In addition to marketing and listing fees the seller has already paid, the auctioneer will typically take a commission of 2.5-5% of the sale price. Winning bidders must provide proof that they have cash funds available, or a mortgage in place at the point of auction. If the sale is successful, the purchaser will have to pay a 10% deposit on the day with the remaining 90% payable within 28 days of the auction (again this could be just proving the mortgage is in place). Timing varies, but generally the time taken from auction to closing is approximately 28 days. You’ll also need to factor in marketing time in the lead up to the auction. You’ll need enough time to generate interest in the property to maximize your chances of achieving a fair price. All in all, you are probably looking at 75-90 days minimum from the point of deciding to sell at auction to completion. We have some unique programs that create an "auction atmosphere". They are simple for you to take advantage of and can be a great fit in the right situation. Our contact info is on the back cover.
PROS
• If buyers let emotions take over, the bidding war can be fueled by their emotional investment and drive the price higher than it might otherwise go. Competition and ego often encourage emotions. Nobody wants to lose so everyone keeps bidding. • The house is sold ‘as-is’ so no fixes and repairs are expected to be done by the seller. You can also leave anything that you don’t need, anything that you can’t be bothered with, and it will be sold with the house. Other
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