The Prestige Auction Difference
" The Auction was exciting, there was good energy. Janelle does a fantastic job interacting with the crowd and raising the stakes."
Real Estate Auction Seller Frequently Asked Questions
Q. Why should I sell my property using the auction method?
A. To accelerate the sale of your property by generating additional consumer interest and activity. Advertising a property for auction creates a sense of urgency, bringing all interested parties together on one specified day. An Auction provides multiple bidders competing to buy, bringing higher revenues than negotiating with a single buyer. Non-contingent contracts and 30-day settlements are required of the buyer of your property. This means a quick transaction for you.
Q. I am not in financial trouble, and I am concerned about what people may think if I should auction my property. Can you give me any insight on this?
A. You are not alone in your concerns. Many people are afraid of the old, outdated perception of auctions that some people have. There are great differences in the marketing and the public image of a voluntary, 'by choice,' auction, such as ours, versus a distress auction. For example, some owners may offer financing on certain auction properties. Our auctions are positive, enthusiastic events designed to generate competitive bidding to secure the highest possible market price for your property.
Q. I am concerned about the net amount I will realize from the auction, and my ability to cover my existing mortgage. What advice do you have to offer on this?
A. We understand your concerns and your need to cover an existing mortgage on your property. Auctions are designed to accelerate the sale of property by determining what the market is willing to bear. On auction day, the market will determine what value is acceptable for your property. The fact that you are selling at auction does not change the market value of your property. In short, if the market value is at a level below your existing mortgage, then that is the price that you have to work with regardless of whether you use the traditional method or the auction method to sell your property.
Q. Will we still have to consider contingent contracts?
A. Everything that we sell at auction is sold "as is" and "non-contingent," with a 30-day projected settlement date and the buyer paying for title insurance while all other allowable closing costs are split by the buyer and seller.
Q. Where will the auction of my home be held?
A. We hold most auctions on-site. By being on-site, bidders are constantly reminded of the positives associated with that particular property, which, in turn, can encourage a higher bid. We do offer online auctions options and bidders can also bid over the phone.
Q. Who pays the auctioneer fee?
A. The auctioneer is paid via the buyer's premium which is added to the buyer's final bid. There is no commission charged to the seller. The seller is only required to invest in the advertising and expenses of their auction event. This way you can be sure you receive the maximum advertising exposure possible for your property. If all the advertising investment is not fully used, whatever is remaining will be refunded back to you at closing.
Q. Does "as is" mean that I do not need to disclose any known defects?
A. Though we are selling "as is," we must abide by applicable state and federal laws. The Broker-Auctioneer will offer full disclosure to all interested parties in accordance with the law.
Q. How do I sign up for auction?
A. Call us today to set up an appointment to view your property and determine whether it is appropriate for the Auction Method of sale. If your property is listed with a Realtor¨, ask them to refer your listing to Prestige Real Estate Auction and the Realtor¨ will be compensated. After signing with us, expect a three to four week advertising campaign prior to your auction day. Then expect to close in 30 days or less with no contingencies.
Q. The property is priced below the market right now. What is this going to mean if I register it for auction?
A. We find that often price is not the issue in determining why a property has not sold. Many times the reason that a property has not sold is that there has not been adequate traffic to view the property, and therefore, not enough interest has been generated in order to sell the property. In other words, it has become "stale" on the market. The auction process is the best way to revive interest in the property and instill the excitement for it that will result in a positive sale.
Q. What types of property do you sell?
A. We auction all types of real estate - condominiums, co-ops, townhouses, single-family dwellings, land, vacation properties, commercial and investment properties to high-end premier properties and country estates. Auctions have been successful in all of these categories.
Have Real Estate to Sell?
Establish Fair Market Value
We excel at bringing multiple buyers to your property
Appraising Luxury/ Unique homes can be difficult because there are usually few properties that are comparable. Auctions offer unlimited upside potential since bidders determine the true market value on Auction day.
High-end or unique items are sold at auction, so why not your home?
-- Janelle Karas
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