Growing in popularity, an auction is a quick, effective way to purchase and sell real estate, commercial or personal property. Unlike the traditional method of buying and selling, auctions allow the public sale of both commercial and residential real estate through open, competitive bidding. 

In recent years, it was common to see mostly foreclosures at estate auctions. However, it is becoming increasingly more popular for non-distressed real estate—like farms, luxury homes, commercial assets, and newly built homes—to be a part of property auctions as well.

Real estate auctions benefit both the buyer and the seller. If you’re looking to sell your home fast, a property auction is something you should consider. As the seller, you can expect to see multiple buyers who are pre-qualified for financing and prepared to purchase. Real estate auctions take pressure off the seller by eliminating them from the negotiation process, but they also create competition among buyers. These auctions are beneficial for those selling because they know exactly when their property will sell, and it increases interest and visibility by using tactical marketing programs.

There are also numerous benefits for buyers in real estate auctions. With purchasing and closing dates predetermined, buyers can be assured that there won’t be a negotiation process—they are able to set the price they are willing to pay. Real estate auctions often bring about many offerings at the same time and place, and they create competitive bidding among other buyers that leads to fair market value prices when purchasing.

Located in Covington, VA, Greenway’s Real Estate & Auction is a trusted Real Estate & Auction Company with a high 88% success rate. With over 60 years of experience, our seasoned staff can help you buy your new home or sell a piece of real estate property quickly and at the best value possible. For more information about our services, give our professional staff a call at (540) 962-1155 or visit us online.