Qualify for auction

What are the qualities that characterize a successful candidate for a premier real estate auction?

Auction sellers recognize that time is money. They are goal-oriented rather than fixated on price and want to achieve the best price in the most efficient time schedule.

Here is a list of the basic questions discussed with each prospective auction client:

1.  Why are you selling?

2. Has your property been marketed already?  If so, for how long?  How many showings? Any offers? What feedback did you get from showings?  Are there any major issues with the house or property?

3. What is the total debt on the property? Are the mortgage payments current?

4. What do you feel the property is worth in the current market? How did you come to that evaluation?

5. What is the lowest price you would accept?  In auction parlance, this figure represents your reserve price at auction.  It needs to be compelling in order to attract buyers and elicit competitive bidding.

6. The buyer will pay commission through a Buyer’s Premium. The seller’s only risk is paying an upfront marketing/advertising fee.  Depending on the asset being auctioned, most marketing plans average 1% to 1.5% of the value of the property. Do you have these funds available?

• About AuctionFirst

  • We’re an accelerated auction marketing firm that has successfully auctioned real estate throughout the Triangle region since 2005. Over 400 local real estate agents have attended our education classes on the Fundamentals of Real Estate Auctions, a class approved by the NC Real Estate Commission. We’ve worked with all the major brokerage companies in the region whose agents have either referred a property to auction or represented a buyer at auction. What can we auction for you? 800-220-6760.