When people hear about a real estate auction in Knoxville TN, they initially assume that it is a situation of financial distress. It is true that some homes are put up for auction due to bankruptcy or foreclosure. Auctions provide courts and banks with a quick method for turning real estate into cash. However, foreclosures are not the only reason for a real estate auction in Knoxville TN.
Why Houses Go To Auction
The majority of the properties that are being sold at auction are in no way related to financial distress. A real estate auction in Knoxville TN provides a timely transaction on a fair and level playing field. The sellers of today want a transparent process that does not require any contract contingencies and lengthy negotiations.
For many years, real estate auctions have been the favored way to sell rural and agricultural properties. They are also ideal for senior transitions and estates. Today, more and more luxury, commercial, farm, investment, and residential properties are being sold at auction.
The Benefits of Real Estate Auctions
There are many advantages to buying or selling your property through a real estate auction in Knoxville TN, such as:
- Transparency of knowing if you are the top bidder, instead of being left in the dark as with a traditional sale
- A fair and level playing field where every buyer must adhere to the same rules and regulations with no one having any advantages
- The control that buyers have in deciding when to participate and to what extent
- The truest form of price discovery, literally buying and selling for true market value
