Auction Process (Why Auctions?)

Why Choose an Auction for Your Home?

Selling your home through auction is fundamentally different than the traditional “list, wait, negotiate” process. At Kenton Patrick Realty & Auction, we believe auctions harness the power of urgent competition, full transparency, and a fixed timeline to get you results.

Here’s what makes auctions so effective for the seller:

  • Ideal for unique or hard-to-value properties — Land, luxury homes, or properties with special features benefit especially from competitive bidding.
  • Competition drives price — Buyers compete head-to-head in real time, often pushing prices higher.
  • You control the timeline — You select the auction date, and the sale happens on your terms.
  • Transparent process — Bidders know exactly where they stand, creating confidence and fairness.
  • No drawn-out negotiation — Once the hammer falls, the winning bid is binding.
  • Maximum exposure to serious buyers — Auctions attract both traditional buyers and investors ready to act.

How Our Auction Process Works

  • Property Listing
    We prepare a complete auction listing with professional photography, legal descriptions, and disclosures. Your home is showcased online and marketed aggressively to draw qualified buyers.
  • Bidder Registration & Qualification
    Interested buyers register before the auction and agree to the auction terms. To ensure only serious bidders, they may be required to show proof of funds or place a good faith deposit.
  • Bidding
    The auction takes place online, with bidders placing live offers. Features such as soft close (extending the auction if a bid comes in near the end) ensure fairness and allow true market value to emerge. Buyers may also set maximum bids, and the system will bid incrementally on their behalf.
  • Winning Bid & Contract
    At the close of the auction, the highest bidder wins. A buyer’s premium may be applied, which is disclosed upfront. The winning bidder signs a binding purchase contract, and the sale process moves immediately into closing.
  • Closing
    The closing process is streamlined, with documents, funds, and title transfer handled within the timeframe established in the auction terms.The closing process is streamlined, with documents, funds, and title transfer handled within the timeframe established in the auction terms.

Auction Terms Sellers Should Know

  • Buyer’s Premium – A percentage added to the high bid to calculate the final purchase price.
  • “As Is / Where Is” – Properties are sold without warranty unless stated otherwise.
  • Reserve Auction – Seller sets a minimum acceptable price.
  • Absolute Auction – No reserve; the highest bid wins.
  • Soft Close – Time extends if bids come in last-minute, preventing unfair “sniping.”
  • Good Faith Deposit – A refundable deposit required to bid, showing seriousness.
  • Closing Window – Specific timeframe (e.g., 30 days) in which the sale must be completed.

Why Auctions Benefit Sellers

  • Set the terms and timeline – You decide when the auction happens and under what conditions.
  • Attract motivated buyers – Only qualified, serious buyers participate.
  • Real-time market discovery – The auction reveals exactly what the market is willing to pay.
  • Faster sales – Auctions reduce the costs of carrying a property while waiting for a buyer.
  • Focused marketing – All promotion leads to one event, creating urgency and energy.
  • Competitive leverage – Buyers see each other’s bids, which often leads to stronger final offers.

The Kenton Patrick Advantage

When you choose Kenton Patrick Realty & Auction, you get more than just an auctioneer — you get a full-service brokerage that understands both traditional real estate sales and auctions. Our team handles:

  • Property preparation, photography, and disclosures.
  • Comprehensive marketing to attract qualified buyers.
  • Bidder registration, verification, and oversight.
  • The full auction event, from opening bid to closing.
  • Seamless coordination of contracts, funds, and title transfer.

We combine local market expertise with auction-day urgency to create an environment where your property sells on your terms — at the best possible price.

A Typical Auction Timeline

  1. Marketing & Setup (30–45 days out) — Property is prepared, marketed, and listed in our auction catalog.
  2. Bidder Registration — Interested buyers register, inspect, and verify funds.
  3. Auction Day — Bidding opens online and runs live until the close.
  4. Contract Signed — The winning bidder signs immediately, and the closing clock begins.
  5. Closing (typically 30 days) — Funds are transferred, and the sale is complete.