Auction … The Real Estate Marketing Alternative.

Did you know that auctions are the fastest-growing method of buying and selling real estate? It’s true, and that’s why more and more knowledgeable real estate agencies are employing the services of auction professionals. Gone are the days of only auctioning depressed properties. Today, multi-million dollar properties are sold at auction because, for many sellers, auctions have become the first choice of selling, not the last!

Frequently Asked Questions?

Why sell real estate at auction? Because it ...

A) ....puts the seller in the “driver’s seat” allowing them to set the terms and conditions of sale – not the buyer.

B) …exposes real estate to a large audience of serious prospects by bringing all potential buyers together at once. Buyers come prepared to buy which accelerates the marketing process.

C) …eliminates negotiations and trivial contingencies

D) .…eliminates unscheduled, inconvenient, and intrusive showings

E) ..…creates a sense of urgency for buyers. They know they must act quickly or risk “losing” the property. Properties don’t sit dormant while prospects “take forever” making a decision!

F) …reduces long term "carrying" costs (insurance, taxes, maintenance, etc.) by providing a non-contingency contract with a scheduled closing within 30 days of the auction.

Shouldn’t I try to sell my real estate privately first, then go to auction?

No. Real estate auctions actually are far more successful when the property has not recently been on the market. Real estate previously marketed has been "tainted" with the seller’s asking price. When offered privately, the asking price limits how much the property will bring. Do purchasers ever offer more than the seller’s asking price at private treaty? When sold at auction, the selling price may very well exceed the seller’s expectations due to the competitive nature of bidders.

What is an absolute auction?

An absolute auction is one in which the highest bidder is declared the buyer no matter what the final bid price. The seller is legally required to accept the highest bid in an absolute auction. Absolute auctions can actually create more excitement and generate more money than those offered with reserve because buyers know the property will be sold regardless. Absolute auctions are only recommended for those sellers that are extremely motivated to sell.

What is an auction with reserve?

An auction “with reserve” is one in which the seller reserves the right to accept or reject the highest bid. Prior to auction day, the seller and auctioneer determine the minimum price for which the property must sell. If this price is not achieved, the auctioneer declares a “no-sale” and the property is withdrawn. The seller’s minimum bid should NEVER be publicly disclosed -- the most successful auctions are the ones where no one knows what the seller is willing to accept!

If my property is offered with reserve and declared a “no-sale”, then what?

Be patient. Don’t show your disappointment or frustration. You need to keep in mind that appropriate advertising will expose your property to a wide audience of prospective buyers -- buyers that are interested enough to take the time to attend! Some prospective buyers who want your property may get “cold feet” during the auction; however, there’s a very good chance they will make an offer even if a “no-sale” is declared.

How should my property be advertised?

Real estate is best advertised in local area newspapers, direct mail brochures, trader publications, on-site signs, and on the World Wide Web, which is the newest form of marketing able to reach potential bidders from all areas. We maintain our own internet website: www.bpauctions.com.

What really determines the success of a real estate auction?

Simply put, it’s the desirability of the property. The more people who want it, the more the property will bring. This is the best possible auction scenario. More than once, eager and determined bidders have set record-breaking auction prices. Estate and trust properties, properties facing potential foreclosure, and any property where the seller is highly motivated are all excellent candidates for an auction.

O.K., let’s get started and we’ll … ….schedule a date and time for your real estate auction.

… feature your real estate on our website making it available worldwide to prospective buyers.

… do our homework and learn as much about your property as we possibly can.

.... schedule an open house making your real estate available for public inspection.

… draw attention to your property by creating and placing all advertising.

… showcase your property, as we have for others, and provide you with
a quick and efficient means of selling!