What are the benefits of selling my property at auction?
Time is money. At auction there are no uncertainties about when the property will sell because you pick the day and time. We usually need six to eight weeks lead-in time to do the marketing and actual promotion of the property. In addition, there is no fear of over or under pricing and often time the competitive bidding process will yield a higher price than expected. You sell the property "as is," on a cash contract with no contingencies. Repair requests, improvement allowances, financing, inspections, and lender requirement contingencies do not exist when you sell your home at auction. Buyers at their own expense, qualify and satisfy their concerns pre-auction in what we term their due diligence period. A straightforward purchase contract with a significant earnest money deposit helps to pre-qualify and procure ready and willing buyers. Do I have to sell my property if it doesn't bring what I want? No. Unless otherwise noted, all real estate sold at public auction is sold subject to seller confirmation. In other words, the auctioneer cannot deem the property sold until the final price is approved by the sellers. What does it mean if an auction is absolute?
An absolute auction simply means that property will sell, without reserve, to the highest bidder regardless of sale price. What is the first step if I want to sell my property at auction? The first step is to arrange for one of our agents to assess the property to ensure your home is an auction candidate. Not every property and/or seller situation suits the auction means of marketing. What are the upfront costs associated with having a real estate auction? The only upfront cost associated with having an auction is a small advertising contribution. The amount of this contribution varies depending on the size and or uniqueness of the property. However, it is important to note that this contribution is in no way included in our profit. Every dollar is spent to advertise your property. Will you work with 1031 exchange? Yes. How does the auctioneer get paid? The auctioneer's pay is on a commission base only. What are the closing costs associated with selling my property at auction? When closing real estate (including a "for sale by owner") it is customary that the seller pay one half of the title insurance and one half of the closing fee. In addition, you will pay the property taxes which are pro-rated to the date of closing. These costs are customary. What if my home is currently listed with a REALTORĀ®? That's okay! We will team up with your REALTORĀ® to sell your home at public auction. Will my property be offered for pre-auction online bidding? Yes! |