Auction open houses are typically referred to as “on-sites” and they are the opportunities for potentially interested auction bidders to perform inspections. RealEstateAuctions.com provides more than one scheduled opportunity per auction property, and there is always the possibility for a non-scheduled showing, provided it can be accommodated by our staff.

The next auction open house dates are:

•  Saturday and Sunday, March 13 and 14
• Wednesday, March 17
• Saturday and Sunday, March 20 and 21
• Monday,  March 22
• Tuesday, March 23
• Wednesday, March 24

Times vary per location, so please be sure to check our auction open house schedule for the times and dates of the property(s) that interest you.

Properties offered for sale at auctions are typically offered on an “as-is, where-is” basis.  This is very common in all real estate sales, not just auctions. Occasionally in non-auction real estate sales, you’ll find a home warranty offered as a sales incentive, providing varying levels of protection for certain  compoents such as appliance, the furnace, roof, etc. But the majority of sales are sold as-is. A buyer must simply conduct his or her own due diligence when selecting a property they are interested in buying. The open houses provide an opportunity to do just that.

Potential buyers are welcome to bring along a home inspector, contractor or other trusted professional to examine the property. Sellers agree to provide clean title at closing, free of liens or back taxes, but it’s up to the buyer to perform the necessary investigations to ensure the property meets their expectations.

At RealEstateAuctions.com, we’re proud of the high level of service we provide at the auction open houses. With very rare exceptions, we staff the on-sites with auction specialist Realtors from our very own staff, not outside agents-for-hire. 

At the on-site, you’ll be welcomed by the Realtor on duty who will ask you to register with a photo ID. There is no charge for this simple auction registration. This is at the request of the property owner. Once registered, you’ll receive the  Terms and Conditions which explains the auction process, and the Realtor on duty can assist with questions in that regard. Also as part of the registration, you’ll be able to take a look around.

If you are interested in learning more about that property at the auction open houses, a Bidder’s Information Package is available to purchase for a nominal fee. Inside the Bidder’s Information Package will be a variety of documents and disclusures that you can use to make an informed decision about that particular property.

This type of real estate auction is somewhat different to the type of auction events familiar to most people, in which one piece of property, such as a farm, or multiple items from one estate, are sold.

But multi-seller auctions are becoming an increasingly common way to sell condos, single-family homes,  and just about  any kind of real estate, mainly because the sale process is so much more fast-paced than the traditional method of selling real estate. For instance, there will be scores of properties  going up for sale in the March 27 auction, including individual condos, and single-family homes as well as multi-unit apartment and condo complexes. Numerous developers, banks, and individuals are entering properties in the auction, because they see the benefits of maximizing the selling price while completing the sales in a timely fashion. The total amount of property going up for could be worth tens of millions of dollars. To sell each of those properties individually would take many months or years, especially in the current depressed climate, but by marketing them all at the same time, most, if not all may be sold on the very same day.

Furthermore, sellers pay for the marketing, which the brokerage firm running the auction handles. Several open houses are held prior to the auction, giving prospective buyers plenty of time to inspect the properties on which they are considering putting bids. Prospective bidders are responsible for doing their due diligence prior to the  auction, and show proof that they are qualified buyers before offering a bid.

Following all these steps ensures that no one’s efforts are not wasted and winning bidders can close their deals as soon as possible after the auction. In fact, the rules of the auctions usually mandate that to avoid a penalty, the sales must close no more than 30 to 45 days after a bid is accepted at auction.  This system minimizes the frustrations for both buyer and seller that often occur when trying to close a traditional sale.

Multi-seller auctions benefit people buying real estate too, because as long as they are qualified, they can get some great deals since sellers can afford to accept a lower price at auction due to the  minimal overhead costs.

First of all what is a real estate auction?  To be successful in real estate you must be innovative and be ahead of the curve.  Auctions can be that innovative way for a real estate company, buyers or sellers to effectively sell or purchase properties.  To put it simply, auctions are an intense, accelerated real estate marketing process that involves selling any type of property including non-distressed properties.

What are some of the benefits for an auction?  As a seller you know buyers have come to buy and by the end of the day you can rest assured your property is sold.  Potential buyers must pre-qualify for financing prior to the auction and with a quick sale it greatly reduces your long term carrying costs, including taxes and maintenance.  When the property is sold you know that you received true market value by creating competition among buyers who were truly interested in buying your property. 

As a buyer there are also many benefits to buying at an auction.  Buyers know the seller is committed to selling eliminating long negotiating periods and know they are competing fairly and on the same terms as all other interested buyers.  You know when buying at an auction you are buying at fair market value through the competitive bidding process.  One of the most valuable benefits to buying property at an auction is you know then and there when you will be closing and taking possession of the property, many times in as little as 30 days.

Many people don’t think about the benefits for real estate agent in auctions.  For agents it offers their clients and customers alternative options to sell or buy property.  It also guarantees the property will be sold at market value and in a relatively short period of time.

Auctions have been around a long time because they are an effective and efficient way to sell real estate and meet the needs of the public.  Auctions are entertaining and most people who have been come back again and again, so if you haven’t yet attended an auction try it.  I guarantee it will not be your last.

Essentially there are three types of auctions. An absolute auction, or an auction without a reserve where the subject property is sold to the highest bidder regardless of the amount of the winning bid.  Since the sale is guaranteed regardless of price buyer excitement and participation is heightened.  This type of auction generates maximum response from the market, thereby ensuring attaining true market value.

Minimum bid auction where an auctioneer accepts bids at or over a published price is the next type of auction.  For sellers it reduces the risk of the subject property being sold less than what the seller is willing to take or the property does not sell.  For buyers they know at what price the property will ultimately sell, minimum bid or possibly higher.  The key here is for the seller to set the minimum bid low enough to attract the interest of buyers but not too low to sell below market value.

The last type of auction is the reserve auction.  In simple terms with a reserve auction the high bid is reduced to an offer not a sale.  The seller reserves the right to accept or reject the highest bid within a specified period of time, usually 48 to 72 hours.  The down side of this type of auction is many times prospective buyers will not invest their time and energy since there is no certainty they will be able to buy the property even if they are the highest bidder.

We at RealEstateAuctions.com really can claim to have the best real estate auctioneer. He’s Vinnie Zaffarano, the 2009 Illinois Bid Calling Champion.

Mr. Zaffarano led our real estate auction of November 8, 2009 on a for-hire basis and we were so impressed with his professionalism, capability and enthusiasm that he was offered a position on our team. He is now officially on staff at RealEstateAuctions.com as Director of Auctions, helping build the brand to national recognition.

Vinnie has quickly assembled a team of real estate auction specialist Realtors who are bringing buyers and sellers together with some of the top properties available.

Mr. Zaffarano’s career in auctioneering began 10 years ago but it’s fair to say he was destined for bid calling. He attended his first auction in 1997 and immediately fell in love with the business. Dissatisfied with his job at the time, Vinnie eventually left that career and attended auction school, graduating in May, 1999.

He established his own auctioneering business in 2004, earned his real estate license in 2006 and joined a nationally-recognized real estate company where he sold close to $9 million in propery in less than two years. His path to the title of best real estate auctioneer was well under way.

Mr. Zaffarano’s next move was to open his own real estate company, in 2009. That same year he was named the Illinois Champion Auctioneer, which is how he came to the attention of OwnACondo.com’ s auction division. That division is now RealEstateAuctions.com.  

Vinnie’s enthusiasm for auctions is apparent and infectious. He truly believes in the process and is committed to spreading the word about the value of auctions for buying and selling real estate.

“Auctions should be the first choice of sellers, not a last resort,” he told The Illinois Auctioneer, a trade publication, in a profile done about him after winning the 2009 championship. “There’s no better way to bring buyers to the marketplace and to draw attention to their property.”

Mr. Zaffarano not only calls the bids at auctions but is dedicated to educating the public, too. He and his team conduct seminars for buyers and sellers in advance of each event held by RealEstateAuctions.com. It’s the type of personal attention consumers receive from the best real estate auction company and the best real estate auctioneer in the business.