A real estate auction is an open forum, which allows for oral bidding. After the bidding is exhausted, the property may be declared sold. The buyer and seller will complete a purchase agreement and follow the necessary steps to closing. The property is sold as-is and buyers to pay closing costs.
Reserve Auction: Property sells with the owner’s confirmation. The minimum or reserve amount is not disclosed to the public. When the bidding is exhausted, the auctioneer will take a short recess to discuss confirmation with the seller.
Absolute Auction: Property is sold to the highest bidder, regardless of price. This is an excellent marketing tool in selling property.
There are many advantages to selling your home by auction:
Broker Participation: Christy’s Realty encourage all real estate agents to participate in the auction process. We offer compensation to agents whom represent a buyer in the transaction. Christy’s Realty also co-ops with other agents from different offices to assist with their real estate auction needs.
When I Sell my House at Auction, May I set a Reserve?
Yes! Although a home that is sold absolute, or to the highest bidder, is a great marketing strategy, a reserve may be placed on the home. The reserve is not disclosed to the public and the home will be fully marketed to obtain the highest price.
Are Homes Sold at Auction Typically Foreclosures or in Need of Repair?
Absolutely not! Homes sold at auction are typically good homes that need good owners. Sellers may opt to hold a real estate auction verses a typical listing so that they may sell the property faster with less selling costs. The properties sold in the past were from owners who are downsizing, settling an estate, selling investment homes or just want to sell quickly.
Contact: Managing Broker Lisa Jines-Plessinger 317-791-4043 or 317-771-8845 or send us an email firstname.lastname@example.org