1) Auctions eliminate the need for an evaluation. The true market value is determined on the open market by the auction.
2) All heirs/beneficiaries have the opportunity to bid on any item.
3) A known sale date is determined and the closing normally takes place within 30 days of the sale date.
4) Insurance Cancellation - Many insurance companies will not renew an existing policy for structures (some even cancel them) when the structure becomes vacant.
5) Theft and Vandalism - When homes and buildings are not occupied, they can become targets of thieves and vandals.
6) Time - Time becomes an important factor when dealing with estate assets. A professionally conducted auction helps eliminate the hurdles mentioned above in a short amount of time.