This is a typical timeline for a property auction:
1. Preparation – usually takes about 2 weeks to prepare a property for auction, Photography, video, general marketing campaigns to auction. 2. Exposure – properties are marketed for about 4 weeks prior to the auction date. Properties are available daily during this timeframe for potential bidders to preview and conduct inspections. An auction manager is assigned to work alongside the listing agent to educate potential bidders and facilitate registrations. Diligence is encouraged, as all sales are as-is, without contingencies. The Terms and Conditions of the Sale, Purchase Contract, and available property documents can be downloaded from the property page. 3. Auction day – best bidder is selected and purchase contract is signed 4. Closing – is done through normal escrow channels, closing in 30 days or less.
WHAT DOES IT COST TO THE SELLER?
Sellers do not pay an upfront Engagement Fee, but are responsible to pay for the title insurance and the commissions negotiated with the listing agent at close of escrow.
POINTS TO REMEMBER:
• Auction is an alternative to traditional selling • Auction company does all the preparation and marketing
• On Auction day you have a buyer • All paperwork done in escrow
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