How do real estate auctions work?

Simply put:
Customized Guerilla Marketing Boosts Property Exposure, Bidder Competition and Prices

The long version:
The process is totally opposite from traditional private treaty sales. Real estate auctions allow sellers to set a timeline for sale, set the terms of property transfer and require all qualification and due diligence in advance. Most importantly, auctions result in non-contingent contracts accompanied by non-refundable deposits. Once a Bidder has committed to Purchase, the majority do.

Real estate auctions provide sellers of every type of property an intelligent solution to producing the attention of qualified purchasers and no-hassle settlements. Within 90 days from engaging with a professional Auctioneer, real estate holders may walk out of the closing company with check in hand, or perhaps just confirm receipt of wire.

Is selling using a real estate auction right for you?

Read below for a comparison of auctions and the private sales method

Auctions encourage buyer interest and competitive participation Price reductions are used to stimulate buyer interest and activity
Potential price has no limit and determined by market value Price is usually set as low as possible and then negotiated down
Use cutting-edge techniques to blast exposure Little to no advertising other than a sign and the multiple listing services
Highlights one or just a few non-competing properties Advertising is diluted with inventory of like kind
Buyers are pushed to action Negligible incentive for buyers to act
Auctions conducted in 45 to 60 days (or less) No set date to produce contracts
Reduced carrying costs Carrying costs may last for a prolonged period
Terms and rules of sale set by Seller All terms are up for negotiation
Contract has no contingencies other than delivery of clear title Contract may be contingent upon financing, inspection, or any number of items

Thinking of selling? Know your options. Looking for help finding properties?
Get a seasoned business and agriculture professional
Click to contact Darren Bok, Agent and Auctioneer or call 419-769-2399

Looking to sell your real estate?

Choose a professional to get the most for your home, land farm

Real estate brokerage is another passion of Darren Bok. As a United Country Real Estate Affiliate, Darren offers licensed real estate brokerage services in Ohio, Indiana, Michigan and all across America. He provides outstanding real estate services throughout the tri-state region and is frequently conducting business in Columbus, Ohio; Flint, Michigan; Fort Wayne and Indianapolis, Indiana. As your real estate agent, Darren is dedicated to serving your real estate needs. He is committed to providing outstanding service and value to sellers and buyers. Darren’s success is built upon developing quality working relationships, based on principles such as respect, integrity, and trust.

Darren’s network includes lenders, inspectors, contractors, and other reputable real estate service providers. The result is the ability to provide a solid foundation for your real estate investment to rest upon. Whether buying or selling, or both… Darren ensures that customers receive the guidance and advice needed to make sound real estate decisions. Real estate brokerage includes all property types – apartments, commercial buildings and land, condominiums, farms, homes, lots and land, luxury and premier properties, investment properties, multi-family, ranches, waterfront and many more specialty properties.

Steps Involved in Selling Real Estate:

  1. Understand your situation and motivation
  2. Interview or select your REALTOR
  3. Determine Market Price
  4. Preparing your home/land/farm for selling
  5. Fill Out Listing Paperwork
  6. Property Marketing
  7. Feedback
  8. Receiving an offer
  9. Inspections & Repairs
  10. Moving Checklist and Utilities
  11. Packing and Cleaning
  12. Closing and Settlement

Thinking of selling? Know your options. Looking for help finding properties?
Get a seasoned business and agriculture professional
Click to contact Darren Bok, Agent and Auctioneer or call 419-769-2399