Why auction my property?
What are the advantages of auction over traditional listing?
Auctions bring urgency and competitive bidding, giving the market a clear “sale day.” Instead of waiting for offers and back-and-forth negotiation, you get exposure to serious buyers in one event, which often results in a better price, faster closing, and less marketing drag.
Does auction mean I’ll get less than market value?
Not necessarily. Because bidders compete openly under a deadline, properties often sell at or above what traditional offers would achieve. The competitive dynamic can push prices higher than passive listing approaches.
Auction Process & Mechanics
How does the online auction process work?
We create a full listing (photos, disclosures, legal description) and upload it to our auction platform. Buyers register, place bids in real time, and the highest bidder—if meeting the terms—wins the property.
What is a “soft close”?
If a bid is placed near the scheduled end time, the auction is extended slightly (for example, 5 minutes) to give others the chance to respond. This prevents last-second “sniping” and ensures fairness.
What is a buyer’s premium?
A buyer’s premium is an additional fee (expressed as a percentage of the winning bid) added to the high bid to establish the total purchase price. This is disclosed up front.
What does “as-is / where-is” mean?
The property is sold in its existing condition with all faults, unless specific warranties or repairs are agreed. Buyers should inspect and know what they are bidding on in advance.
Can I set a minimum acceptable price (reserve)?
Yes. We can set a confidential reserve (minimum price you’ll accept). If that reserve is not met, the property does not sell. Alternatively, in an absolute auction (no reserve), the highest bid wins regardless of amount.
How long will the auction campaign last?
Campaigns generally run 4–6 weeks to allow for marketing, inspections, buyer registration, and bidder preparation.
Can buyers inspect the property before the auction?
Yes. We schedule open houses, inspections, or allow private showings. Because the property is sold “as-is,” full due diligence is encouraged.
Can buyers finance a property purchased at auction?
Possibly, but buyers must secure financing in advance. Auction terms often require full payment within a specific closing window (e.g. 30 days), so cash or pre-approved funds are safer.
What happens if no one bids?
If your reserve is not met, the property remains unsold. In that case, you may decide to re-list traditionally or re-auction with a new strategy.
Legal & Contractual Terms
Is winning an auction bid legally binding?
Yes. Once the auction ends, the winning bidder must sign the contract and follow through with payment under the stipulated terms.
What happens if the buyer backs out?
Because the winning bid establishes a binding contract, the buyer may lose their deposit, be held liable for costs, or face other penalties depending on the auction terms.
When is closing required?
The closing timeframe is defined in the auction terms (often 30 days or as agreed). The buyer must deliver funds and documentation per those timelines.
Preparation & Marketing
How do you market auction listings?
We use targeted online advertising, email marketing to potential bidders, property websites, real estate networks, and local outreach to maximize visibility among qualified buyers.
What role do I have during marketing and auction?
You approve marketing material, disclosures, pricing strategy, and better help get the property in show-ready condition. We handle logistics, bidder registration, and event coordination.
What kind of properties are suitable for auction?
Auctions are especially effective for unique, difficult-to-price, or high-demand properties (land, large estates, mountain homes). They can also work well in competitive markets.