What is a real estate auction?

 

A real estate auction is a method of buying and selling real property through a competitive bidding process. Properties are sold to the highest bidder at a public auction event.

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How does the auction process work?

 

The auction process typically involves the following steps:

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• Property Evaluation: The seller consults with our team to evaluate the property and determine auction feasibility.

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• Marketing: We develop a comprehensive marketing strategy to promote the auction and attract potential buyers.

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• Auction Event: The property is auctioned off to the highest bidder at a designated auction event, either in-person or online.

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• Closing: Once the auction concludes, the highest bidder enters into a contract to purchase the property, and the sale is finalized within a predetermined timeline.

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What are the benefits of selling property at auction?

 

Selling property at auction offers several benefits, including:

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• Competitive Bidding: Auctions often result in competitive bidding, driving up the sale price and maximizing returns for sellers.

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• Quick Sales: Auctions provide a streamlined and efficient sales process, allowing properties to be sold quickly.

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• No Commission: Sellers pay no commission in real estate auctions, as the buyer's premium covers the auctioneer's fees.

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• Transparency: Auctions offer a transparent and open platform for buyers and sellers, ensuring fairness in the sales process.

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• Control Over Sale Terms: Sellers have control over the reserve price and the final decision to accept or deny the highest bid at the auction.

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• Properties sold at auction are typically sold "as-is, where is" with no contingencies, providing buyers with an opportunity to purchase the property in its current condition. This can attract motivated buyers who are willing to accept the property's condition and make competitive bids.

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How do I participate in a real estate auction?

 

          To participate in a real estate auction, potential buyers must register for the auction event and meet any specified requirements, such as providing proof of funds or pre-approval from a lender. On the day of the auction, registered bidders can bid on the property either in-person or online, depending on the auction format.

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What types of properties can be sold at auction?

 

          A wide range of properties can be sold at auction, including residential homes, commercial buildings, land, condominiums, and more. Our team has experience auctioning various types of properties and can tailor our services to meet your specific needs.

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How do I get started with selling my property at auction?

 

          If you're interested in selling your property at auction, contact our team at Spellman and Malloch Real Estate Auctioneers. We'll work with you to evaluate your property, develop a customized auction strategy, and guide you through the auction process from start to finish.

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Benefit to Realtors

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Partnering with Spellman and Malloch Real Estate Auctioneers offers numerous benefits for realtors:

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• Split Buyer's Premium: Enjoy the benefit of splitting the buyer's premium, providing an additional source of income for your services.

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• Fresh Perspective for Sellers: Transitioning a property to an auction format can attract a new pool of motivated buyers and potentially achieve a quicker sale at a competitive price, breathing new life into stagnant listings.

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• Expanded Market Reach: Tap into our diverse audience of buyers, including investors, developers, and individuals seeking unique properties, to increase the visibility of your listings.

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• Faster Sales: Benefit from the fast-paced selling environment of real estate auctions, with properties typically sold within a predetermined timeline, allowing you to expedite the sales process and close transactions more quickly.

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• Minimal Listing Fees: Sell properties at auction with minimal upfront listing fees. The only cost to the seller is to split the marketing cost with us for the auction, offering a cost-effective option for realtors.

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• Increased Seller Satisfaction: Facilitating successful auctions can lead to increased seller satisfaction, as they see immediate results and achieve a competitive sale price, enhancing your reputation and building stronger client relationships.

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• Networking Opportunities: Participate in real estate auctions for valuable networking opportunities to connect with other industry professionals, potential buyers, and investors, leading to new business relationships and collaborations that benefit your real estate business.

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Partner with Spellman and Malloch Real Estate Auctioneers to unlock these benefits and elevate your real estate business.

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Still have questions? Contact us today to learn more about real estate auctions and how we can help you achieve your real estate goals!