Selling a Home at Auction

Selling FAQs

• Why should I sell my property using the auction method?
• When will the auction be held?
• What is the best auction method to use?
• If I put my property up for auction, do I have the right to refuse the final bid?
• Will I still have to consider a contingent contract?

Why should I sell my property using the auction method?

The auction method accelerates the sale of your property by generating additional consumer interest and activity. Non-contingent contracts and projected 30-45 day closings are required of all buyers of auctioned properties. This means a quick transaction for you.

When will the auction be held?

The advantage of the auction method is the seller has the right to choose the date and time of their auction. One of the many reasons auctions are so effective is that your property is exposed to a wide variety of potential buyers on a set auction date.

What is the best auction method to use?

The surest way to affect a sale is to auction "Absolute." An absolute auction generates the most competition, which leads to the strongest dollar offering for your property. The second method is the "Reserve Bid" auction, which enables you to approve or reject any or all offers.

If I put my property up for auction, do I have the right to refuse the final bid?

In a "Reserve Bid" auction you have the right to refuse any bid which is less than the agreed minimum bid. When you elect to use the "Absolute" method of auction, the auctioneer has the option of canceling the sale prior to the start of the auction if it is deemed to be a situation that is not favorable to the seller.

Will I still have to consider a contingent contract?

Everything that is sold at auction is sold "As Is, Non-Contingent," with a 30-45 day projected closing date.