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?
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!