Real Estate At Auction
We sell both residential and commercial real estate. The auction method is
an effective tool for selling all types of properties, from elegant estates
properties, to fine homes in modern communities, to condos in peak condition,
to rentals and diamonds-in-the-rough that may need serious rehabbing.
The advantages of the auction method are many. There are no contingencies in
the auction contract. The buyer will purchase the property in its "As
Is" state and condition. You select a date and can plan your future around
that date. After that an accelerated marketing plan goes into effect. An auction puts a halt to ongoing mortgage
payments, utility bills, taxes and maintenance. Competitive bidding creates
interest which can help your property achieve market value and sometimes far
exceed expectations. Open Houses are conducted where the property may be
viewed, questions answered and bidder information packets picked up. You are
not on call for showings for months at a time, and you do not need to attend
the open houses. If time is of the essence, we can set an auction date and sell
your property within thirty days. Closings are set at thirty days from date of
sale.
There are two primary ways to sell
your property at auction.
"The
Reserve" - Your protection in the auction arena. Most of the
properties we sell are sold with a reserve. A reserve sets a minimum amount for
the sale of a property. The property must reach this amount or it is not sold.
Careful consideration is given in reaching this figure. We will work with you
to help determine an amount that satisfies your needs and still allows the
property to be sold. Your property can
be sold “Subject to Seller’s
Confirmation” which means for example, if you say not to sell the property
for less than $100,000 dollars and lets say the bids go up to $99,500.00 you
still have the right to say yes or no at that time.
"Absolute
Auction" - Selling to the highest bidder, regardless of price.
There are no exceptions. An auction conducted as Absolute can generate strong
interest because buyers know the property will be sold that day without
exception. The Absolute method is an effective tool in certain cases and can
help an owner sell a difficult or distressed property and move on.
How many times have you seen
a home for sale by auction and you think to yourself,” How exactly does this
work?”
These are a few of the more
frequent questions asked about selling and buying a home through auction.
Selling your home via
Auction:
1. Will
I get Fair Market Value for my home?
The answer is yes. The competition
involved in bidding for your home will keep the selling price of your home at
market value.
2. What
are the advantages of selling my home through an auctioneer?
·
There are no contingencies when selling through auction.
· You
choose the date and time your home sells.
· You
receive an increased amount of deposit at the sale. Usually 10% of the selling
price. This is due immediately after
the auction is
over and is non-refundable
if the buyer does not close on the house within 30 days.
3. I
currently have a real estate agent. If I want to stay with my agent, can
I still auction my home without leaving my realtor out in the cold?
Yes. Even if your real estate agent
has no previous experience with auctions, the auction staff will work with your
realtor throughout the
entire process. Ultimately, the auctioneer manages the
auction and the real estate agent or broker does all of the paperwork (real
estate
contract) and goes to closing.
Buying a home via Auction:
1. Can
I buy a house cheaper at an auction than in the regular market?
Not necessarily. The price you will
pay for the home is dependant upon the current market and the condition of the
home.
2. How
much cash is required to purchase a home at auction?
Typically you will need to have a high
deposit for an auctioned home. Most of the financing plans that allow you
to buy with no or very little
money down are not available when buying a home at auction.
3. How
do I go about buying a home at auction?
Contact
me at the phone number or email address below.
If you have more
questions regarding real estate auctions, you can contact:
Scott Morris
C.A.G.A.
A&A Auction Co.
(281) 350-9111
or toll free at 1-(888) 765-3866
Specializing in estates, real estate, and business and
personal property auctions.
Scott
Morris is also a certified personal property appraiser.