There are many advantages to selling your home at auction! Here’s a list to start:
- Eliminates long term expenses, such as taxes, maintenance and insurance.
- The competition of live bidding will realize the property’s true market value.
- Asking price is eliminated to avoid overpricing property. Overpricing may create little or no interest in the property and will eventually sell for less than the property is worth.
- Fast sale of property versus months or years of waiting to sell through traditional listing.
- Auction forum creates motivated buyers to act quickly, creating a sense of urgency.
- Cash transactions may close within one week after auction.
- Marketing is targeted to seller’s property, not multiple listings.
- Property sells AS-IS, therefore, no negotiations on repairs or inspections.
- Conditions of sale are given prior to the auction allowing no negotiation on terms or no contingencies from potential buyers during auction.
Absolutely not! Homes sold at auction are typically good homes that need good owners. Sellers may opt to hold a real estate auction verses a typical listing so that they may sell the property faster with less selling costs. Many properties sold in the past were from owners who were downsizing, settling an estate, selling investment homes or just wanted to sell quickly.
Yes! Although a home that is sold absolute, or to the highest bidder, is a great marketing strategy, a reserve may be placed on the home. The reserve is not disclosed to the public and the home will be fully marketed to obtain the highest price.
It’s simple! At the beginning of the sale, just visit the auction office to obtain your bid number. Identification will be required at your first auction. Then hold your bid number high so that the auctioneer will see you as you are bidding.
Can’t understand how much is asked? Just listen closely to the auctioneer or ask a ring assistant. They will help you with your bid.
Please remember, a bid is a verbal contract between you and the auctioneer. If you are the high bidder and the auctioneer declares the item sold, it is now your responsibility to secure the item and pay for it.
At auction, the buyer’s premium is an expense, added to the Hammer Price, which is the price the auctioneer sells an item for on the sales floor during the auction. For example, if you go to an auction with a buyer’s premium of 10%, buy something on the sales floor for $100, when you go to pay, they will ask for $110 (sometimes sales tax on top of that). The buyer’s premium seems pretty straight forward and is industry standard. Most auction houses charge one and it is a necessary evil for the auction house to stay in business and make ends meet. Auctions can often be very time consuming, far beyond the time put in the day of the sale. Therefore, auctioneers decided to attract sellers with a new approach, charging them little to nothing, and allowing a buyer’s premium to be added to bids in order to make a living.
No, If you hold an auction at your location, the buyer’s premium may NOT apply.
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