Brock Auction Company, Inc.Frequently Asked Questions

 

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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.

  • To eliminate holding costs (taxes, maintenance, payments, utilities, etc.) ASAP by selling at auction to the highest bidder.
  • If your desire is to achieve the maximum selling price for your property with no ceiling's or listing price.
  • The property due to the uniqueness or high competition to purchase the property is difficult to price.
  • The 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 price.

Is all property sold using the absolute method?
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 a sale?
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?
This means 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 property.

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