Why is the auction method of marketing used for selling property?
The auction method of marketing is used if any one the following scenarios
- To eliminate holding costs (taxes,
maintenance, payments, utilities, etc.) ASAP by selling at auction to the highest bidder.
- If your desire is to achieve the maximum selling price for your property with no
ceiling's or listing price.
- The property due to the uniqueness
or high competition to purchase the property is difficult to price.
- The property needs to be sold by a certain date.
What is an "ABSOLUTE" auction?
The subject property will be sold to the highest bidder
regardless of the price. This type of auction normally brings the most potential buyers to the auction and brings the highest
Is all property sold using the absolute method?
NO - Property may be sold by using the "SUBJECT
TO SELLER CONFIRMATION" method. This method lets the seller reserve the right to accept the highest bid.
is a "BUYERS PREMIUM"?
If a buyer's premium is advertised it simply means that a certain percentage of the highest
bid will be added to achieve the sales price. EXAMPLE: Highest bid = $100,000 plus the buyers premium of 10% ($10,000) will
make the sales price of $110,000.
What are the Terms and Conditions of a sale?
The Terms and Conditions rule the
sale. They include information such as amount of deposit required, closing details, and other important factors of the sale.
does "As-Is, Where -Is" mean?
This means you are buying the property in the condition it is in at the auction. There are
no representations as to the working condition of the property and no warranty or guarantee is provided or implied. Therefore,
any inspections you would need should be done prior to the auction so you can be informed on the property you are bidding
on. Open Buckle Auction Service makes no representations, guarantees or warranties as to the property.
Do you have a question? Submit it below, and we will be glad to reply ASAP!