|
Frequently Asked Questions (for Sellers)
Why should I sell my property
using the auction method?
The auction method accelerates the sale of your property by generating additional
consumer interest and activity. Non-contingent contracts and projected
thirty day settlements are required of all buyers of auctioned properties. This
means a quick transaction for you.
When will my auction be held?
One of the many advantages of the auction method is the seller
has the right to choose the date and time of their 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.
Isn’t an auction used for distressed sales?
Sometimes, However in recent years the popularity of competitive
bidding has grown to an estimated $28 billion in annual sales. Large
companies use the auction method because they know that this
is the best way to achieve the highest price in the shortest
time. And the auction market is growing at a fast rate.
Are the terms different from a standard real estate transaction?
Yes. There is a special contract used which benefits the
seller. Our contract is an unconditional all cash contract
that calls for a non-refundable deposit and a 30 day closing.
All improved property is sold in “As is, Where is” condition. This
relieves the seller of any and all liabilities concerning condition,
including any possibility of redhibition.
The seller’s closing costs are kept to a minimum. The
seller is only responsible for the advertising cost. All
other costs are paid by the purchaser.
Can I set a minimum on my property?
Yes. Together we will work with you to establish a “reserve” or
minimum bid. In a reserve auction the auctioneer will submit
the highest bid to the seller. The seller has the right to
accept or reject the bid.
What does the term “absolute” mean?
Absolute means the property will be sold to the highest bidder. There
are no minimums or reserves in an absolute auction. Some
auctions will have certain parcels or units to be sold absolute
while others are offered with a reserve. More bidders will attend
an absolute sale and typically bid a higher price.
Who are the buyers at auction?
An auction brings a good mix of investors and end-users. Sometimes
a neighbor will purchase the property. Auctions create the
urgency to buy so a good opportunity is not missed. It causes
people to act NOW, not later.
|
