Are auctions only for distressed real estate? (Foreclosures, etc.…)
Simple answer is No. An auction is the most efficient way to market any type of Real Estate. The aggressive marketing strategies that will be implemented to promote the auction will drive competition and allow any property type to realize it’s true market potential.
How long does the process take?
Most auctions require 4-6 weeks of marketing prior to the auction and will close within 30-45 days from the day of the auction.
Can there be a reserve (minimum acceptable bid) set on the property?
Yes, the seller has the ability to set a reserve for the auction. The reserve is arrived upon by the seller and the auction company. The reserve will at no time be shared with any potential buyers or anyone else. If the high bid comes in below the reserve, the seller has the option to accept or decline the bid.
What are the terms and conditions of the auction?
Terms and conditions are in place to protect the seller and the auction process. All property is sold ‘As Is, Where Is’ with no guarantees. The purchase agreement is agreed upon between buyer and seller and includes no contingencies for inspections or financing.
How long does it take to get paid after the auction?
- Personal property auctions will be paid out within 14 days.
- Real Estate auctions will close within 30-45 days from the sale date. The property owner will be paid at the closing and the buyer will take over ownership that day. The closing will be conducted by a professional title company.
What is a successful auction?
- Multiple factors contribute to the successfulness of an auction.
- A successful auction results from the auction company implementing an effective marketing strategy, which brings multiple qualified buyers to the auction; at which time, these potential buyers competitively bid to arrive at a true market value of the property being sold. The seller is motivated to accept the high bid on auction day and allows the property to change hands.
How do I know when auctions are happening?
- Check our website regularly and join our mailing list.
- Check us out on social media.
- Find us on Auction Zip.com and many other auction websites.
- Watch for our flyers and signage in areas where auctions are occurring.
- See our ads in local papers and sale publications.