AUCTION: A method of selling property in a public forum through open and competitive bidding.
What properties/situations do well in an auction?
Carries a lot of equity
Unique
Carrying Costs
Property is vacant
Investment/Income Producing/Commerical
Land/Large Farms
Rehabs/Property needing repairs
Owner needs immediate action
Estates
Owner transferred
Retiring/Downsizing
Has purchased another property
Change in the Market
Absentee Landowner
Dissolution of Partnership Business or Personal
How can you best help us?
Compile detailed information about your property and let us introduce you to one of our auctioneers so we can present the details of the auction process.
Benefits to Sell By Auction
Quick Turnaround
Exposes property to a wide number of potential qualified buyers
Seller sets terms and conditions
Seller knows exactly when the property will sell
Eliminates numerous and unscheduled showings
Sell AS-IS, WHERE IS
No contingencies
Competitive bidding
Liquidating personal property
SOME AUCTION TERMS
Auctioneer--The person whom the sell engages to direct, conduct or be responsible for a sale by auction. This person may or may not actually call or cry the auction.
Auction with Reserve--An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specific time.
Absolute Auction--An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also know as an Auction without Reserve.
Auction Listing Agreement--A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the right and responsibilities of each party.
Carrying Charges--The costs invovled in holding a property which is intented to produce income (either by sale or rent) but has not yet done so, i.e. insurance, taxes, maintenance, management.
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