How Auctions Work
SELLER BENEFITS AT AUCTION
•Assurance that property will be sold at true market value
•Bidding creates competition among buyers-- auction price can exceed the price of a negotiated sale
•Property is sold in “As-Is” condition, Seller sets Terms & Conditions of Sale
•The seller knows exactly when the property will sell, closings usually in 30 days
•Eliminates numerous and unscheduled showings
•Ensures an aggressive marketing program that increases interest and visibility
•Exposes the property to a large number of pre-qualified prospects
•Quick disposal reduces long-term carrying costs, including taxes & maintenance
BUYER BENEFITS AT AUCTION
•Buyers are guaranteed clear title. Property is sold with Warranty Deed, Free and Clear of all Liens or defects.
•Smart investments can be made as properties are usually purchased at fair market value
•Buyers can compete fairly and are all on the same terms as other buyers
•Buyers determine the purchase price
•Auctions eliminate long negotiation periods and Purchasing and closing dates are known
•The buyer knows the seller is committed to sell
Throughout the Southeast we bring buyers and sellers together.
We know what works and where buyers obtain their information.
We know how to target market your assets to bidders and buyers who want to buy them.
• Extensive Internet marketing, specifically targeting buyers via google analytics, facebook and social media.
• Professional Photography, Aerial & Drone Capabilities
• Utilizing Radio,TV and custom web video
• Direct Mail, Brochures, Postcards
• Custom Signs on and near the property,
• Our database of thousands of buyers and sellers
Our marketing techniques insures that all properties reach their fullest potential.
The property is sold to the highest bidder, regardless of the price.
Since a sale is guaranteed, buyer excitement and participation are heightened.
Selling Absolute Generates maximum response from the market place.
Prospective bidders will take the auction more seriously and invest time into coming to the auction.
The Most Successful Auctions Are Absolute.
AUCTION WITH RESERVE
In general, every auction is conducted with a reserve unless stated, "Absolute" or "With Out Reserve"
If there is a high mortgage or a minimum the sellers wish to obtain; The Seller can reserve the right to accept or reject the final bid.
The main disadvantage of a Reserve Auction is that prospective buyersmay not invest the time and expense of due diligence when there is no certainty they will be able to buy the property even if they are the highest bidder.
OPPORTUNITIES FOR SUCCESSFUL AUCTIONS
• Estate Settlements
• Residential / Commercial Real Estate
• Divorce Settlements
• Business Liquidations
• Investment Property or Vacant Property
• Property that Is Unique or difficult to appraise
• Farmland or Farm Machinery
WHEN SHOULD AUCTIONS BE CONSIDERED?
A good auction situation is one where the seller:
• Needs an immediate sale or has a partnership / marriage break-up
• Whenever a seller Is moving out of the state or Is retiring
• When property is part of an Estate and includes personal property items
• If Seller has already purchased another house or has high carrying costs on the property
• Sellers that have equity in property or If the property is in need of repairs
COSTS & EXPENSES TO AUCTION
Prior to signing a contact, we will go over in detail all marketing and expenses associated with an auction and determine what is right for you. Our fee is typically is commission based, and paid by the seller based off a percentage of the sales price.
In some cases, commission can be paid by the buyer. This is known as a “Buyers Premium”, or a flat rate fee can be negoiated.