Q2 Mortgage Filings Down 31%
May Commercial Sales Drop 75 Percent
Sales Drop 50% Despite Builders’ Best Efforts
January Home Sales
Real Estate Auctions Thrive
2007 New Home Sales
Schnuck's pay $3M for property
Company to auction 100 foreclosed Memphis homes
Auctions gather steam as first option for home sellers
NAR Report: New-home sales recovery unlikely before 2009
Message is Clear: Buy Houses Now (from The Daily News)
New Kid on Block
Auction industry experiences extensive growth for 2006
Charity Auction Raises $83,000
Auction Benefits
BENEFITS TO SELLERS | BENEFITS TO BUYERS | BENEFITS TO BROKERS / REALTORS
SELLERS
Why Sell my property using the Auction Method?
The excitement of an auction event can work for you in marketing your real estate. Auctions are one of the oldest and best ways to get fair market value for your property.
It used to be that if there was no other way for sellers to liquidate a property, they auctioned it. Not any more. In today's market, many sellers of high-end homes and commercial properties are turning to real estate auction houses to get a top price for their properties. U.S. real estate auction sales grew from $10 billion in 1981 to $67 billion in 2005, according to industry numbers. It is the fastest growing method of selling real estate in the U.S. Auction sales of real estate have been growing by double digits since it has been tracked starting in 2002.
Morris Auction Group is trained and prepared to assist sellers in any market. When the market is slower as it is now, Morris Auction Group can accelerate the sale of a house. In a better or hot market, it is even better for sellers due to a larger pool of potential buyers. In any case, Morris Auction Group offers you a viable tool to work within a seller's compressed timeframe while maximizing offers by generating competition.
Morris Auction Group Auctions sells all types of real estate, including residential, commercial, industrial and agricultural, in Tennessee, Arkansas and Mississippi with the opportunity to auction in most other states upon request.
Advantages to the Seller are:
- Speed of the process - The sale date is set at the time of the contract and is usually within 45 days. You have the comfort to know the exact date the property will sell and about when it will close so plans can be made to move on. In a traditional sale, there is no way to predict how long you are going the on the market.
- Aggressive Marketing Campaign - Because the marketing period is finite and is compressed into a few short weeks, everyone in the market will know that your property will be sold on the auction date. Therefore, this will make your property stand out from the remaining properties in the area.
- Market Value - The most important element of the auction process is Competitive Biding. An auction brings buyers together at one time and place to compete with each other for the high bid. Since everyone in attendance knows that the property will be sold, the competition is created and creates a sense of urgency that can not be created by any other selling method. Through competitive bidding we achieve market value for the property. When you have unrestricted bidders competing one against the other, you know that the high bidder has paid true market price.
- Unlimited Ceiling - In traditional sales methods, the seller sets a price that "caps" the amount that the seller can achieve for their property. Normally the List Price is negotiated downward. In an auction, records can and have been broken for property by starting low and allowing the auctioneer to continue to ask for higher and higher bids until the last and high bid is acheived.
- Save money - Holding costs are reduced by reducing the amount of time from now until the property is closed. This reduces taxes, interest, utilities, maintenance and all other ownership costs. To see an example or to calculate your own holding costs check out our Auction
- No Sales Commission - The marketing fee will be your only cost. You pay no commission; the purchaser pays our fee in the form of a 10% Buyer’s Premium, which is added to their bid.
- Controlled Inspections - We set the date or dates for the Open House well in advance; it will be for 3 hours on the Sunday before the auction date. You will not be subjected to unscheduled or numerous showings.
- No Seller Negotiations – This process takes the seller out of the beleaguering task of negotiating the sales price. Buyers come and competitively negotiate among themselves for the highest offer to be presented to you to consider.
- No Contingencies – The buyer signs a “No Contingency” sales contract on the day of the auction. Furthermore, they post a non-refundable bid deposit to guarantee closing within 30 days. This eliminates worrying whether the offer is good or not or if they are going to close. Again, peace of mind for the seller that enables for you to make your plans.
- Sold “As Is” - All property is sold “As Is”; there are no warranties whatsoever except good and marketable title to the property. There is NO Seller’s Disclosure form to fill out.
- Buyers Prepared - All buyers come prepared to bid and buy; they have done their homework, been to the open house and have their own value in mind when bidding. They have a non-refundable bid deposit ready to be place in escrow to guarantee the closing.
What Morris Auction Group Offers:
Experienced and professional sales associates who specialize in real estate auctions. A high impact, focused and intense marketing campaign that includes:
- property signage designed to create an immediate impact
- direct mail marketing to targeted audiences
- professional photographs of your property
- newspaper, magazine and other print advertising production and placement of media
- extensive website, other internet sites and e-mail promotion of your property
- open house presentations
- auction event production
The entire process is designed for the seller to be able to plan and move on with their lives. It is the most expedient and in most cases the most cost effective way to sell property.
BUYERS
- Buyer determines the purchase price.
- Smart investments are made as properties are purchased at fair market value through competitive bidding.
- The buyer knows the seller is fully committed to sell.
- In multi-property auctions, the buyer can view many properties at the same time.
- Auctions eliminate long negotiation periods.
- Auctions reduce time to purchase property.
- Purchase and closing dates are known in advance.
- Buyers know they are competing fairly and on the same terms as all other buyers.
- Buyers receive comprehensive information on the property via the due diligence packet.
BROKERS / REALTORS
- Agents earn commissions as a referring agent or as the buyer’s agent.
- Assurance that property will be sold at true market value.
- Property is sold within a relative short period of time.
- Exposes property to many potential purchasers.
- Convert the almost expired listing into a time specific sale.
- Develop agent’s market niche.
- Offer clients and customers new selling and purchasing options.
- Successful auctions result in referrals and return business.
- Auction company handles the majority of the work.
Check out our Realtor page! CLICK HERE or call us to refer your client's property.