Listing Broker's cooperate with Real Estate Auctions
If you are a broker that has a property listed that you might think would sell well at a real estate auction, the process is simple and pain free. A listing broker makes an agreement with the auction company so that the auction contract supersedes the broker's listing. Just as a cooperating broker, if your client is the highest bidder and successfully purchases the property, or you bring your clients property to auction that sells, the auction company fully pays you for the referral. It's a win-win situation, in which the asset is moved quickly and the broker has the chance to participate in a real estate auction which might now be a venue they are used to be can be equally rewarding for them and the clients.
Many people are interested in real estate auctions, but may not know or understand the auction business and how to participate in real estate auctions. By posting definitions and examples I hope to give a better understanding of real estate auctions terms. These terms are direct definitions given by NAA (National Auctioneers Association). You can view more real estate auction terms at http://www.myersjackon.com/
Listing Broker
A real estate broker who has a listing on a property and cooperates with the auction company by allowing the auction agreement to supersede his/her listing agreement.
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