at the auction. The escrow then begins that very day. As a buyer, you have the knowledge that others were willing to pay for your property that same day through the bidding process.

 Reason #3: NO Negotiating

The buying process at auction is quick, easy and painless for you as the buyer. The price has been pre-negotiated for you, so there is no unnecessary bartering and haggling on the price. The reserve price is set well below that of the surrounding comparables for the area. You, as the buyer, pay only the amount you feel comfortable spending for it. When you enter into the auction you have in your own mind, a predetermined amount you are willing to spend. There are no sales techniques or other tactics used to pressure you into spending more than you know you can truly afford. You pay only what you determine to be a fair price for the property, you are in control.

 Reason #4: NO Contingencies

As a buyer you will have done your due diligence in researching the property and will have previewed the property one or more times. Properties are sold in as-is/where-is condition, so there are no contingencies that can tie up your property and make you wait to move in. This creates purchase and closing dates that are known well before the actual date of the auction. This takes much of the stress out of the buying process for both the buyer and the seller and makes for a short, concise escrow. You as the buyer can have your financing prearranged with the financing institution of your choice or you can take advantage of the lenders that work directly with the auction, who will give special financing options to auction participants.

 Reason #5: Motivated Sellers

As a buyer you want to search for the best buy for your money. This usually comes from finding property owners who are highly motivated to sell. Although there are motivated sellers on the market, you may not have many choices for the properties that interest you.
When buying at our multiple property auction, you are able to see many different properties for sale under one roof on the same day, that are all motivated and want to give you the best bang for your buck.
The options available for your purchase may include single family residences, condos, town homes, apartments, mobile homes, duplexes, triplexes, apartments and other investment properties, high end estate homes, vacant land and commercial property.
The properties you will find for sale at auction are available at 10 to 20 percent below the comparables for their area.

 Reason #6: The difference between buying at a foreclosure auction and buying with LandZenn

Buying a foreclosure on the courthouse steps is one method of purchasing homes below market value, but you will need to know how to locate these properties, you will have no disclosures, no termite report, no preliminary title, and have no home warranty. You are forced to purchase the property sight unseen and gamble with your money. You will also have to research things like back taxes, liens, and back association dues. In some cases, worry about how to evict the current tenants or owner from the property. And as if that weren’t enough you must have a cashier’s check for the total amount of the winning bid at the time

What you need to know about how an Auction Works: 

What is a Buyers Premium?