The auction method accelerates the sale of your property by generating additional consumer interest and activity. Non-contingent contracts and projected thirty day settlements are required of all buyers of auctioned properties. This means a quick transaction for you.
Commission can be tailored to your needs. For example, the buyer/seller pays the entire commission, or the buyer and seller split the commission evenly. The Broker/Auctioneer’s fee is paid at the closing.
Everything that is sold at auction is sold “As Is”, “Non-Contingent”, with a thirty-day projected settlement date and the buyer paying all allowable closing costs associated with the sale. There are times on a post-auction offer that a contract contingent upon a home inspection or financing will be presented to you for consideration.
Most auctions are held on-site. By being on-site, bidders are constantly reminded of all the positives associated with that particular property. This, in turn, might encourage a higher bid.
Though a property is sold “As Is” we must abide by the applicable state and federal laws. All appropriate documents regarding the property will be available. The Auctioneer will offer full disclosure to all interested parties in accordance with the law. The property will be open to the purchaser or his/her representative 1 to 1 1/2 hours prior to the scheduled auction time.
No, it is not necessary to preview a property in order to propose an auction program. The sales associate will advise the auction team regarding market values in the area. After evaluating the sales associates input, the auction team will look at how many competing properties there are and look at sales history.
The advantage with the auction method is the seller has the right to choose the date and time of their auction. One of the many reasons auctions are so effective is that your property is exposed to a wide variety of potential buyers on a set auction date.
In a “reserve” auction you have the right to refuse any bid which is less than the agreed minimum bid. The “absolute” method of auction usually generates the most money and more buyers, which creates very competitive bidding. However, when offered at “Absolute” auction, the property changes ownership.
It is strongly encouraged that you attend a live auction and experience the process first hand. Remember that each and every auction is different, so you can not necessarily assume your auction will be exactly like the one you attended.
Many people are afraid of the old, outdated perception of auctions. There are great differences in the marketing and the public image of voluntary or “by choice” auction versus a distress auction. By choice auctions are positive, enthusiastic events designed to generate competitive bidding to secure the highest possible market price for your property.
No. The auctioneer that hold auctions are auction specialists. They will assist your sales associate with the details of setting up the auction.