How Auctions Work
WHY SHOULD I SELL MY PROPERTY USING THE AUCTION METHOD?
The auction method accelerates the sale of your property by generating additional consumer interest and activity. Non-contingent contracts and projected thirty day settlements are required of all buyers of auctioned properties. This means a quick transaction for you.
WHEN WILL MY AUCTION BE HELD?
The advantage of the auction method is the seller has the right to choose the date and time of their auction. One of the many reasons auctions are so effective is that your property is exposed to a wide variety of potential buyers on a set auction date.
WHAT DOES THE TERM ‘RESERVE’ MEAN?
In a reserve auction, the auctioneer will submit the highest bidder to the seller. The seller than has the right to accept or reject the bid.
WHAT DOES THE TERM ‘ABSOLUTE’ MEAN?
Absolute means the property will be sold to the highest bidder. There are no minimums or reserves in an ‘absolute’ auction. Some auctions will have certain parcels to be sold absolute while others are offered with a reserve. Please check with the auction team for the details of each auction.
CAN I ATTEND AN AUCTION BEFORE AGREEING TO SELL MY HOME THROUGH THE AUCTION METHOD?
Certainly! It is strongly recommended that you attend a live auction and experience the process first hand. Simply speak to the auctioneer about an upcoming schedule of auctions in your area.
IS THERE SOMETHING WE DIDN’T COVER?
Still confused about auctions or selling your property with us? Call today for further details: 419-351-0978
BUYERS! QUESTIONS ABOUT AUCTIONS?
AS A BUYER, WHAT ARE THE BENEFITS TO AUCTION?
Smart investments are made by purchasing through the auction method.
The buyer knows the seller is fully committed to sell.
In multi-property auctions the buyer sees many offerings in the same place at the same time.
Buyers determine the purchase price.
Auctions eliminate long negotiation periods.
Auctions reduce time to purchase property.
Purchasing and closing dates are known.
Buyers know they are competing fairly and on the same terms as all other buyers.
Buyers receive comprehensive information on property via due diligence packet.
DO I NEED TO PRE-QUALIFY?
YES. We do require a pre-qualification to bid if financing is needed to purchase. As a suggestion, if you intend to obtain financing, you should pre-qualify with a lender as soon as possible.