Auctions

Real Estate Auctions

The sale of Real Estate at Auction is an effective method of selling real estate and has had a tremendous amount of growth in the last several years. There are two ways we sell real estate at our auctions. The first is at absolute auction, which means the property is sold to the highest bidder, regardless of the price. Since a sale is guaranteed, buyer excitement and participation are heightened. The second way we sell Real Estate is with a reserve. This means that the seller has a minimum reserve on the property if the property doesn’t bring the reserve price the property will not be sold. A minimum bid is not published, and the seller reserves the right to accept or reject the highest bid within a specified time—anywhere from immediately following the auction up to 72 hours after the auction concludes. The main disadvantage of a Reserve Auction is that prospective buyers may not invest the time and expense of due diligence when there is no certainty that the property will be sold.