Are Real Estate Auctions Safe?

By
Services for Real Estate Pros with James R. Cash II Auctions & Real Estate TN RE Broker 310998

 

 

Aren’t auctions a last resort or for people?

 

No, The Finest Assets In The World Are Sold At Auction.

From Racehorses to Automobiles, to Fine Art, Jewelry,  and Collectible...Real Estate is no exception.  

How much do auctions cost?

In most cases, we are paid a commission based on the sales price.   There is no standard  or set fee.  Sometimes, the buyer pays the commission at an auction. This is called a buyers premium. 

How does my listing agent get paid?

We work hand in hand with top Real Estate Brokers  across the  Southeast.   Together,  we are on the same team working for the seller. Our referring partners are paid by our firm.   It  does not cost the seller.

How to set up a meeting with Auctioneer?

We will meet with you and go over every aspect of how an auction works in relation to your  specific situation, property or assets. Not all properties and sellers are good candidates for auction. We turn down more properties than we book, if we don’t think it will work - we don’t suggest having an auction.

Why should I consider an auction?

• At auction, the seller is in full control - you can set the date, time, and the Terms & Conditions of the auction.

• Sellers can set a reserve, together as listing agent/ realtor, you and the auctioneer will help set these expectations.

• Assurance that property will be sold at true market value.

• Bidding creates competition among buyers - which drives the price of your property up.

• Property is sold in “As-Is” condition, seller sets Terms & Conditions of Sale, you are not subject to any post auction inspections or appraisals.

• The seller knows exactly when the property will sell, closings usually in 30 days.

• Eliminates numerous and unscheduled showings.

• Ensures an aggressive marketing program that increases interest and visibility.

• Exposes the property to a large number of pre-qualified prospects.

• Quick disposal reduces long-term carrying costs, including taxes & maintenance.

When should auctions be considered?

A good auction situation is one where the seller:

• Property is difficult or tough to comp (nothing sold compares).

• Needs an immediate sale or has a partnership/marriage break-up.

• Property has been on the market for a while, or listing is about to expire.

• Property that is in need of repair or seller wants to sell “As-Is".

• Whenever a seller is moving out of the state or is retiring.

• When property is part of an estate and includes personal property items.

• If seller has already purchased another house or has high carrying costs on the property.

• Sellers that have equity in property

What does Auction Marketing Consists Of?

Our marketing techniques insures that all properties reach their fullest potential.  Many times the word auction creates excitement and interest in a property. Not being tied to set list price can create a frenzy of interest. Throughout the Southeast Cash Auctions brings buyers and sellers together. We know what works and where buyers obtain their information. We know how to target market your assets to bidders and buyers who want to buy them.  We regularly send information  to  potential buyers of our properties across the country and even prospective  buyers overseas on certain properties.

 

We Provide:

• Extensive Internet marketing, specifically targeting buyers via google analytics, facebook and social media.

• Professional photography, aerial & drone capabilities. • Utilizing radio, TV and custom web video.


• National, Regional, Local Newspapers.


• Direct mail, brochures, postcards.

• Custom signs on and near the property.

• Our database of thousands of buyers and sellers. 

Comments (1)

Mercedes E. Santana
Santana Property Group - New York, NY
NYC Multifamily Properties

Good advice.  Most people would never consider auctions as an option when their house has been sitting on the market for a significant period of time. Laid out nicely. Thanks for posting.

Aug 31, 2020 10:16 AM