This is part two of a two part series. To read from the beginning, click here.
One of the major benefits of Arizona property auctions is arriving at the fair market value for real estate. According to industry experts, property auctions outshine other marketing strategies because of the competition created among buyers. This competition almost always will establish the current market value.
After all the terms are established and agreed upon, the auctioneer will develop an Arizona property auctions contract. When both parties sign the contract, auction preparations begin.
Depending on the type of auction to be held, the auctioneer will ensure the upcoming auction complies with all regulations. For example, some states require property auctions to conform to the Uniform Commercial Code, as well as local, county and state licensing requirements.
Before the auction begins, the title to the property must be verified and creditors notified. Given these critical steps, it’s critical you work with an experienced and knowledgeable team who knows how to conduct property auctions.
Once the regulation issues are out of the way, the auctioneer will start the advertising campaign. Based on their experience, auctioneers will use the most effective media to get the word out. Some examples include newspaper ads, online advertising, posters, direct mail, radio ads, television ads, e-mails and more.
Depending on what arrangements were made in the contract phase, the auctioneer may prepare the property for auction. This preparation might include cleaning, organizing, repairing and other tasks to make the property as appealing as possible come auction day.
Attending Arizona property auctions is a great way to buyers to shop for real estate. If you’re in the market for property, you need to include auctions in your search. You don’t have to have experience bidding at auction. With a little knowledge up front, you can take advantage of a great opportunity to get good real estate values.
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