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Is an Auction right for you?
Another service our sellers utilize is Premier's Real Estate Auction Services.
Real Estate Auction Services are one of the fastest growing sectors in the auction industry. Properties are sold efficiently, saving long term carrying costs for the sellers. More importantly, auction buyers come prepared to buy creating a competitive bidding environment, which can potentially mean more revenue for our sellers. |
- Are you in need of a quick sale or immediate cash?
- Are there a limited number of market comparables in your area?
- Do you need to liquidate an estate?
- Are you dissolving a partnership or marriage?
- Are you an absentee land owner?
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Do any of these scenarios sound familiar? If so, auctioning your property may be a viable option for you to explore! At auctions, the competitive bidding process has the potential to generate more revenue for your property. Let us put our marketing expertise into action to sell your property at Auction without the headache of contingencies and negotiations.
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Did you know?
- Real Estate Auctions are the fastest growing sector of the auction industry.
- Auctions of land and agricultural real estate generate over 25 billion dollars in gross sales revenue, and continues to grow.
- The property is sold efficiently, saving long term carrying costs.
- Auction buyers are prepared to buy.
- At an auction, bids settle at a level the market can bear and should not be considered elevated or deflated. Therefore, real estate auctions reveal the true market value of a property.
- Auctions bring competitive bidding and potentially more revenue.
- Survey results show that 92% of consumers hold an extremely high opinion of the auction profession. The majority categorized Auctioneers as: Professional, knowledgeable, friendly, respectful, trustworthy and refined.
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- Auction Benefits Click for More Info
- Auctions expedite the real estate sales transaction process and are usually completed within a 30-45 day timeframe.
- Auctions bring qualified buyers who will have already performed their due diligence and come prepared to buy.
- Auctions create the most exposure in the shortest period of time.
- The seller, not the buyer, chooses the date the property is to be sold.
- Buyers realize that the auction market sets a fair and reasonable price for property - true market value.
Selling real estate by auction can be a means of obtaining more revenue. With traditional real estate sales methods, an asking price is established and the final sales price is negotiated down from there. Whereas the auction sales method drives the price up from the auctioneer's opening bid. The benefit to an auction is that there is no cap on the final value or bid. Also, with traditional real estate sales, often times sellers risk overpricing the property causing no interest or under pricing the property and selling for less than the appraised value. Bidding wars happen everyday in real estate, but in traditional methods this happens "behind the scenes". During an auction, the competitor hears what all the other bidders have bid and it allows him or her to make an informed decision. With the current strong demand for property in which we specialize and the aggressiveness of pre qualified bidders, the auction method is a way to maximize the sale of your recreation property, agricultural land, or executive estate.
- No Contingencies or Negotiations
When you sell a property by auction, the terms and conditions are pre-set and non-negotiable. This helps prevent buyers from backing out, counters to offers, and back and forth negotiations. The sale is not contingent upon a loan approval because all buyers are pre approved. Also, the property is sold "as is" with no stipulations for repairs, changes, and inspection results. Potential buyers are provided comprehensive information and ample time to inspect the property to make an informed decision prior to the auction. Bids are made by registered bidders and all prices are final.
An appraised value is an informed opinion. Traditionally, if the sales price is over and above the appraised price, this can prevent bank funding. In an auction, the value is determined by the price offered at the time of highest bid. The real measure of value is what the property will bring under competitive bidding and the auction process provides a means to establish the market value to be used for appraisal purposes. Bids are verbal contracts to buy and binding contracts. All bids are accepted in full faith.
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- The Auction Process Click for More Info
Auctions are ideal for property owners with time sensitive issues or simply have property that they would like to liquidate at a specified date and time. In an auction, the sale of property is accelerated, significantly shortening the entire sales transaction. The auction method is usually complete within a 30-45 day timeframe, with the actual auction being a very brief part of the process. An auction is done in an open forum and all bids are disclosed.
The Association of Realtors estimate that by 2010 at least 50% of all real Estate sold in America will be via the auction method. Auctions of recreational property and agricultural land generate over 25 billion dollars in gross sales revenue, and continues to grow. For sellers, this is a great indicator of the potential benefits of utilizing the auction method.
Bidding is Not Restricted to the Auction
Bidding is not restricted to the auction. Often consumers are interested in the possible purchase of a property being held at auction but are unable to attend the actual auction or choose not to bid publicly. To accommodate to these scenarios, "absentee bids" are accepted before the auction. This opens the auction up to a larger audience. Our largest audience is obtained through the method of accepting these "absentee bids" via the internet.
- Auction Marketing Strategies Click for More Info
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We are experienced in marketing Recreational Properties, Agricultural land, and Executive Acreages and have the advantage of an extensive client base to call upon. Our Auctions are marketed to this client base, as well as to potential buyers outside of our usual contacts. Auctioned properties are tailored with marketing that is specific to each property's need. Auction marketing is a strategic plan including a sizable advertising budget, which will create interest in the property available for sale. In addition, the property may be marketed through other means before and after an auction if the seller chooses.
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- Types of Real Estate Auctions Click for More Info
Absolute
This auction holds no reserve. It is sold to the highest bidder, regardless of price. The advantage is high participation of interested parties.
Minimum Bid Auction
In this auction the Auctioneer accepts bids only at or above an advertised minimum price. The advantage is to the buyer, as they are informed up front about the amount in which the bidding will start. We currently do not offer auctions with minimum reserves.
Reserve
In this auction the seller has the right to accept or reject any offer that falls below a confidential reserve price. Any bid higher than the reserve must be accepted. The advantage is that the property will not be sold below a sellers agreed upon value.
Sealed Bid to Qualify
Requires buyers to make a sealed bid of at least the minimum requirement to participate in the auction. The auction then begins at the high bid and includes the top 3 bidders who may continue to bidding during the auction. The advantage is that it only includes the most competitive bids and still creates an opportunity for these top bidders to advance above their sealed bid amount.
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