Frequently Asked Questions
What is an auction?
An auction is a public sale where homes, land, or personal property is sold to the highest bidder. Auction can happen live, online or both.
What types of auctions are there?
A few common types are:
- Absolute Auction: The property sells to the highest bidder, regardless of price.
- Reserve Auction: The seller has a minimum price (reserve) that needs to be met, if the bids don't meet the reserve, the property does not sell.
- Online Auction: The process is entirely virtual, which offers broader access to potential buyers but requiring careful review of the property details and the terms of the auction.
What is a multi-par auction?
A multi-par auction is when a large property is split into smaller tracts, allowing buyers to choose one or multiple tracts to bid on or keep the whole property together.
How does the auction process work?
Give us a call and we will review the property with you to see if an auction is the best route to sell your property. Once you have signed the auction up, we will prepare the property for auction, advertise and sell the property to the highest bidder.
What does AS-IS mean?
The property sells AS-IS with no warranties and with all faults. The sellers have decided not to make any repairs to the property. Buyers are encouraged to evaluate the property to insure it meets their expectations.
What is Buyer's Premium?
Buyer's Premium is an advertised percentage added to the final bid to determine the sales price, which is the price that will appear on your deed. For example if the final bid is $100,000, the final purchase price would be $110,000.
