An auction is an accepted method of buying or purchasing a property, Advantage Real Estate Auction Sales, LLC. This method is accepted for our auctions conducted in Baltimore City, County, Harford County and Surrounding Areas. Long and Foster Realtor and Auctioneer.

This fact sheet outlines general information on the process involved in selling or buying by auction in Maryland.

An auction is a form of selling where a property is offered to bidders at a forum conducted by a licensed auctioneer. The more common method of selling is through "sale by private treaty" (sale by offer and acceptance), where a number of buyers inspect the advertised property and make an offer in writing to the vendor (seller). Selling by auction is an accepted real estate practice but it is best to know the facts involved before choosing to sell or buy this way.

The auction process as used by Robert B. McArtor, REALTOR / Auctioneer and Advantage Real Estate Auction Sales, LLC.

Usually a reserve price is set for the property. This is the lowest price the seller is prepared to accept and must be put in writing before the auction. The reserve price is not revealed to prospective purchasers before the auction. The auctioneer begins by stating the list of conditions for auction. The auctioneer then calls for opening bids, usually below the reserve price. The price is raised progressively as the auctioneer accepts more bids. If the reserve price has been reached or exceeded when bidding stops, the auctioneer will usually indicate this by saying "this property will sell today" or something similar. The person who makes the final bid can then completethe transaction by formally signing his or her offer to buy. The offer is then signed and accepted by the auctioneer on behalf of the seller. At this point the formal contract has been concluded. If the auction fails to reach the reserve price, the property is "passed in" (does not sell). The auctioneer, on behalf of the seller, usually enters into private negotiations with the highest bidder or other bidders immediately after the property is "passed in", in an effort to bring about a sale. If a property is sold at auction, the settlement procedure is the same as that used when a home is sold by offer and acceptance. Generally, a deposit of 10 per cent is paid when the contract is signed at the close of the auction and the balance is paid at settlement. The date on which the balance of the purchase price is to be paid is included in the conditions of sale. This must be initialled by those involved in the contract.

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