Auctions
In addition to full service real estate sales, Realty One partners with Hicks Auction Company to provide complete auctions services including absolute auctions, with reserve auctions, and seller confirmation auctions.
Auctioning personal property or real property (i.e. your home or land) may be a viable option for you.
Please contact us for a free consultation to discuss your auction needs at 336-354-6986.
Below are some commonly asked questions and answers:
What is a real estate auction?
A real estate auction is essentially the process of buying and selling real estate through an auction process. Like any other auction, there is competitive bidding and the ultimate goal is the satisfaction of seller and buyer in the transaction.
What are the differences between a public auction and a foreclosure?
A public auction is typically the sale of a property by the owner. An owner may pursue an auction process for the sale of their home for various reasons, but has decided it is the best method at the time to sell the property.
A foreclosure is a sale that is conducted by creditors. These auctions are generally held on the courthouse steps of the county in which the property is located.
What items do I need to bring to the auction so that I can bid?
As a potential buyer, all you need to bring to the auction is either cash or certified funds that match the amount of the predetermined deposit. Personal checks and letters of credit are not acceptable.
Are auction sales contingent upon inspection?
There are no warranties as to the condition and/or fitness of the property for a particular use. So all sales will be "as-is". Because of this, we encourage any buyers to do their research prior to sale day for their own protection.
What happens if the buyer cannot settle on the property?
Failures to close can occur, however they are not frequent due to the nature of a well conducted real estate auction. In the case that a failure does occur, the seller will proceed to the next highest bidder. In the instance that a buyer fails to settle on the property, they will be considered in default of the sales contract and could lose part or all of their deposit.
What happens if the seller cannot settle on the property?
Our service contract states that the seller must be able to deliver free and clear title to the property without any liens or judgments. We do not conduct an independent title search. However, if a clear and free title cannot be delivered by the seller, the buyer's deposit will be refunded in full.
What is an absolute auction?
An absolute auction means that the property must be sold the day of the auction.
What are the advantages for a seller in an auction atmosphere?
There are many advantages if you allow us to sell your property for you at auction:
- We sell your property as is and you receive cash
- You pay no commission or settlement costs
- There are no fix up costs or feasibility studies
- You don't need financing contingencies
- There's a settlement to the case in 30 to 45 days
In an auction there is a sense of urgency that this is the best time to purchase this property at the best price.
Sellers get a high volume of exposure for their property. The marketing strategy for an auction differs from conventional advertising. It is more concentrated and therefore more intense and visible. The seller can avoid high carrying costs such as insurance, real estate taxes, security, maintenance, etc by a quicker sale, not a prolonged exposure time on the market in a traditional sales approach. An auction atmosphere generates excitement and heightens buyer interest.
As a seller you set the terms and conditions of the sale, and then you are removed from a negotiation process.
Sellers get a high volume of exposure for their property. The marketing strategy for an auction differs from conventional advertising. It is more concentrated and therefore more intense and visible. The seller can avoid high carrying costs such as insurance, real estate taxes, security, maintenance, etc by a quicker sale, not a prolonged exposure time on the market in a traditional sales approach. An auction atmosphere generates excitement and heightens buyer interest.
As a seller you set the terms and conditions of the sale, and then you are removed from a negotiation process.
