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Seller FAQs

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?
One of the many advantages 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.

Isn’t an auction used for distressed sales?
Sometimes, However in recent years the popularity of competitive bidding has grown to an estimated $28 billion in annual sales.  Large companies use the auction method because they know that this is the best way to achieve the highest price in the shortest time.  And the auction market is growing at a fast rate.

Are the terms different from a standard real estate transaction?
Yes.  There is a special contract used which benefits the seller.  Our contract is an unconditional all cash contract that calls for a non-refundable deposit and a 30 day closing.

All improved property is sold in “As is, Where is” condition.  This relieves the seller of any and all liabilities concerning condition, including any possibility of redhibition.

The seller’s closing costs are kept to a minimum.  The seller is only responsible for the advertising cost.  All other costs are paid by the purchaser.

Can I set a minimum on my property?
Yes.  Together we will work with you to establish a “reserve” or minimum bid.  In a reserve auction the auctioneer will submit the highest bid to the seller.  The seller 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 or units to be sold absolute while others are offered with a reserve. More bidders will attend an absolute sale and typically bid a higher price.

Who are the buyers at auction?
An auction brings a good mix of investors and end-users.  Sometimes a neighbor will purchase the property.  Auctions create the urgency to buy so a good opportunity is not missed.  It causes people to act NOW, not later.

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