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 vs. Traditional Sale
Auction Method |
Traditional Sales Method |
|||
| 1 | Focus is on your property alone | 1 | Property one of many being advertised and shown | |
| 2 | Auction conducted in 60-90 days or less | 2 | May remain on market for months or years | |
| 3 | Exclusively showcases throughout the market place | 3 | Minimal advertising; heavy reliance on Multiple Listing Service | |
| 4 | Buyers act on your schedule | 4 | Little motivation for buyers; you wait for them | |
| 5 | Auction creates a sense of urgency to promote buyer interest | 5 | Price reduction encouraged to create buyer interest and activity | |
| 6 | Realizes the property's fair market value; No limit on upside potential | 6 | Upside potential limited by asking price | |
| 7 | Eliminates guesswork in determining the asking price of the property | 7 | Seller risks overpricing, and thus seeing little interest, or under pricing and selling for less than the property is worth | |
| 8 | All conditions of sale set by seller in advance, thus eliminating negotiations | 8 | Seller must negotiate all aspects of sale | |
| 9 | Property sold without contingencies | 9 | Contingencies are common | |
| 10 | Pre-scheduled Inspections with ample time to prepare | 10 | Inspections are frequent and many times with short notice | |
What to Expect on Auction Day:
On auction day, the air is filled with excitement. Buyers are nervous that they can get the property at their price while the seller is wanting to make sure that the highest price possible is bid. Most auctions have some experienced bidders and sellers, while the majority of those in attendance are attending their first real estate auction. All of our auctions are open to the public whether they intend to bid or not.
For sellers, it is important to be there in attendance to witness the process and the bidding. Once the bids are determined, in the case of a reserve auction, they must be willing to make very quick decisions about the bid and if it is acceptable to them. Once the bids are agreed to, then contracts will be prepared and both parties will execute.
All bidders need to arrive at the auction site at least 20 minutes before the auction starts. This allows for time to register, to review the bidder information package and to ask any last minute questions from one of our staff. The high bidders need to stay after the auction to sign contracts, post their deposit and to schedule a closing date.
You don't have to be a seasoned auction attendee to be able to experience the thrill of auctions. Auctioneers across America are glad to welcome new bidders to their auctions. And though almost everyone has heard the old story about the person who attended an auction, scratched his nose and came home with an item he'd not intended to buy, pay no heed to that myth.