An AUCTION SALE for the SELLER requires the seller to make some key decisions prior to offering the property for sale. These decisions are related to: TIMING, RESERVE OR CONFIRMATION SALE, ABSOLUTE SALE, CONDITION OF PROPERTY, PRICING, and GENERAL CONDITIONS. Following are the key points to consider for each Issue.
✓ TIMING: After the property has been staged to maximize it’s value, SMITHERMAN REALTY needs six weeks of marketing time to attract the type buyers who will be interested in your specific property.
✓ RESERVE OR CONFIRMATION CONFIRMATION SALE: For this type sale, the seller chooses to offer the property at auction with the condition that the seller must approve or “CONFIRM” that the high bid meets the seller’s reserve price. If the “Reserve Or Confirmation Price” has not been met, then the property is not sold. If the “CONFIRMATION PRICE” met, then the property is “SOLD”.
✓ ABSOLUTE SALE: An “ABSOLUTE SALE” means that the property is sold to the high bidder. This type sale tends to bring more bidders resulting in a more competitive buyer environment.
✓ CONDITION OF PROPERTY: In order to get the maximum sale price, the property should be identified accurately (corners and survey lines marked) along with a truthful analyzes of the property. Time and money spent for cleaning and improving the curb appeal is an excellent investment for the seller.
✓ PRICING: Pricing is the key element to a successful sale. In case of a “CONFIRMATION” auction, being realistic in setting the “RESERVE PRICE” may determine if your auction results in a sale. There are so many variables for setting this price that we suggest an on site review of your specific property. SMITHERMAN REALTY WILL GLADLY OFFER A RANGE OF MARKET PRICES AT NO COST TO YOU .
✓ GENERAL CONDITIONS: Smitherman Realty represents the Seller at auctions. The buyers are given an opportunity for reviewing the properties prior to bidding. A down payment amount, type of funds for down payment, and number of days to closing are established based on the type and value of property offered for sale. Owners or legally accountable persons for the property are expected to be present during the auction. Smitherman Realty along with the Seller establishes auction fees and marketing methods at the time of executing a “Contract to Auction”.
An AUCTION SALE for the BUYER requires that the buyer ascertain that their necessary funds are available to support whatever they bid. The Buyer should conduct inspections and get answers to their questions prior to the auction. Real Estate auctions are held at the specific time as advertised therefore the Bidder should arrive in time to register as a bidder prior to the auction.