Real estate auctions are a profitable and efficient way to sell everything from luxury homes to commercial real estate. Oftentimes, those who are not familiar with the worth of their property end up losing money, or worse yet, do not make any money at all. When you work with an experienced auction company like SELSA LLC, we can do all of the heavy lifting for you. Auctioneering is a very detailed process. We will make sure your onsite sale occurs in a timely manner. This ensures that you eliminate the stress, whilst maximizing returns.
Our auction is sold contingency free with the majority of transactions closed within 30 days following the auction
By compressing the sales period, an auction facilitates an extremely aggressive marketing strategy, which provides maximum visibility for the property. In addition, our marketing team can tailor a campaign that effectively reaches the identified target market.
Many unique properties have few “comparables” upon which to base a true appraisal. As a result, the seller runs the risk of asking too much or too little. An auction eliminates pricing problems, establishing the real market price that day for the property.
The seller is in complete control of the date and time of sale, the terms and conditions such as earnest money deposits, closing time frames and more. Potential buyers are aware of a commitment to sell on a specific date, they do their homework in advance and show up prepared to bid. This frees the seller from the hassle of dealing with insincere offers, prospects, and contract contingencies.
The more expensive or unique a property is, the longer it typically takes to sell using ordinary methods. This is due to an often limited market for these properties. Having a specified date on which you intend to sell, creates a sense of urgency with potential buyers, and helps to speed up the entire sales process.
Dothan’s experienced marketing staff knows how to put together the right combination of advertising (local, regional, national and international), direct mail (using our proprietary database of extensive prospective buyers), public relations and direct sales efforts to bring the subject property to the attention of qualified prospects wherever they may be.
From the time you make the decision to employ our services until the auction day is usually 30 to 45 days, depending upon the property. Even in good markets, this compares favorably with traditional sales methods. In good markets, and low markets, auctions allow you to get your property sold quickly and efficiently.
Most of the time, an auction finds success because the company you have chosen understand the best means to reach a targeted audience. Marketing your property to those incapable of making the decision to purchase or lacking the ability to purchase, is a genuine waste of time and money. At the same time, your auction cannot be kept a secret, advertising is essential to produce results. Each auction marketing campaign is carefully planned and thought out to insure all possible prospects become aware of your property and the opportunity afforded by the auction scheduled.
At an auction, all negotiations between sellers and bidders are carried out while the auctioneer is at the podium. Offers to purchase are made under predetermined conditions which the bidders have agreed to comply with. This eliminates the need for complicated negotiations, offers, counter offers, and confusion. Through the process of competitive bidding, final prices are established.
At an auction, the terms of sale are determined in advance of the event. In most cases, your property will be offered in “As-Is” condition requiring interested parties to conclude any inspections they deem necessary before the first bid is made. Upon conclusion of the auction, the top bidder will be required to execute a simple contract of sale requiring a non-refundable deposit of usually 20% of the purchase price. In most cases, the contract will require closing 30 to 45 days following the auction. While many purchasers obtain financing on properties purchased at auctions, the contract is not contingent upon the ability to obtain financing. Many purchasing at auctions are pre-qualified by mortgage lenders or have the ability to close without financing. This allows you to leave the auction knowing your property has sold.
Through the process of competitive bidding, you can be assured your property brings a fair price. This contrasted with traditional listing as the final price is achieved as qualified bidders react to your property. At an auction, you are able to observe what others are willing to pay for your property. It is one thing to obtain a current appraisal on your property or hear what your brokers think your property is worth, yet these are really not that important. The price a willing, qualified purchaser is willing to pay on a date certain is really what matters. This is the price achieved at professionally conducted auctions and favorable compares to the written definition of current market value. Sometimes auctions are equated to negative financial events and, certainly, some properties typically offered are troubled. Many times, properties become stale having been on the market for long periods of time. Sometimes they become shopped out, passed from one broker to another without a sale. Some bidders attend auctions expecting to pay “pennies on the dollar”. The reality is most properties, when offered by professional auction companies, bring prices that are fair to the seller and purchaser.
In most traditional listing agreements, there is no time frame stated for the sale of your property. It could take as little as one day or as long as the listing lasts. At auction, you set the date and time the property will be sold. Auction advertising and promotion is designed to attract the attention of qualified bidders who must act quickly as there is an established date and time for the event. This sends a powerful message — you are motivated and committed to selling.