The sale of Real Estate in North America through auction

The sale of real estate in North America through auction has been in existence for over a Century. The widely accepted definition of a real estate auction is "The sale of real property through a competitive bidding process".

In 2007, nearly $270 billion of goods and services were sold using the auction method with real estate being the hottest sector, accounting for close $65 billion.

With the recognition of the importance of ongoing interest costs and the loss of return on capital locked up in idle assets, auctions are quickly becoming a preferred choice for the disposition of real estate.

An auction is an event where bidders can participate in an open competitive bidding process to purchase real estate on a pre-determined date. Sellers have the opportunity to obtain not only a willing buyer, but the best of all willing buyers. The auction method typically produces an offer within 30- 45 days from signing the auction listing contract that will represent the best price the market will offer.

Troy Fowler Lic. Real Estate Auctioneer (#AU3595, #AB2717, AARE, CES) & Lic. Real Estate Broker