The Seller remains in control, and has the option to accept or reject any bid prior to final confirmation.
Yes, we analyze the property and consult with you about a minimum or reserve price within our initial proposal. The price is not advertised or disclosed to bidders.
We are very meticulous prior to signing a contract to sell the property to research and provide anticipated values based on comparables of other sold property in the area. This is all part of our initial proposal prior to contracting the job. Therefore, we typically will not accept a job if the expected market price we have researched is not in agreement with the client expectations. This saves all parties involved time and expense. We operate on complete honesty and transparency on anticipated values. However, if we have agreed to sell using the reserve method and you are not satisfied with the high bid on auction day, you can reject the final bid and we will continue to market the property in a conventional manner for a short-listing period.
The cost incurred by the seller for a real estate auction is the marketing cost. Dependent on what type of property is being sold, we provide different options for the marketing plan and the seller decides which they prefer. Example, a traditional residential home marketing plan will be much less than a luxury home, commercial property or resort property where additional marketing methods will be used.
Absolutely NOT! In recent years the popularity of competitive bidding has exploded to estimate 28 billion in estimated sales. One in five properties are sold using this method.
The buyer is responsible for all commissions by way of a buyer’s premium. The buyer’s premium is added to the final high bid price which becomes the total sale price for the buyer. The seller receives the high bid at settlement and the additional buyer’s premium will pay the commissions at settlement.
The buyer pays all settlement costs.