What You Need to Know About Auctioning Real Estate
At Don Rose, we recognize that there are many people who have never sold or bid in an auction before, and that each auctioneer has their own rules and regulations regarding the selling and bidding processes. We take pride in hosting online auctions for the areas surrounding Toledo, OH. We don’t only host asset auctions, we also sell and auction real estate in Toledo, OH, and the surrounding areas. In this week’s blog, the team at Don Rose Auction & Realty have provided answers to questions you may have when auctioning real estate with Don Rose Auction & Realty.
AUCTIONING REAL ESTATE THROUGH DON ROSE
Why Should I Sell My Property Using the Auction Method?The auction method accelerates the sale of your property by generating additional consumer interest and activity. Non-contingent contracts and projected thirty-day settlements are required of all buyers of auctioned properties. This means a quick transaction for you.
When Will My Auction Be Held?The advantage of the auction method is the seller has the right to choose the date and time of their auction. One of the many reason’s auctions are so effective is that your property is exposed to a wide variety of potential buyers on a set auction date.
Auction Terms You Should Know:Reserve: In a reserve auction, the auctioneer will submit the highest bidder to the seller. The seller than has the right to accept or reject the bid.
Absolute: Absolute means the property will be sold to the highest bidder. There are no minimums or reserves in an ‘absolute’ auction. Some auctions will have certain parcels to be sold absolute while others are offered with a reserve. Please check with the auction team for the details of each auction.
Can I Attend an Auction Before Agreeing to Sell My Home Through the Auction Method?Certainly! It is strongly recommended that you attend a live auction or check out an online real estate auction and experience the process firsthand. Simply speak to the auctioneer about an upcoming schedule of auctions in your area.
As a Buyer, What Are the Benefits to Auction?
- Smart investments are made by purchasing through the auction method.
- The buyer knows the seller is fully committed to sell.
- In multi-property auctions the buyer sees many offerings in the same place at the same time.
- Buyers determine the purchase price.
- Auctions eliminate long negotiation periods.
- Auctions reduce time to purchase property.
- Purchasing and closing dates are known.
- Buyers know they are competing fairly and on the same terms as all other buyers.
- Buyers receive comprehensive information on property via due diligence packet.
Do I Need to Pre-Qualify?YES. We do require a pre-qualification to bid if financing is needed to purchase. As a suggestion, if you intend to obtain financing, you should pre-qualify with a lender as soon as possible.
HAVE MORE QUESTIONS? CALL TODAY!If there is something we didn’t cover, or you are still confused about auctions or selling your property with us, call today for further details: 419-351-0978.
Now that you have a better understanding of how our auctions work at Don Rose Auction & Realty, we hope that you will consider participating in an auction! If you live in or near the Toledo, OH area, be sure to stop by one of our auction previews to see for yourself how the process works and get more information. Check out our website to view the variety of online auctions we host. Also, be sure to follow our other social media platforms by clicking the links below.