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Realtors • Auctioneers • Advisors
5 Auction Myths You Thought Were True
Auction • January 2021
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Think you know all there is to know about auctions? Think again. As industry leaders for 75 years, we dispel the most common auction myths.

Myth #1: Auctions are a last resort for desperate sellers or foreclosed homes.

Fact: Auctions are for sellers who want to control their sale from start to finish. Our auction sellers set the date, time and terms of their sale. The property can be sold “as is, where is” with no contingencies. All of this control means sellers can make a plan and get ready for their next adventure!

“While it’s a common myth that only distressed property is sold at auction, that’s not the case. In reality, less than 2% of KIKO auctions are foreclosures or bankruptcies,” said CEO Dick Kiko Jr. “Our real estate sellers are people who want the power to decide how and when their properties move through the market. We give them that.”

Myth #2: I’ll be giving my house away if I sell at auction.

Fact: That really isn’t the case. Professional auctioneers are committed to advertising an auction using websites, social media, signage, newspapers and more to draw the most bidders possible on sale day. And, those interested bidders will compete to give you the true market value of your home. Sometimes that competition even drives up the value of your home.

Myth #3: I can’t auction my parents’ house because I have other siblings involved.

Fact: In the event of an estate, an auction is the best way to divide interest to the beneficiaries. An auction is an open, public transaction. If you’re dealing with a parents’ estate, siblings or extended family can watch and even bid on a piece of property if they want – giving them direct input on the property’s value.

Myth #4: Buying at auction is a risk. I won’t be able to see the property.

Fact: Most professional auctioneers will hold open houses or make the property available for inspections before sale day, so buyers know exactly what they are purchasing.

Myth #5: KIKO only does auctions.

Fact: No! We sell about 500 properties as private for sale listing transactions every year as well as conduct nearly 1,000 auctions each year. Even more than that, KIKO is an advisor on buying and selling real estate, land and personal property. Every property is unique. KIKO analyzes the property, the location, the market conditions and more. Wouldn’t you want advice tailored to match your specific real estate needs?

Questions? We have answers! Call today to learn more about buying and selling at auctions.


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