Selling & Buying Real Estate & Personal Property at Auction

Frequently Asked Questions & Answers (Q & A)

What is a real estate auction?

As defined by law, an auction means a sale transaction conducted by means of oral or written exchanges between an auctioneer and the members of his/her audience, which exchanges consist of a series of invitations for offers for the purchase of goods or real estate made by the auctioneer and offers to purchase made by members of the audience and culminate in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience.

Why should I sell my real estate at Auction, rather than going with a traditional listing?

• Auctions are a quick and efficient method in selling real estate.
• You still have the benefit of the multiple listing service (MLS)
• You can sell real estate in "as is" condition. No pre listing repairs.
• All home inspections must be completed prior to the auction. The real estate WILL NOT be sold "subject to Inspections".
• You will have a buyer that day.
• Auctions quickly eliminate future holding costs, such as real estate taxes, insurance, mortgage payments and maintenance.
• The bidding is competitive. Buyers are required to make an immediate decision. This keeps buyers from getting "cold feet".
• Auctions eliminate negotiations (counters) back and forth.
• The seller's closings costs are minimal.
• Buyers often time pay a higher price than they normally would, because of the competitive process.
• The closing is normally within 30 days or less.
• We handle the pre closing requirements, and assist you throughout the entire process leading up to and including the closing.

What if my real estate doesn't bring the price I am looking for?

• You have the right to put a reserve on your real estate or sell it "subject to seller confirmation". Reserve means you have the right to set a minimum amount you will accept for the property. If the bid is not achieved, you can accept or reject the final bid amount. Your reserve is kept confidential, and not revealed until the sale has ended.
  • If you choose to sell your real estate regardless of price, this is called an "Absolute" auction.

  If I owe a mortgage on my real estate, can I still sell it at auction?

  Yes. We will order a payoff statement from your lender. The mortgage will be paid off from the proceeds at your closing. We will handle the paperwork for you.

   

  What should I expect to pay in closing cost?

  In most cases you will only have the seller's portion of title work, deed preparation fee, and prior real estate taxes.

  What detours the buyer from backing out after the auction?

  The successful bidder will be required to sign a contract and place a non refundable deposit in escrow, at the conclusion of the auction.

  Who will take care of all the pre closing requirements?

  One of our real estate professionals will take care of ordering all necessary items, such as title work, surveys, deed preparation, termite inspection, payoffs, etc.

What is a Buyer's Premium?

A commission paid by the buyer. It is a percentage that is added to the final bid amount (hammer price).

If I buy real estate at auction, how do I know it is free & clear of liens?

The seller will be required to pay off any prior liens, at the closing. The buyer will receive a title insurance policy, which guarantees free & clear title.

If I have personal property to sell, can you help?

Personal property of value, can be sold in conjunction with the real estate auction.

 I have a business I need to liquidate, can you help?

 Yes, just give us a call, so we can discuss your situation.  We will assess the assets, and develop a marketing plan for the auction.

If you would like to be contacted by our auctioneer, please fill out the info below.