Why is the auction method of
marketing used for selling property?
The auction method of marketing is used if any one the following
scenarios are present.
eliminate holding costs (taxes, maintenance, payments,
utilities, etc.) ASAP by selling at auction to the highest
your desire is to achieve the maximum selling price for your
property with no ceilings or listing price.
property due to the uniqueness or high competition to
purchase the property is difficult to price.
property needs to be sold by a certain date.
What is an "ABSOLUTE" auction?
The subject property will be sold to the highest bidder
regardless of the price. This type of auction normally brings
the most potential buyers to the auction and brings the highest
Is all property sold using the
NO - Property may be sold by using the "SUBJECT TO SELLER
CONFIRMATION" method. This method lets the seller reserve the
right to accept the highest bid.
What is a "BUYERS PREMIUM"?
If a buyer's premium is advertised it simply means that a
certain percentage of the highest bid will be added to achieve
the sales price. EXAMPLE: Highest bid = $100,000 plus the buyers
premium of 10% ($10,000) will make the sales price of $110,000.
What are the Terms and Conditions of
The Terms and Conditions rule the sale. They include information
such as amount of deposit required, closing details, and other
important factors of the sale.
What does "As-Is, Where -Is" mean?
you are buying the property in the condition it is in at the
auction. There are no representations as to the working
condition of the property and no warranty or guarantee is
provided or implied. Therefore, any inspections you would need
should be done prior to the auction so you can be informed on
the property you are bidding on. Auction Realty of America makes
no representations, guarantees or warranties as to the