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Types of Auctions
Real estate auctions can take many forms and terms vary widely. The auction industry is becoming more sophisticated and flexible in creating new auction methods. We can discuss all methods with you and recommend the one (or more) that best suits your property and situation.
There are three basic auction offerings: Reserve price, minimum bid or absolute.
Click here for Auction Types info on the National Assocation of Realtors' site.
Auction Methods
Live Call Auction:
This is when the auctioneer “calls” the auction and the bidders bid live to determine the “winner”. Bidders can bid in person, via licensed or legal agent, or “by proxy” – submitting bids via phone, registered mail, satellite or live online. Our auctions generally accommodate numerous methods of bid submission, with strict adherence to the auction’s time restrictions. Live call auctions are usually held at the subject property or nearby at an associated clubhouse or model.
Fax or Sealed Bid Auction:
Sealed bids are accepted during the marketing/inspection period, and are all opened at a pre-determined time to identify the high bidder. Fax auctions advertise a window of time for bidders to submit bids via fax or email attachment; high bids are publicized and updated so that bidders can continue to submit competing bids until the auction’s end time.
Online Auction:
Bidders submit bids online during the designated online auction period. This method might be combined with other auction methods if the end dates and times are coordinated. If we are selling items that are rare or highly-collectible, this method will often yield the highest price. We can sell your specialty items on eBay and/or other sites for you, handling everything from the photography, ad posting and maintenance, payment collection, shipping and handling.
Additional Services
Absentee Bidding:
If you cannot attend a live auction, you can participate “live” from your location by using the services of whichever online bidding service we reserve for the event. See property listing for details. We make this service available for all our real estate auctions.
Translation Services:
Spanish translation services are available upon request and for a cost to be determined by the translator.
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