Real Estate Auction, Upcoming and how they workReal Estate Auction, Saturday Feb 16th 11:00 amI have been authorized to offer the following property for sale at public real estate auction.
 Large 1.5 story commercial building in Downown Borden, IN. Two store fronta, an upstairs apartment and a two car garage on a very busy commercial corner. The store front on the right is ready to rent or start up your business. The store front on the left has ben prepared for a new concrete floor but has not been finished. The upstairs apartment is rough. This property has potential for strong cash flow and my seller is motivated. Don't miss this auction. TERMS: 10% nonrefundable deposit due on day of sale, balance due in thirty days. Buyers will assume the spring installment of real estate taxes due in May 2002. Property sold as is. All inspections must be made prior to the auction. This property is subject to prior sale. Possession is with deed. Andy Sparks Real Estate & Auction
Join my Auction email list and you will receive an email for all my auctions and HUD repo properties that come available in the area. Your information will not be sold. You might get two or three emails right off the bat because that is how the system works but after that it will only be auctions and repo properties. Andy Sparks Auction Update
I have another mailing list that receives all the new listings and recent solds from the Southern Indiana MLS as well as auctions and repo properties. Fill this form out to get it all.
Andy Sparks Real Estate & Auction Update
I will be helping my good friend Don Erler Don Erler Auctions.com with a number of real estate auctions this year.
How does a real estate auction work?The short answer is very well. An auction creates competition between the buyers and drives the price higher. A real estate auction also forces buyers to make a decision about your property. When we schedule your real estate auction, it creates a deadline for anyone that is thinking about or has some interest in your property.We set the date and time of auction and we set the terms under which we will sell the property. We decide when possession will be how the taxes will be handled and all the details regarding a real estate auction are decided upon and set in advance, except the selling price. I can use recent sales of similar properties to get a very good idea about the value of your property, but you can never be certain about the outcome of an auction. I don’t want to give you the wrong impression, because if there is high demand for your property, it will sell for a higher price at auction than it will as a conventional listing. The average sales price at auction is about 80% of appraisal, so you really need to be serious about selling your property. Marketing a real estate auction. My principle methods for marketing a real estate auction are signs on the property, newspapers and I place the auction in our local Realtors Association’s MLS. Of course I use the Internet to advertise my auctions, this page and www.your real estate for sale.com Many auctioneers use direct mail to advertise their auctions, but I believe it is too expensive for the average homeowner that wants to sell a single property. Because I am a real estate broker as well as an auctioneer, I can offer to share my commission with all the local real estate agents in our area. This creates more buyers and more competition for your property and therefore a higher price. A real estate auction allows you to sell your house as is, for cash. You do not have to do repairs, pay closing costs or be concerned about the buyer qualifying for the loan. At real estate auction, we sell property as is, where is and make no guarantees about the property other than good title. If you can’t provide free and clear ownership to the buyer, they do not have to close. The buyer will pay a nonrefundable down payment on the day of sale and sign a purchase agreement that is an irrevocable offer to purchase. If they fail to close, we keep their down payment. The nonrefundable part weeds out the unqualified buyers in a hurry. What does it cost to conduct a real estate auction The short answer is it depends on the auction. Most Auctioneers charge in one of three ways, some auctioneers charge a commission from the sales price of the property, some charge a flat fee that you both agree to in advance and other auctioneers charge a buyer’s premium. A buyer’s premium is added to the high bid at the conclusion of the auction to determine the final sales price for the property. If the real estate auction is using a 10% buyer’s premium and you bid $100,000, the sales price would be $110,000 dollars and the auctioneer and the seller would have an agreement as to how that money was handled. The seller almost always pays for advertising the real estate auction and usually in advance. It is very difficult to collect an advertising bill from someone if his or her property didn’t sell. There are a lot of costs involved in conducting a real estate auction depending upon the size of the real estate auction and each auctioneer handles the costs differently. In my marketplace, Southern Indiana and Metro Louisville, KY there are two types of auctions. Absolute auction and all other auctions. An absolute auction means the property will sell to the highest bidder regardless of price. If the auction ad does not use the term absolute, then the seller does not have to accept the high bid. The term absolute is defined by federal law under the Uniform Commercial Code (UCC) and is also defined by Kentucky Auction Law. The advertising can say, real estate auction, estate auction, public auction or any description of the auction they want and it is not absolute unless stated as absolute. The term absolute also applies to personal property at auction. Andy, what do you charge for conducting a real estate auction?
I am open to discuss any of the three options above, but I typically charge 5% of the sales price plus advertising for conducting a real estate auction. I pay the expenses of the auction if it is a single family home or a small tract of land. If it is a complex project, the seller will be responsible for the expenses.
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