Register & Bid
...it is necessary to analyze three primary components: the Property, the Seller and the Real Estate Market.
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How Auctions Work

Benefits of Auctions

How Auctions Work

Which Properties will work?
Most properties can be sold at Auction. Various types of Real Estate, including residential property, industrial property, vacant land and commercial property are sold at auction, however not all property is suited for auction. To best evaluate your property’s candidacy for auction, it is necessary to analyze three primary components: the Property, the Seller and the Real Estate Market. If two or more of these components suggest using Real Estate Auctions, please contact Real Estate Auctioneers Inc.

Property Qualification
A good auction property is one which is unique with strong buyer demand or limited supply, which also has a strong equity position, high carrying costs or where the property is difficult to appraise thereby requiring competitive bidding to establish the true fair market value of the property.

Seller Qualification
A good Auction opportunity is one where the seller will need to be open-minded, motivated and realistic. Someone who has confidence in their property, and knows it will bring a fair market price. They also should have a strong equity position in the property. If they want to avoid paying sales commissions, the seller should make sure that the process is time sensitive. This requires a timely property sale which they control or, there will be a higher carrying cost associated with the property.

Market or Buyers
A good auction opportunity is one where the real estate market and/or buyers are changing, where there is a limited supply of the property type with strong buyer demand or where there is a flat or declining market with little buyer interest for traditional property sales.

The Real Estate Auction Process

1)
Evaluate the property to determine if it is a candidate for a Real Estate Auction. (See "Which Properties Will Work?") Most properties can be sold at Auction however, not all properties are suited for the Auction.
2)
List the property using an Auction listing agreement designed for the Auction Method of marketing Real Estate.
3)
The seller selects the date the auction will be held.
4)
The Real Estate Auctioneer develops a marketing plan.
5)
The Real Estate Auctioneer executes the marketing plan and markets the property for 4-6 weeks, which will maximize property exposure. The marketing effort is designed to create a sense of urgency that requires the buyer community to act on the seller’s time schedule not theirs.
6)
Schedule a property viewing. Conduct one or two open houses that are two to four hours in length. This eliminates numerous and/or unscheduled showings while building a sense of urgency within the buyer community to purchase the property or lose the opportunity forever.
7)
Develop an auction day strategy.
8)
Conduct the auction on the day the seller chooses.
  • Register the qualified bidders by accepting their certified funds and issuing a bidder’s package and bidder’s number/card.
  • Sell the property to the highest bidder.
  • Execute a purchase agreement that is designed specifically for the sale of Real Estate at auction the day of the sale.
  • Collect a non-refundable 10% down payment from the successful bidder/buyer.
9)
Close the sale within thirty days using an escrow company.
10)
Follow-up with the buyer to make sure that all is well.
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