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If there are 10 buyers
in your market area interested in purchasing real estate
like yours, holding an auction gives you the opportunity
to have all these buyers assembled together at the same
time at your real estate for one specific purpose, to
buy your real estate. |
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What
other way could you get all 10 of these buyers at your
real estate, let alone all at the same time with the
purpose of buying your real estate. Competitive bidding
creates an opportunity to sell your property for the
highest price. |
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How Does The Auction Work - |
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The property is held
open for inspection one hour before the time of the
auction, or by appointment. Many interested buyers will
call and arrange an appointment to view the property
days before the auction. |
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Before the auction, we
arrange for prospective buyers to meet with Bankers
and/or Mortgage Brokers to arrange financing. |
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On Auction Day, the
Auctioneer will read the terms and conditions of the
auction, ask for questions from the audience, then begin
the auction sale. |
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Upon receipt of the Top
Bid, the Top Bidder signs the Purchase and Sales
Contract, gives the Auctioneer cash or check in the
amount of 10% of the Contract Sale Price. |
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If the Seller accepts
the Top Bid Price, the Seller signs the Purchase and
Sale Contract, the 10% deposit is placed in Wilson
Realty's escrow account, and a closing is arranged. The
closing is usually within 30 days of the auction date,
but a different closing date can be arranged. It is up
to the Seller when to have the closing date. |
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If the Seller does not
accept the Top Bid Price, then the property is
considered not to have sold and the 10% deposit is
returned to the Top Bidder. |
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When And Where Is The Auction Held - |
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The Auction is almost
always held on site. The day and time of the auction
will be determined by the Seller and the Auctioneer. As
a rule, the auction is almost always held right on the
site of the real estate being sold. |
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How Much Time Is Needed To Advertise And Promote The
Auction - |
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As a rule approximately
3 to 4 weeks are required for proper advertising and
promotion, but some auctions can be arranged and
promoted within a 1 to 2 week period. |
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The Day And Time Of Auctions Vary - |
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There is no specific
day or time that is always best to hold an auction. The
property location and market conditions will greatly
influence the day and time that is best to hold an
auction for a specific property. |
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The Auctioneer will
research the property and market conditions to determine
what is the best day and time to hold an auction for the
specific property. |
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Contact Phillip Wilson,
Auctioneer to schedule an auction for your real estate
property,
or for additional information on Real Estate Auctions. |
