AUCTION Q&A
1. Q. What kind of Auctions are there?
A. Real Estate and Personal Property.
2. Q. What kind do I use to sell just my vacant house?
A. Real Estate auction.
3. Q. What if I wanted to sell the contents (personal property) can I do that the same day?
A. Yes, after the house is sold, we can then sell your personal property for a
percentage of the gross amount taken in for the contents, They are sold
separately as Real Estate and personal property.
4. Q. When do I have to pay something to the person having the Auction?
A. Usually upon signing the contract the advertising will be paid. The amount will be
determined.
5. Q. What does your company do for me if I have an auction?
A. We advertise, make all the arrangements, have an open house 1 week before the
date of the auction and 1 hour before. That way we can determine what we can expect
the day of the auction. The seller does nothing.
6. Q. Suppose no one wants to buy my house? Does it cost me anything?
A. No, if it is an Unreserved Auction.
7. Q. What happens to my house then? Can you sell it for me?
A. Yes, we are realtors and can sell it the ordinary way.
8. Q. What is the Buyer’s Premium I have heard about?
A. We put an additional charge of 10% to the purchase price. That covers
brokerage fees and expenses. That way the seller only pays for
advertising.
9. Q. Does the Buyer have to get a loan from the bank for the house if I don’t finance it?
A. Your house will be sold “as is” with no contingencies. The potential Buyer
has time to make arrangements for financing if interested.
10. Q. What does he give me for a down payment?
A. The price of the house determines the down payment. It cou1d be $2,500,
$5,000, $10,000 and is held by the Broker in his escrow account.
11. Q. How long does it usually take to close?
A. If all the documents are ready, it should be within 30 days.
12. Q. Is it a regular c1osing as if I was buying from an individual seller?
A. Yes, you select your own attorney and we will help with the arrangements.
13. Q. Can the Seller bid on his own property?
A. Yes, Terry Bradley, our Broker will explain in detail.
14. Q. Please explain an Absolute Unreserved and Reserved Auction.
A. An Absolute Unreserved Auction means the highest bid takes the property.
A Reserved Auction is when the Seller determines what the minimum price
bid will be accepted.
