< BackJune 2, 2017Real Estate Auction is the Purest MarketplacePosted in Blog by Sara Bruce
Sometimes there is a stigma attached to selling real estate at an auction, but Jeff Morris says it’s actually the purest form of capitalism.
“In the South, auctions sort of have a negative connotation, but around the world it’s the first choice of many countries,” Morris said. “For example, in Australia 95 percent of all of their real estate is sold at auctions. It’s the only way they know how to do it.”
“It’s just a great way to sell,” he said. “It’s the purest form of capitalism there is in terms of having the market come to you and compete for the highest offer.”
Morris noted that other important commodities, such as stocks and bonds, have always been sold in an auction-like environment, and real estate should be no different.
“It’s somewhat frustrating to me that people aren’t gravitating to the auction process more and more because of the expediency of the process,” Morris said. “There still seems to be this general feeling that an auction is a last resort and not a first resort.”
Knowing that the property will be sold on specific date is another major advantage, according to Morris, who finds it amusing when people speak of multiple offers on a house, which he said is basically an auction. Read original article here.
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