Selling Real Estate
Selling real estate has never been easier. Our full range of services is enhanced by an experienced and knowledgeable team of licensed auctioneers and licensed real estate brokers. This combination brings a high level of real estate expertise, strong negotiation skills and market knowledge, allowing us to handle any type of property with professionalism and confidence.
Real Estate Auction Selling Advantages
Why sell real estate using the auction method? Selling real estate by auction offers the following advantages:
- Cost Effective – The buyer, rather than the seller, pays our commission. A ‘buyer’s premium’ is added to the high bid amount to arrive at the total sale price of the property. This reduction in cost allows the seller to accept a lower price for the property and still achieve the same net proceeds as a traditional sale.
- Flexible – The seller has the ‘ultimate say-so’ with the ability to set a minimum price (‘reserve amount’) that they will accept for the property. If the auction does not produce an amount acceptable to the seller, the property does not sell.
- Easy – The property is sold ‘As Is’, with no inspections or repairs and no contingencies allowed.
- Efficient – We typically require a 4-6 week lead time to set up the auction; if the property sells, the sale will close within 30 days of the auction date.
- Effective – Buyers come prepared to purchase with cash or established financing and must pay a significant, non-refundable deposit if they are the winning bidder. Due to the higher, non-refundable deposit, very few transactions fall apart.
How It Works
The auction process is often misunderstood, but is a fairly simple, efficient process. When working with Adam’s Auctions to sell real estate, the general process you can expect is as follows:
- You will speak with Adam, the President and Lead Auctioneer, at your property to discuss and customize the best solution to meet your needs.
- A one page Auction Booking Contract will be completed and signed to document the agreement to auction your property. Typically 4-6 weeks is needed to properly prepare for the auction, so a date will be selected to allow adequate time.
- A minimal advertising fee is charged up front to cover a portion of the advertising costs we incur.
- Auction signs will be placed on the property to begin marketing the auction.
- An Adam’s Auctions staff member will contact you to visit, gather and obtain information about the property to properly market and advertise the auction.
- A marketing plan will be implemented to advertise the property and auction, including extensive print advertising, website placement on numerous auction websites, as well as appropriate marketing strategies agreed upon.
- An open house will be held approximately 1 week prior to the auction date (an Adam’s Auction associate will host the open house).
- Individual showings will be scheduled as needed prior to the auction date.
- Just prior to the auction, Adam will discuss your ‘reserve amount’ with you. You have the ability to set a minimum price (reserve amount) that you will accept for the property.
- On auction day, Adam will arrive one hour early to allow bidders to view the property again and to answer any final questions you might have as the seller.
- Your auction will offer the option of Live Online Bidding. This system will be set up and Adam will speak to the online bidders in his opening remarks and persons can bid online as the live auction is conducted.
- If you accept the high bid at the auction, an Auction Sales Contract will be completed and signed by all parties the day of the auction (or as soon thereafter as possible).
- If the property sells, the transaction is handled exactly like a traditional sale and closes through a local title company within 30 days of the auction date. As the seller, you will have some closing costs which are the same as those in a traditional sale, except commission, as the buyer pays our commission in an auction situation.
- If you do not accept the high bid at the auction, the property does not sell. You do not owe us any additional money in this case.
- If the property does not sell, we are happy to discuss listing the property with you through our sister company, Adam’s Realty & Auction LLC; however, you are free to proceed with the property in whatever fashion you wish.
Our goal is to conduct an aggressive marketing campaign that leads to a successful auction. You have our commitment to obtain a thorough understanding of your property, communicate with you throughout the process and do our very best to bring a successful result through the auction process.