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Why is selling at auction right for me? |
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Pay no commission
Pay no closing costs
Receive all cash, non contingent contract
Sold "as-is"
Quick settlement
We bring interested, serious buyers to you
Accelerated method of marketing
Seller sets terms of sale (reserve)
One open house viewing on the day of sale
Bidders compete for ownership of your property
Only qualified bidders participate
Cooperation with real estate brokers
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What does it cost to register? |
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Registration is free, but you must provide proof of deposit in order to bid on the property. You do not have to relinquish your funds unless you are the highest bidder. |
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Why must I register? |
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Registration is mandatory. The information provided at registration is used for verification and used to begin the settlement process should you be the highest qualified bidder. |
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What is the "buyer's premium"? |
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An advertised percentage of the highest bid added to determine total contract price paid by the buyer. Buyer's premium is usually a 10% fee paid to the auction company for services rendered. |
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As a seller, do I have to disclose known defects? |
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The seller must abide by all applicable federal and state laws. All required disclosures must be made available, e.g. Lead based paint, ground rent cost, historic registry, etc. |
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What is an absolute auction? |
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An auction where the property is sold to the highest, qualified, bidder regardless of price. |
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If I am the highest, qualified bidder and change my mind, is my deposit refundable? |
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All sales are final unless the seller cannot deliver clear title to the property. If you do not complete the sale, your deposit is lost and you will be charged any additional costs necessary to re-market the property. Read the terms and conditions of the sale prior to bidding on properties that you want to buy. |
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What are different ways to sell property at auction? |
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Reserve Auction: Subject to seller’s confirmation, auction is taken to highest bid, at which time bid is discussed with seller and seller decides whether to accept or reject that high bid or
Absolute Auction: This type of auction promotes the highest interest in your property and activity from bidders. It creates excitement and urgency. Absolute auctions have been known to create a bidding frenzy and consistently produce the highest final bid on properties.
Other: There are variations on both absolute and reserve auctions. One such variation is called a Sealed Bid Auction. In this type of auction, buyers are required to bid in writing. This method can be effectively combined with a live “out-cry” reserve auction to identify and extract the highest bids from an audience before buyers can get a feel for the competition. Auction Brokers will work with you to determine the best auction strategy for your situation.
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Does it cost me anything to auction my property? |
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A nominal property value-proportionate advertising fee is required upfront to promote your property using our “tried and true” target marketing tactics. Virtually all of these funds go directly to the marketing services. Visit the page "Advertising Details" for complete information. |
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How long after the auction can I expect to settle? |
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30-45 days |
