A Guide to Real Estate Auctions

Answers to Common Questions

Where are auctions held?
Most Auctions are held on-site, at a nearby location or online. All have advantages. When selling more than one property for instance, it is sometimes desirable to concentrate the buyers. We will help you determine the best choice.

Does ‘As Is’ mean there is no need to disclose any known defects?

Though a property is sold ‘As Is’ the Auctioneer will offer full disclosure to all parties. Inspections of the property can be made by the prospective purchasers prior to the auction during the preview period.

Aren’t auctions associated with financial trouble?

This is a common misconception. Auctions are a sign of a seller serious about selling. Billions of dollars in real estate are sold at auction every year. Astute sellers recognize that high profile auction marketing results in shorter marketing times, higher net returns and certainty in closing.

Where are auctions advertised?

Auction marketing exposes your property to more people than any other real estate sale technique. An advertising program is designed especially for your property. All forms of media are considered including radio, TV, newspapers, direct mail, personal contact and World Wide Web. Your approval and input are considered every step of the way.

What can an auction offer that is different than a conventional sale?

  • A definite date of sale, set by you.
  • No endless marketing, showing, or selling period.
  • The ability to turn property directly into cash, with a short closing time.
  • A sale at true market value, not a inflated list price that has to be negotiated down.
  • An exciting atmosphere, with competition between highly interested buyers.
  • Exposure to a large number of buyers in a short time.
  • Individually crafted marketing programs assure active bidding at your auction.
  • The most desirable division of property clarified through competitive bids.
  • Joint ownership division questions answered with fairness to all.
  • ‘No contingency’ ‘all cash’ closings.
  • A low cost of selling with the Buyer sharing the commission and other costs of the transaction.
  • Seller liability is limited and defined.
  • Seller sets the terms and conditions of the sale, meaning, the seller stays in control.

    Why Would You Have An Auction?

The Seller just wants a Fair Price. You may just want to be treated fairly. An auction will bring you competing offers to consider.

A Fluctuating Market. Mispricing property will leave money on the table or leave your property languishing on the market. An auction sale gives up to the minute value and a forum for open, honest competition.

Divisible Property. Property offered in several pieces will produce competitive bidding between buyers wanting one piece and buyers wanting the whole. If you are uncertain whether your property has more value as a whole or in pieces, an auction will make the best choice clear.

Time Factor. Auctions allow you to set your own date of sale making resources available on your schedule. Auctions are the perfect vehicle for CRT, 1031 transactions or any other residential or commercial sale which would benefit from a known date of closing. Trustee or Creditor sales. Property being sold as part of a legal process naturally attracts the public. Legal representatives can take advantage of this by allowing open bidding. Prices are generally higher, time on the market is short, time involvement and liability of the representative is greatly reduced.

Property needing work. Public auction finds the buyer with the highest opinion of the refinished product and the lowest estimate of what it takes to get there. You avoid additional investment in time and money.

Personal Property being sold. The sale of assets at a business or personal property from a home gets peoples attention. Real Estate can be promoted and offered at the same time.

One of a kind. Value of a ‘one of a kind’ property cannot be established by comparables. Allowing buyers to bid competitively reveals hidden value.

There’s More! Call us and we can tell you if your property is an auction candidate!
Here are TWO different types of auctions we use!

  • Reserve Auction The property is sold with you the Seller retaining the ‘Right of Refusal’.
  • Absolute Auction The property is sold without reserve to the high bidder.

    Our standard Terms of Sale for Auction
    All transactions are for cash and close on your schedule.

    Thinking of selling? Let’s talk.
    Got a friend who is? Pass this along
    Call today for a confidential consultation. 800-887-6929

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All Rights Reserved - © 2017 Bill Fair & Company Worldwide Auctions
Our goal at Bill Fair and Company is to obtain the highest price possible for real estate and capital assets. We accomplish this by providing our clients with marketing campaigns and product presentation crafted specifically to promote their individual projects. Our efforts excite serious buyers and end users to prompt response. Our time frame for action is immediate.
478 N. 1950 Road
Lecompton
KS
66050-4124
United States