Sellers

FAQ

What are the Advantages to a seller in an auction scenario?

Immediate Results

Eliminate Holdings Costs

Control of Terms

Creates Urgancy

Intense Specific Marketing

By using the auction method of marketing, the seller is able to sell assets in approximately 45 days. You are no longer tied to the traditional real estate market. You as the seller will establish the timeline for your property closing. Knowing the specific, definite closing date allows the seller to take advantage of opportunities for reinvestment and relocation immediately.

An Auction reduces the holding costs of the property, including interest, taxes and maintenance. This is due to the shortened marketing period of the auction method of marketing. Traditional sales methods can leave the seller responsible for these costs for an indefinite period of time.

Additionall, the terms and conditions of the sale are established and controlled by the seller and the auctioneer. Each sale is tailored to suit the individual seller's needs and is carefully evaluated to determine the most appropriate (and cost effective) method of offering the property. Each property is sold in "as is condition". There is no further work to be done by the seller. All inspections are made bythe prospective buyer prior to the auction and at their expense. The auction method of marketing is based on each individual seller's needs.

The auction method forces buyers to act immediately. Tradional sales methods do not create the urgency necessary to close the sale quickly. Acution demand decisiveness. The auction takes advantage of the synergy created when a group of buyers are bidding competitively against one another -- each bid reaffirms the value of the property.

When you decide to use the Auction Method to sell your real estate, we will target the most effective marketing area to generate the most interest in the property.

The auction creates definite date and time for viewings and for bidding. The potential buyers are well informed and aware of all information needed to be a successful bidder at your auction. We supply an information packet with a map, tax information, and a copy of the deed. These items are also available on our website, as well as through the mail. The documents are provided as information only and are believed to be correct. All potential bidders are encouraged to inspect the property prior to the Auction.

What expenses am I responsible for?

The cost to our seller's is advertising and commission. The commission can work in several ways. The seller can pay a flat 6% commission at the time of closing plus advertising, or the seller can pay 3% and a 3% buyer's premium can be in place to pass part of the expense to the buyer.

What are the benefits of selling property at auction?

The auction method of marketing is a win-win proposition for everyone involved. As a seller you dispose of properties quickly and efficiently, thereby saving on the long-term carrying costs such as interest, real estate taxes, and maintenance. For our buyers this can mean a wise investment. Since the auctions are conducted publicly, both buyers and sellers have the assurance of viewing the property's value emerge as the bidding process progresses. An auction creates competition among buyers and exposes the property to a vast number of qualified prospects. Auctions are accelerated sales; properties are often being sold in less than 6 weeks from the time of listing.

What factors determin the success of an auction?

  1. The desirability of the property being offered for sale, location, condition and surrounding properties.

  2. An aggressive marketing and advertising plan.

  3. Realistic expectations on the part of the seller.

  4. Choosing the type of auction: reserved minimum of absolute auction. When conducting an absolute auction, you generally bring a higher return than a reserve auction.

  5. Conducting the auction in a professional manner and following up through closing.

  6. Holding open houses and supplying information to potential buyers.

Are all Properties suitable for auction?

Most properties are great candidates for auction, but certainly not all. Residential property (including town homes, condominiums, cooperative apartments and single-family homes), commercial property, vacant land, farms, grove, industrial complexes, manufacturing plants, and even boat slips are sold at auction.

Don't Real Estate auctions depress home values?

Not at all. Real estate auctions reveal the real market value of a property. Because auctions are conducted in a public format where all bids are known participants are given immediate snapshots on the property's value. At auction, values settle at the level the market can bear, neither elevated nor deflated.

Who usually buys at real estate auctions?

Anyone can benefit from buying at a real estate auction. First-time homebuyers, investors, speculators and many others buy at auction.

How are properties usually advertised for auction?Sellers

FAQ

What are the Advantages to a seller in an auction scenario?

Immediate Results

Eliminate Holdings Costs

Control of Terms

Creates Urgancy

Intense Specific Marketing

By using the auction method of marketing, the seller is able to sell assets in approximately 45 days. You are no longer tied to the traditional real estate market. You as the seller will establish the timeline for your property closing. Knowing the specific, definite closing date allows the seller to take advantage of opportunities for reinvestment and relocation immediately.

An Auction reduces the holding costs of the property, including interest, taxes and maintenance. This is due to the shortened marketing period of the auction method of marketing. Traditional sales methods can leave the seller responsible for these costs for an indefinite period of time.

Additionall, the terms and conditions of the sale are established and controlled by the seller and the auctioneer. Each sale is tailored to suit the individual seller's needs and is carefully evaluated to determine the most appropriate (and cost effective) method of offering the property. Each property is sold in "as is condition". There is no further work to be done by the seller. All inspections are made bythe prospective buyer prior to the auction and at their expense. The auction method of marketing is based on each individual seller's needs.

The auction method forces buyers to act immediately. Tradional sales methods do not create the urgency necessary to close the sale quickly. Acution demand decisiveness. The auction takes advantage of the synergy created when a group of buyers are bidding competitively against one another -- each bid reaffirms the value of the property.

When you decide to use the Auction Method to sell your real estate, we will target the most effective marketing area to generate the most interest in the property.

The auction creates definite date and time for viewings and for bidding. The potential buyers are well informed and aware of all information needed to be a successful bidder at your auction. We supply an information packet with a map, tax information, and a copy of the deed. These items are also available on our website, as well as through the mail. The documents are provided as information only and are believed to be correct. All potential bidders are encouraged to inspect the property prior to the Auction.

What expenses am I responsible for?

The cost to our seller's is advertising and commission. The commission can work in several ways. The seller can pay a flat 6% commission at the time of closing plus advertising, or the seller can pay 3% and a 3% buyer's premium can be in place to pass part of the expense to the buyer.

What are the benefits of selling property at auction?

This varies greatly depending on the type and value of the property being offered as well as the advertising budget of the seller. One of the essential elements for a successful auction is an aggressive marketing program.

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