Buying or selling property in Raleigh, NC is a complicated process, especially when a person does it on their own. Even if they are just trying to find the market value of some possessions, getting the most accurate and up-to-date information can be a time-consuming and frustrating endeavor. Often a person is required by law to get the help of a third party in determining the value of something. These individuals will find it helpful to seek the services of a local auction and realty company.
A reputable auction and realty company can offer people help with the sale of possessions or property through real estate and estate auctions. For appraisals, they use their in-depth, research-backed knowledge of the market to provide a person with the most current value for their item or property. Keep reading for a more comprehensive look at the reasons a person will benefit from working with companies like Carolina Auction & Realty.
Real Estate Auctions
Auctions are no longer used as just a last-ditch attempt at selling a house. Raleigh, NC property sales by auction have risen steadily in recent years. Both buyers and sellers can enjoy the benefits of this accelerated sales method for the following reasons.
A Raleigh, NC house for sale can be on the market for several months or longer. Most people want to make the sale quickly, but don’t want to risk losing money by settling on the first offer. Real estate auctions can help them receive market value for their property and close the sale quickly.
If the current housing market is competitive, sellers may even receive a higher amount for their home than its actual value. Competitive markets often result in buyers having trouble finding a property through traditional methods. When this happens, the buyer will take purchasing at an auction more seriously and offer more money than they would have otherwise.
Even if the markets are not at their highest points, sellers can receive true market value for their property quickly. Real estate auctions end on a specific date. This deadline creates an urgency in buyers that encourages them to raise their bids to win the auction.
The purchasing of a house through traditional means usually takes a while. Real estate auctions significantly reduce the time to complete the sale by eliminating the process of making an offer and waiting for it to be approved or denied, or met with a counteroffer. As soon as the bidding closes, whoever had the highest bid purchases the property. This method eliminates the chances of any last-minute snags and typically closes within 30 days of the auction.
One of the most significant reasons a person buys property at a real estate auction is a high chance of finding it for a bargain price. Banks often sell foreclosed houses at deep discounts through real estate auctions. There may also be less competition for these properties, as banks rarely spend a lot of time marketing.
When a person is tasked with managing the sale of many possessions, they have several options from which they can choose. They can sell the items at a garage sale or tag sale, but they will also need to manage how to price the items and market the sale. A person can choose an estate sale, but they may not sell all the items and will have to figure out what to do with the rest of them when the sale is over.
The best option for residents of Raleigh, NC, and the surrounding area is to work with a professional, licensed auctioneer to sell their items through an estate auction. The items sold in estate auctions are not priced ahead of time, which gives the seller the opportunity to get the best price possible. Bidders are allowed to submit absentee bids, which means there are rarely any items left after the auction is over. Furthermore, the auction and realty company handles the marketing and invites bidders from their own pool of frequent shoppers, taking a lot of pressure off of the seller.
An appraiser assesses an item or property and determines its value. There are several reasons a person may need an appraisal.
An estate appraisal involves a property appraiser visiting a location to determine the value of a piece of real estate. These types of appraisals are necessary after the death of the property owner to determine what the deceased’s heirs will receive and how much taxes are owed.
A partition sale is one in which a property is sold and the proceeds are divided up amongst two or more former owners. Sometimes referred to as a forced sale, it requires a partition appraisal to determine what each person involved will receive.
Resale appraisals determine the market value of an item based on what another seller is likely to get for it. These appraisals are usually done for items like jewelry, fine art, residential contents, collectibles, and antiques.
Insurance appraisals help a person know how much insurance to purchase to protect their assets. It can also inform an insurer as to the total value of items in a claim so they know how much to pay out to the insured.
Equitable distribution appraisals are often performed for couples going through a divorce. The appraiser determines the fair market value of the married couple’s debt and joint-owned assets to help the courts determine how to divide them between the two parties.
Business liquidation appraisals determine the value of all the assets owned by the business. This value is often much lower than fair market value, as it is assumed the assets will need to be sold quickly so they will not be allowed the time necessary to sell for a fair price.
Reputable auction and realty companies in the Raleigh area, like Carolina Auction & Realty, can assist residents with a variety of otherwise stressful and complicated tasks. Call today for more information on real estate auctions, estate auctions, and appraisals.