 Real Estate ServicesAbout Real Estate Auctions During the past decade, real estate auctions have been one of the fastest growing segments of the auction industry. The success of the auction method in selling real estate in a fast, efficient manner have resulted in auctions becoming a popular and proven way to sell land, commercial and healthy desirable properties. Real Estate Auction vs. Traditional Methods
As auctioneers and real estate brokers, we pay close attention to the details to insure a well conducted, well attended real estate auction. Our goal is complete customer satisfaction, for both buyers and sellers alike. To see if your property is suitable for auction marketing, contact our office for additional information. What better way to buy or sell property than to have the excitement and competition of the auction - conducted by Century Asset Management. Info for the Seller Step 1 - Contact Us If you are thinking of selling your property, call Century Asset Management to discuss the auction method and your expectations. Although Real Estate auctions are extremely successful, the expectations of both the seller and the auctioneer must coincide before pursuing the auction approach. We must also decide that the auction method is suitable for a particular property. Once a date is set, you know exactly when the property will sell. Step 2 - The Marketing We will market the property with an accelerated advertising campaign. The typical time-frame is about 30 days. The property will be available for preview on 2-3 scheduled dates prior to the auction, although additional appointments may be possible. Naturally, the property should be presentable for the inspections. Depending on the situation, we often assist in the property preparation. Step 3 - Property Information We prepare Property Information Packets (PIP) for the prospective bidders. The PIP's include a description of the property, legal and tax information, and the terms and conditions of the auction. Appropriate seller disclosures are also provided. Step 4 - Auction Day The auction will last less than 5 minutes. As soon as the auctioneer says "sold" the Purchase and Sale Agreement is executed. Quite often the seller chooses not to be present for the actually auction, and comes to the site immediately following the sale. Step 5 - Closing Closing is usually scheduled within 30 - 45 days of the auction, with a designated Title Company. Seller is responsible for providing title insurance, taxes are prorated between buyer and seller as of closing date, and the closing company fees are split between the buyer and seller. Tips to the Buyer Since most people purchase property for long terms, it is common to hear "I've never done this before" when attending their first real estate auction. Real estate auctions are a thrilling experience, and in just 5 short minutes, you could be the new owner of the property of your dreams. Here are some tips for the prospective real estate auction buyer. Tip 1 - Inspect the Property The property will be available for inspection on 2-3 scheduled dates. If that is not convenient, a special appointment can be made with CAM. Property Information Packets (PIP) will be available with information and terms for the auction . Prospective bidders are urged to familiarize themselves with the property and rely entirely on their own judgment, information, and inspections when bidding. Often times the property is being sold to settle an estate or trust, and the representative may have little or no knowledge of the property. Any concerns a buyer may have should be addressed prior to auction day. Tip 2 - Do your homework Since the real estate auction sale is a definitive event, prospective buyers must be prepared before attending the auction. This means:
Tip 3 - Auction Day Reminders All bidders must register prior to the auction; the required deposit must be shown at registration, We recommend that the cashier's check be made payable to yourself, but only the successful bidder must endorse his/her check to CAM at the conclusion of the auction. The Terms and Conditions in the Property Information Packet will indicate the amount of the deposit that is required. The deposit is non-refundable and will be forfeited if the bidder fails to close for any reason. The only instance when the deposit will be returned is if the title is found to be not clear and merchantable and cannot be made so within a reasonable time. At the conclusion of the auction, the successful bidder(s) must execute a Purchase and Sale Agreement. The property is sold as is, where is, with no guarantees or warranties of any type. The sale is not contingent on financing, and the balance will be due at closing, which is usually in 30 - 45 days. We do invite broker participation. If an agent/broker has a prospective buyer for a particular auction property, please contact us for a Broker Participation Agreement. |
