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"When the gavel falls, you've received top dollar!"
Selling Real Estate by the Auction Method
People choose the auction method for selling their real estate because it is fast and clean.
There are many reasons why they may be in a hurry to sell:
1. They may be settling an estate and want to distribute the proceeds to the heirs quickly.
2. They may have tried other methods and failed to find a buyer.
3. An auction is the fastest, cleanest way to bring buyers and sellers together and complete the sale.
In the auction method, the waiting is eliminated. Instead of your property being one of many in a real estate agent’s ad or brochure or a needle-in-a haystack in the Multiple Listing Service, it will be marketed individually and exclusively nationwide with the goal of bringing the maximum possible number of prospective buyers to your door for a one-time event, culminating in a sale. Instead of setting a sales price and negotiating the price down as in the traditional method; buyers are bidding the sales price up until the price reaches what the market will bear.
There are three types of auction that we conduct:
1. Subject to Confirmation: The seller has the final say in whether he wants to accept the final bid or not.
2. Absolute Auction: The property is sold to the highest and best bidder without reserve as to the price.
3. Minimum Bid: There is a minimum opening bid made known to all involved prior to the auction.
Whichever type the seller chooses, it is made known in all advertising and marketing of the auction so that all prospective buyers will know what to expect on auction day. All properties are sold “as is, where is” thus there are no contingencies, etc.
For the seller, the auction method is a turnkey transaction and all he has to do is guarantee a good and marketable title and deposit the proceeds after the closing.
For the buyer, inspection and due diligence is provided prior to auction date as well as pre-qualifying done. The winning bidder will then make a substantial cash deposit on auction day with the balance due usually within 30 days.
Auction
The Focus is on YOUR property alone!
The result is offers in 30 - 6- days or less.
Extensive advertising is done featuring your property exclusively.
Buyers act on your schedule.
Auction realizes the property's true market value.
No limit on upside potential.
All conditions of sale are set in advance, thus eliminating negotiations.
Traditional
The Property is one of many being listed and shown.
Property may remain on market for months or years without offers.
Minimal advertising is done with heavy reliance on Multiple Listing Service
Little motivation for buyers; you wait on them.
Price reduction is encouraged to create buyer interest in activity.
Upside potential limited by asking price. Usually negotiated down from there.
Contingencies are common.
Seller risks overpricing, and thus seeing little interest, or under pricing and selling for less than the property is worth.