Why Should I sell my Real Estate at Auction?
There are a variety of reasons why you should sell your real estate at auction. Based on our past experience with clients who have sold their properties through our public auctions, there seem to be several factors that contributed to their decisions to have their properties sold at public auction:
(1) The property is sold in "AS IS" condition with no contingencies allowed for the condition of the property or for the buyer's ability to obtain financing.
(This means that the seller is not responsible for repairs, improvement, renovation, etc. prior to the offering of sale. It is the sole responsibility of the buyer to inspect the property to be sold and determine the value and cost of improvement prior to bidding)
(2) High bidders are required to put down an earnest money of 10% of the sales price on auction day and the balance and closing costs are due within 30 days.
(this encourages serious bidders only!)
(3) Trustees and sellers will have the right to accept or reject the high bid.
(If the seller does not approve of the highest bid, they do not have to accept it!)
(4) The sale date is pre-determined.
(Unlike conventional listings, a scheduled date for a real estate auction establishes a date when the house has the potential to sell to the highest bidder. If the consignor does not place a reserve on the real estate, the real estate will sell to the highest bidder on the scheduled auction date!)
Jim Smith, of Smith and Smith, Realtors has established a short description of the various advantages (to both the buyer and seller) of selling real estate at auction! You can click on the subtitle of this page entitled, "The Auction Advantage" or visit the Smith and Smith, Realtors website (http://www.smithandsmithrealtors.com/) to view Mr. Smith's description of the "Auction Advantage."
As always, if you have any specific questions about selling real estate at auction and you would like to talk with Jim Smith personally, feel free to call or E-mail him!
Smith and Smith, Realtors
"Providing Homes for Tulsa's Diverse Community"
4845 South Sheridan, Suite 509A
Tulsa, Oklahoma 74145
Office: (918) 622-0402
Cell: (918) 671-8724
Fax: (918) 622-8875