The Seller
Profile of The Seller:
All of the seller's entering into the auction program are generally motivated for a wide variety of reasons. Having the opportunity to determine their motivation and to take advantage of their desire to "sell now" are probably the two most important aspects for your agents. In today's market "sitting" on a difficult listing could be detrimental to both you and your sales associates. We can all gain from the following common denominators of our auction sellers:
- They have a time driven need/desire to sell
- They have some equity or can "come to the table"
- They want a "quick" non-contingent sale
- They understand that today's list price is probably not market
- When they sign for auction it is sold in their minds
- They are attracted to the "as is" sale w/30 day settlement
Auction Options: Select from one of the following options
Option 1 Absolute
Absolute Auctions
"Absolute Auction - This property is to be sold at public auction on (date) to the highest bidder regardless of price. The seller reserves the right to reject all offers prior to auction without penalty or obligation to compensate the listing broker. Specific auction Terms & Conditions apply - call Auctioneer for details @ 770-692-1439.
Option 2 Minimum Bid
Minimum Bid Auctions
"This property to be sold at public auction on (date) at or above the minimum bid entered as "list price". Offers above the minimum will be considered prior to auction but seller reserves the right to reject without penalty or obligation to compensate listing broker. Specific auction Terms & Conditions apply - call Auctioneer for details @ 770-692-1439.
Option 3 Reserve
RESERVE AUCTIONS
"This property is to be sold at public auction on (date). The price listed herein is the suggested opening bid only and not an implication of value or expected end result of auction. Motivated seller! The high bid will be presented to the seller for confirmation; however, the seller reserves the right to reject any and all offers without penalty or obligation to brokers. Specific auction Terms & Conditions apply - call Auctioneer for details @ 770-692-1439.
Note: The minimum bid is determined by the Auctioneer and presented to the Seller prior to registration into the program
The Buyer
Call In's
- Q. Why is the property going to auction
A. My client has chosen to use the auction method of marking to accelerate the sale of the property.
- Q. Is this a bankruptcy/foreclosure/tax sale?
A. No...This is the seller's choice method of sale. We will be passing clear title.
- Q. Can I buy it before the auction?
A. Why would you want to do that?
- Q. We can't wait for the auction-we want to buy now. Will the seller sell it before the auction?
A. I can't answer for my client; however they are very excited about the auction and looking forward to auction day. Of course I am obliged to present all offers but don't be discouraged if the seller doesn't take the offer.you'll need to be sure to be there on auction day!
- Q. I want to buy the property but I'm not willing to pay the 10% buyer's premium. That's why I want to buy it now.
A. The commission will be paid on the sale one way or the. I would recommend that you put your best foot forward. If the seller elects to wait until auction day just stop bidding 10% before you reach your maximum number.
- Q. Can I get a home inspection?
A. Sure. for information purposes only.
Who are the Buyer?
Auction buyers are individuals that are ready to buy now and they've been looking for a deal. The deal is the "driving force" behind the interest that we generate through the auction. We are seeing many first time homebuyers and more and more relocations through the auction. To help you better understand the general profile of the buyer, please review the Auction Terms & Conditions attached herein the potential buyer will become familiar with the auction and be prepared to sign them in order to register to bid at the auction.
Terms & Conditions
Each bidder must sign the Terms & Conditions in order to register to bid at the auction
Basic Terms & Conditions
"As is/where is" ( aka caveat emptor)
Non contingent contract
30 day closing
Must pay 10% above bid
Non refundable deposit
|
