FREQUENTLY ASKED QUESTIONS
1. What are the benefits of a real estate auction?
The real estate auction is definitely a win-win proposition for everyone involved. The seller disposes of properties quickly and efficiently, thereby saving long term carrying costs such as interest, taxes, and maintenance. In an open forum using competitive bidding, both motivated buyers and sellers have the assurance of watching the property’s true market value emerge.
2. Are all properties suitable for auction?
Most properties are salable by auction. Residential property (including single family homes, condos, co-ops), commercial property and vacant land are sold at auction. We would not accept property deemed to be environmentally hazardous.
3. What do you charge to sell my property?
You pay no commissions. That’s ZERO. The only fee you pay is for marketing your property, which is fully documented. Our commissions are paid by the buyer in the form of a Buyers premium.
4. What is a Buyers Premium?
A buyers premium is an additional charge to the purchaser of the property. It is usually expressed in the form of a percentage of the high bid. The high bid plus the buyers premium is what the winning bidder must pay.
5. How long does it take to sell my property?
Properties can be auctioned within thirty days of our first meeting. There is no other method of marketing that can offer such outstanding results.
6. Can I sell my property “the way it is”?
All properties that we market are sold “As is where is”. This means what you see is what you get.
7. In a perfect world this question wouldn’t exist BUT “What if my property does not sell at auction”?
First, this is extremely rare. We are highly experienced in auction marketing. However, buyers make offers after the auction date. In addition, buyers make offers before the auction date. Auction pressure forces buyers to act.
8. What are the various methods of auctioning that a seller may choose from?
The Auction Method may not be what you think. You, the seller, choose how to sell your property. Sellers have three ways to sell their property.
- Absolute Auction - Sells at highest bid.
- Absolute Auction with a stated Minimum Bid – Seller sets a minimum price he or she will accept.
- Auction with Reserve – Seller reserves the right to accept or reject any and all bids below an undisclosed reserve.
9. What if my property is currently listed with a realtor?
Since you have a current listing contract, we must speak with your realtor first. If everyone agrees, we would take over and market your property for auction. The commission would no longer be your obligation. We would compensate your realtor.
10. How do I contact you in order to auction my property?
Please go to the home page and click onto "Auction Your Real Estate”. Simply fill out the form and email it back to us.
