Real estate auctions:
• are generally conducted "as-is, where-is". Buyers are encouraged to have a home inspection in advance of the auction; but with no expectation of the seller addressing the issues found.
• often mean selling with no contingencies.
• eliminate wasted time with buyers who are not serious. Bidders are presented with the seller’s contract – and must pre-qualify for financing, make a substantial cash deposit the day of the auction, and come prepared to close within the specified time period.
• are a call-to-action. A for-sale sign tells a passer-by that a seller is offering a property for sale. They can look today, tomorrow, or next month. An auction sign says, “this property is selling on this date and time”. Period. Interested parties are given a sense of urgency; a reason to call. No one wants to miss “a good deal”!
Why not try a traditional listing first?
When used after traditional listing methods have been exhausted, auction can be seen as “the court of last resort”, and top dollar cannot be achieved. A property that has sat on the market, unsold, has the stigma of being over-valued, or problematic in some other way. On the contrary, when auction is used first, true market value can be established, without tainting the property by subjecting it to negative market conditions. At auction, while a seller can protect their investment by setting a reserve (or minimum) bid, buyers establish the property value – sometimes exceeding the owner’s expectations.
Using traditional listing methods, a seller has one chance to set the best price. Often, that means shooting for the “pie in the sky” and then dropping to a level that the market will bear. At auction, when a seller utilizes an attractive minimum bid, a sense of urgency creates excitement and momentum. Often, this results in a higher sales price than may have been realized using a traditional listing.
What does it cost to sell my property at auction?
While every property is unique, and specific terms must be determined on an individual basis, you can be sure that selling at auction will cost you no more than listing your property with a realtor in the traditional method. In fact, even when a comparable seller commission is charged, selling at auction should SAVE you money over a traditional listing method.
Selling at auction:
• encourages competition between buyers and may mean a higher sales price, and more net proceeds for you.
• defines the selling date (auction day) and closing date when you contract our services, eliminating lengthy carrying costs while your home sits on the market.
• means “as-is, where-is” – no negotiating with buyers after you have a contract in order to mitigate problems found by the home inspection.
• may place the burden of commission on the buyer, in the form of a buyer’s premium.
What if a property does not sell at auction?
Most properties that are carefully selected, will sell successfully using the auction method. However, in the rare case that a property does not sell at the auction, we will have identified a pool of interested buyers to whom we can market the home and work with directly.
Why Amelia Jeffers and Street Sotheby's International Realty?
Amelia Jeffers has auction expertise and solid real estate experience. Combined with the Sotheby's iconic auction brand and the progressive leadership of the respected Street Sotheby's International Realty group, we are poised to make our mark on the real estate industry. Since 1996, Amelia has helped to conduct dynamic and successful auctions marked by personalized customer service and unparalleled integrity at one of the nation’s leading auctioneers of art, antiques and decorative objects. Amelia's team is well-known for cutting edge, first-class marketing; and for achieving top sales prices for clients. We have years of experience in educating buyers, sellers and fiduciary agents on the benefits of the auction method. We are confident that you will find our expertise invaluable.
What if my property isn’t in Ohio?
Amelia is licensed in other states, and often has the ability to obtain licensing as needed. Call to find out if we are licensed in your state.
How do I find out more?
Give us a call. Drop us an e-mail. We would be happy to talk with you about whether the auction method is right for you. Amelia Jeffers | (740) 815-7016