- Citigroup Gets Burned in the Caribbean September 3, 2010The bank is selling its mortgage on the Viceroy Anguilla to Starwood Capital Group at a hefty discount, the latest example of capitulation by a bank that has nursed a troubled real-estate project for years. […]
- New Resorts Owners Roll Dice September 1, 2010Morris Bailey and Dennis Gomes are paying $35 million for Resorts Atlantic City, at a time when gambling revenue is declining and customers are being siphoned off to Pennsylvania venues. […]
- Capital Freeze Thaws for Real-Estate Funds September 1, 2010Real-estate funds saddled with boom-time properties are getting relief from Wall Street firms and other investors hoping to capitalize on their need for cash. […]
- Corio's Turkish Strategy Stumbles September 1, 2010The Dutch company's expansion has yielded disappointing results due to the weak economy, competition and the difficulties of exporting Western shopping concepts to a country steeped in different traditions. […]
Archive for January, 2010
Real Estate Auction Marketing
RealEstateAuctions.com employs the best real estate auction marketing to help buyers and sellers reach their respective goals. Our real estate auction is a high-performance vehicle that can get a property sold at a price and time frame that benefits both parties.
Harness the power of RealEstateAuctions.com to accelerate your real estate sales in a popular auction format. As a seller, you can have buyers competing against each other for the opportunity to purchase your property. As a buyer, you have multiple properties of interest and the ability to name the price at which you feel most comfortable.
Real estate buyers everywhere are taking part these days in auctions. The events held by RealEstateAuctions.com are the best. Here’s how we make our real estate auctions the kind of event that buyers and sellers can’t wait to get involved with:
- Expressway billboards announcing the event
- Lighted rooftop taxicab signs
- Radio spots
- Newspaper ads
- Printed brochures distributed to real estate offices
- Internet marketing
- The RealEstateAuctions.com website
- Email blasts to our client database, currently numbering 50,000+
- Dedicated team of Auction Specialist Realtors®
Auctions held by RealEstateAuctions.com bring buyers and sellers together with some of the best properties currently available, in a variety of different categories and many different locations. Our real estate auction marketing helps make this a great event.
As a seller, you’re looking for:
- Quick real estate sale
- Qualified buyer backed with cash or lender’s pre-approval
- An end to your carrying costs
- Safety of a minimum bid or reserve so your property can’t be sold for less than you deem acceptable
An auction held by RealEstateAuctions.com provides these benefits and so much more.
Auctions are action-packed, fun and potentially profitable for buyers and sellers alike. Buyers love the ability of having dozens of desirable properties available in one place. They enjoy the opportunity to bid at a level they believe is the true market worth of the property. Their fellow bidders, however, may have a differing opinion and prices tend to go up when bidders compete!
Buyers also appreciate the clear title at closing, the full disclosures that are provided and quick closing time. These bidders are ready to buy your property. Perhaps they’ve caught “auction fever” or perhaps they’re simply curious about this increasingly popular way to purchase real estate. No matter their motivation, they’ve seen the marketing, they’ve registered with our website and they’re ready and willing to buy.
Contact RealEstateAuctions.com today to have your property considered for inclusion in our upcoming event. We’ll guide you through all the necessary steps and we’ll get our leading real estate auction marketing working for you!
How to Bid at Real Estate Auctions
Taking part in an event held by RealEstateAuctions.com is easy. Here’s how to bid at real estate auctions:
Before The Event
- Preview any and all properties of interest on any of the Open House dates that will be held prior to the auction.
- Carefully review the disclosures provided for each property, the terms and conditions, and the sales contract. Be sure you understand all the documentation. Seek the services of an attorney, if appropriate.
- Get a financing commitment from a lender if you will not be paying cash. Waiting to do this crucial step after you purchase could result in denial and loss of earnest money. A lender will be available at the auction event if you have not yet secured a pre-approval, but it is highly recommended you not wait until this point to check. You might not qualify for financing.
- Register on our website as a bidder. We’ll also take registrations at the door on the day of the event, but you’ll save yourself considerable time by registering online. If registering at the door or checking out financing with the on-site lender, be sure to arrive early.
At The Event
Check in at the door with the following:
- Driver’s license, state photo ID or passport
- A cashier’s check in an amount specified (varies per property)
- Personal check to supplement the cashier’s check, if needed
- A pre-approval letter no more than 30 days old from a mortgage broker or lending institution, if you intend to finance your purchase (vs. a cash transaction).
Among the registration items you’ll receive is a numbered card or paddle which you’ll raise at the appropriate time during the auction to indicate your bid.
Getting Started
Taking your seat inside the auction room, you’ll listen to the event facilitator review the legal terms and conditions, along with a basic explanation of how the event will proceed.
The auctioneer will take the podium and kick things off with the first property to be auctioned. A photo and relevant facts will be displayed on large screen. You’ll find the same information on a printed brochure available in advance and at the door. The auctioneer will announce updates on any new additions or deletions that are not part of the printed brochure, so everyone is fully up to date on how to bid.
Each property will be listed in the brochure as “Absolute Auction,” “Minimum Bid Auction” or “Reserve Auction.” The auctioneer will verbally confirm these designations. He then begins the famed auctioneer’s chant, soliciting bids from the crowd. As a bidder, you will raise your numbered card or paddle when you wish to place a bid at the price the auctioneer is calling. Scratching your nose or clearing your throat will not count as a bid.
Depending upon where you are seated in the room, the auctioneer or one of his official assistants standing in the crowd will acknowledge your bid. The auctioneer continues the process, with the price moving ever higher. You can make as many bids as you wish as the process moves along.
If You Win
- Proceed to the designated area to begin paperwork.
- A 5% Buyer’s Premium will be added to your winning bid, making your Total Purchase Price your winning bid plus the Buyer’s Premium.
- Tender the cashier’s check in the amount specified for the subject property. A receipt will be provided.
- Write a personal check, if needed, to make the required down payment on the property, which is typically 5% of the Total Purchase Price.
Properties with a Total Purchase Price of $10,000 or less must be paid for in full on auction day.
Your closing will be scheduled within 45 days of the auction.
Can You Change Your Mind About A Bid?
Yes, as long as you inform one of the official bid assistants while the bidding is still in progress and you have not yet been named a winner of the auction. Mistakes happen, of course, but the auction is serious business and you should be extremely careful about the actions you take during the bidding process. Know exactly what you doing. Do not bid if you are unsure or think you might want to retract.
The Official Bid Assistants
These professionals will be standing among the crowd during bidding. They keep watch over the same section of attendees and are there to help you.
For more information about how to bid at real estate auctions, please don’t hesitate to contact us.
Types of Auctions
Each event held by RealEstateAuctions.com typically features three types of auctions. Each is easy to define, understand and participate in.
Absolute Auction
Highest bid wins, regardless of price. Absolute auctions are usually the most exciting and well-attended of the day. Potential buyers are attracted to absolute auctions because of the possibility of landing a property at a bargain price. Sellers love absolute auctions for the buzz they generate and the competitive bidding that is almost sure to result. The result? Typically a happy meeting ground for both parties.
What a great feeling for a winning buyer to know that he or she outlasted fellow bidders and won a desirable property at a fair price, while the seller has absolute confidence that he or she has received true market value for the property in the purest form possible: direct, head-to-head competition.
Minimum Bid Auction
These auctions begin at a minimum set price established by the seller. The minimum bid is published in the brochure and announced by the auctioneer at the start of bidding for that particular property.
Reserve Auction
This type of auction allows the seller to accept, reject or counter the “winning” bid. Sellers may make this decision before the event ends or they may take up to three days to decide. This gives sellers protection that their properties will not be sold below a level they can live with.
To learn which types of auctions apply to each property, be sure to check them on this website. Printed materials, large-screen displays and announcements at the event will also provide that information. In addition, we’ll have plenty of helpful associates on hand to provide assistance, as needed.
Sellers, be sure to contact us if you’d like more information about which type of auction to choose for your property.