12/16/2024 | Hurley News
Myths & Misconceptions
Myth #8: Myth: No one would choose to sell their property at auction unless they had to.
Not true at all! There are numerous reasons auctions are often seller’s first choice. They are so efficient, there is very little risk, and often you’ll get more than what you might have expected.
Video transcript:
Hi, Matt Hurley here with Hurley Real Estate & Auctions, answering some questions about why would someone sell their house or property at a real estate auction? You know, the answer is simple. Number one is results. We sell hundreds of homes. We’ve sold thousands of pieces of real estate at auction. But here’s the reason people choose auction. Number one, it’s quick and efficient. It takes 30 days or less. Sometimes we can sell a home in two to three weeks at auction. Number two, price. There’s no risk at getting less than what you want. The positive side is, many times you’ll get more than what you expected because of the competitive bid among bidders. Three, you sell your property as-is. There’s no contingencies, no inspections after the auction. You sell it as is. It’s simple as that. Results, it’s simple, it’s easy, and best of all, many times you get the highest possible price by utilizing the auction method. So there it is, answers to why people sell real estate at auction.
Myth #7: Myth: You cannot inspect a property that is up for auction.
False. With Hurley real estate auctions, you’ll have the opportunity to inspect the property before the auction at either one of our open houses or via a private showing. If you would like to have a formal inspection done, you can do that as long as it is before the day of auction. On the day of the auction, our Realtors/Auctioneers are on site with the property open for preview one last time approximately an hour before the auction starts. Ask your questions and get the answers you need to bid confidently.
Video transcript:
Hi, Matt Hurley here with another answer to myths and misconceptions about real estate auctions. Many people think that at real estate auctions, you cannot inspect the property. It’s strictly as-is, and you can’t look at it. Not true. We want you to look at the property because we want you to be comfortable with what you’re buying. We encourage you to inspect the property. If you want to do a home inspection, absolutely. You just have to do it before the auction. So there’s the answer to another myth and misconception about auctions. You can inspect the property. You’re not buying it unseen. You get to go look at it. There’s an open house. And you can buy it just like any other property with full confidence knowing what you’re getting.
Myth #6: Myth: You have to pay with cash at an auction.
False! You can actually obtain financing for real estate auctions—and 95±% of our buyers do. You’ll find in our terms the amount of money you’ll need on the day of the auction to serve as earnest money, and then you’ll have a certain number of days (usually 45-60) to settle. In fact, take a look at one of our property information packets for a few lenders that love to work with our buyers.
Video transcript:
Hi, Matt Hurley here with answers to more myths and misconceptions about real estate auctions. Here it is: many people think that in order to buy at auction, you have to pay cash. Not true at all. Out of all our buyers, probably 95 percent are just like any other buyers of any other type of real estate. They go to the bank, they get a loan, and they buy the property. And so it’s not true that you need to pay cash. You have to have a deposit day of auction. But then you go to the bank, get the loan just like any other property you’d buy through any other method. So, there it is. The answer to a myth and misconceptions about real estate auctions.
Myth #5: Myth: Auctioneers talk fast to try to confuse or trick bidders.
Nope! Not true. They talk fast to orchestrate an efficient sale. Their chant is a way to keep everyone up to speed with where the bidding is at, and it’s an extremely time-efficient way to collect offers, allow others to offer in response, and be done within a very quick time frame without time delays. At the same time, because real estate auctions are usually only one item being sold, it actually will seem relatively slow. We aren’t in a hurry, and you’ll have time to make your best offers before the auction is over.
Video transcript:
Matt Hurley here with another answer to myths and misconceptions about real estate auctions. Some people think the auctioneer talks fast trying to confuse the buyers. Not true. In the past, auctioneers had to sell a lot of stuff in a short period of time. That’s why they talked really fast. Five, ten, fifteen dollars, twenty dollars, twenty, twenty, twenty-five, thirty. But in a real estate auction, we’re not in a hurry. We take our time. It’s very clear what we’re saying. I’m at 300,000, now 325,000. And so you’re not going to get confused. We’re not trying to confuse you. We want you to understand the whole process. So when you come to a real estate auction, I guarantee the auctioneer will go slow, speak clearly, and you’ll know exactly what’s happening.
Myth #4: Myth: Only distressed properties are sold at auction.
False! Think about it: how are the most expensive and valuable items from around the world sold? Luxury cars, race horses, fine art, and priceless artifacts? AUCTION. Why not sell your most valuable asset—your real estate—the same way?
Video transcript:
Hi, Matt Hurley here with Hurley Real Estate & Auctions. This time for another answer to myths and misconceptions about real estate auctions. Many people think that only distressed properties sell at auction. Not true. In fact, most of our properties are properties that are some of the best in the area. We sell many properties that are millions of dollars. And the reason people choose auction is they want the advantage of the competitive bid. If you look in the world at what is sold at auction: Where do they sell the most expensive racehorses? They sell them only at auction. Where do they sell the most expensive artwork? They sell it only at auction. Where do they sell the most expensive vehicles, cars? Only at auction. So if they sell those items at auction, why wouldn’t you sell your most expensive real estate at auction? So there it is, the answer to myths and misconceptions. Some of the most valuable real estate in the world is sold at auction. The reason is, competitive bid leads to the highest possible price.
Myth #3: I might accidentally bid—and buy!—a house at an auction.
Not true, at all. (How would anyone stay in business that way?) Real estate auctions are slow and clear, in fact, we won’t let you bid against yourself either! Our auctioneers answer questions, run a practice auction, review terms, talk clearly, and take breaks. You won’t walk away with the winning bid by accident, promise.
Video transcript:
Hi, Matt Hurley here with Hurley Real Estate & Auctions with another answer to myths and misconceptions about the auction industry. Here’s the myth: people think they may buy a house if they happen to touch their nose or sneeze in an auction. Not true. If you’re thinking about buying an auction, it’s a simple process and we won’t take your bid unless it’s very clear you’re bidding. You need to raise your hand, nod your head at us, raise your card, (etc.)—but you’re not going to buy a house by accident. We’re very slow when it comes to real estate auctions. We take our time and you’ll know exactly what’s happening. The best thing you can do is come early, Ask for some pointers and we’ll be happy to explain the process. So there’s the answer. You’re not going to buy a house by accident at a real estate auction.
Myth #2: If I sell my property at auction, I’ll get less for it.
FALSE. The auction method is incredibly effective. A properly marketed auction brings prepared, eager, and committed buyers. The marketing has prepared them to feel confident about the process and ready to make their highest and best offers resulting in successful and profitable conversion of assets.
Video transcript:
Hi, Matt Hurley here with Hurley Real Estate & Auctions. Today we’re talking about myths and misconceptions in the auction industry. Some people think that properties bring less when sold at auction. Not true. Listen to this: We recently handled a property that was on the market for six months with an ordinary listing. It was listed for a $1,100,000. It didn’t sell. In fact, the highest offer was one million dollars. The owner heard about Hurley Real Estate & Auctions, gave us a call, we sold his property 30 days later at an auction for $1,375,000. That’s $275,000 than they were asking only 30 days earlier. What happened? It’s simple—results because of the marketing. We had 13 people respond to the marketing we did. 13 people came and competed for the property, which pushed the price $275,000 more than they could have bought it just 30 days earlier. There you go, an answer to myths and misconceptions about real estate auctions.
Myth #1: I’ll lose money if I sell my property at auction.
NOPE! The truth is competitive bidding is the best value discovery tool out there. What is your property worth: what it’s listed at, or what someone is willing to pay for it? Additionally, Seller’s are protected by a confidential reserve. Stay posted for more myths & misconceptions, or call us today—you can grill us with your questions because we love sharing our auction success stories with you!
Video transcript:
Hi, Matt Hurley here with Hurley Real Estate and Auctions. Today, we’re going to talk about some myths and misconceptions in the auction industry. Number one, people think if I sell my property at auction, it may bring less than I want. Not true. You get to set a minimum and it’s called a reserve. If it doesn’t bring your price, you’re not obligated to sell.
The fact is many times because of the competitive bidding, most properties bring much more than what’s expected. There it is, the answer to myths and misconceptions about selling your property.
