Real estate auctions provide an effective and efficient way to sell a personal residence, income properties, property in estates, farmland, commercial & industrial properties and can provide many benefits to the seller.
The auction method is the only form of selling real estate that negotiates a higher price between motivated buyers, that competition will ensure the true market value is realized. Our team will create an individualized marketing plan for each unique property. We strive to highlight the sellers’ specific property to attract more bidders.
Some more attractive reasons to auction properties include:
- Sold “as is,” removing the liability of repairs of inspections
- Eliminate long-term expenses such as:
Options for you, as a seller:
- You can determine the terms of the sale.
- You can use a buyers’ premium, which will help offset some of your sale expenses.
- You can sell at live auction, a live and online simulcast, or an online-only auction.
Properties can be sold with a reserve, which is also called “with owner’s confirmation.” Once the auctioneer feels like bidding has ended, they will take a break and discuss the bid price with the seller. At that time, the seller may determine that the property is not going to sell.
If the seller determines the property will sell, the auctioneer will make the announcement and re-open bidding so that buyers know the property will sell that day, to the highest bidder.
Selling at absolute means the property will sell to the highest bidder regardless of price. This can be an effective way to market real estate, as it creates competition, a sense of urgency, and the fear of loss amongst buyers.
We encourage broker participation. Buyers and sellers are required to enter into purchase agreements at the conclusion of the auction. Closings typically take place at the title company once all of the title work has been prepared.