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Auctions are an exciting and effective way to sell your property. However, because this property may be one of your largest investments, it is natural to have a few questions.

Why should I sell my property using the auction method?

The auction method accelerates the sale of your property by generating additional buyer interest and activity. Non-contingent contracts and projected 30-day settlements are required of all buyers of auctioned properties. This means a quick transaction for you.

Who pays the auctioneers fee?

There are two options to choose from:
1) The auctioneer’s fee is paid at closing with a buyer’s premium that is added to the buyer’s final bid. If the property is sold at a pre or post-auction sale, the price will also include the buyer’s premium.
2) A commission is deducted from the final sale price.

Will we still have to consider a contigent contract?

Everything that is sold at auction is sold “As-Is, Non-Contingent”, with a 30-day projected settlement date and the buyer paying all allowable closing costs associated with the sale. There are times on a pre or post-auction offer that a contract contingent upon a home inspection of financing will be presented to you for consideration.

 


 
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Read answers to the most common auction questions.

 
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When will the auction be held?

The advantage with the auction method is that you can chose the date and time of your auction. One of the many reasons auctions are so effective is that your property is exposed to a wide variety of potential buyers on a set auction date.

If I put my property up for auction, do I have the right to refuse my bid?

In a “Reserve” auction you have the right to refuse any bid that is less that the agreed minimum bid. When you elect to use the “Absolute” method of auction, the auctioneer has the option of canceling the sale if it is deemed to be a situation that in not favorable to the seller.

What is the best auction method to use?

The surest way to affect a sale is to auction “Absolute”. An absolute auction generates the most competition, which leads to the strongest dollar offering for you property. The second method is the “Reserve” auction, which enables you to approve or reject any or all offers.

Where will the auction be held?

Most auctions are held on-site. By being on-site, bidders are constantly reminded of the positives features associated with your property. This, in turn, might encourage a higher bid.

Does "As Is" mean I don't need to disclose any known defects?

Though a property is sold “As-Is”, we must abide by applicable state and federal laws. All appropriate documents regarding property will be available. The auctioneer will offer full disclosure to all interested parties in accordance with the law. An inspection of the property can be made by the purchaser or his/her representative during the preview period prior to the auction.

Can I attend an auction before agreeing to sell my home through the auction method?

Certainly, it’s strongly encouraged that you attend a live auction and experience the process first hand. Simply speak to the auctioneer about upcoming auctions in your area. Remember each and every auction is different, so you cannot necessarily assume your auction will be exactly like the one you attend.

I am not in financial trouble and I am concerned about what people might think if I should have an auction. What is your advice?

You are not alone in your concerns. Many people are afraid of the old, outdated perception of auctions. There are great differences in the marketing and public image of a voluntary or “by choice” auction versus a distress auction. Voluntary auctions are positive, enthusiastic events designed to generate competitive bidding to secure the highest possible price for your property.