A.
A do it yourself package
including instructions
on how to do a successful
auction by owner including
signs and telephone coaching
costs $300. The owner
is then responsible for
placing ads, conducting
the auction and writing
contracts.
B.
If the owner wishes to
conduct the auction and
have Top Priority Realty
handle the contracting
the fee would be $300
for the kit and 1% of
the sales price to handle
the transaction. No coop
fees are paid to other
real estate agents.
C.
Should the owner want
Top Priority Realty to
handle the complete auction
including on site people
for the days of inspection
the fee is $500 retainer
to be used for expenses
and 2% of the sales price
for contracting. If the
auction is successful
the $500 retainer fee
is credited against the
2% commission.
D.
Should the owner desire
to allow other real estate
agents to participate
the coop fee would be
an additional 2%.
E.
Out of state auctions
would have the above fees
plus travelling expenses
and attorney fees in states
where an attorney's services
are required.
3.
How fast can we close?
Closings can take place
in as little as a week
after the consummation
of a sale. Typically,
however, we perform 30-day
closing depending on the
terms of the agreement
between the buyer and
the seller.
4. Can I sell
my property in “as-is”
condition?
Yes. We sell all properties
“as-is” and
often without any contingencies
whatsoever. When the gavel
falls, it’s sold.
5. Do buyers have
to pay cash ?
No.
All bidders will have
time to arrange financing.
6.
Is there a limit on the
time frame to arrange
financing for the buyer?
Yes.
Buyers have five days
to find financing and
thirty days to close.
7.
Is there more than one
type of auction?
Yes. There is the reserve
and absolute.
In a reserve auction,
if the bidding does not
reach the pre-set price,
then you have no obligation
to sell your property.
A reserve auction allows
the seller the comfort
of said reserve price
combined with the opportunity
of highly competitive
bidding.
In
an absolute auction,
we work with no reserve.
The highest bidder secures
the property. And because
of a perceived “opportunity”
by the buyer, more buyers
show up. It’s a
proven fact that this
method also offers the
greatest possibilities
of generating more bidding
and more money than any
other option available
to sellers today.
8.
What if the highest bid
is not satisfactory to
me?
In a reserve auction,
the seller has the sole
discretion to sell or
not to sell his or her
property. In an absolute
auction, you may be surprised
by the large number of
bidders, and in turn,
by the higher selling
price.
9. How do I know
what fair market value
is?
Fair market value is determined
by what a buyer is willing
to pay for the property
and what the sellers is
willing to take for the
property. Therefore the
property value is determined
by market dynamics.
10.
If a broker brings a buyer
to the auction, how are
they compensated?
We believe a broker should
be fully compensated for
bringing a successful
buyer to an auction; therefore,
we make arrangements that
the co-op broker is paid
by the buyer. The seller
pays nothing.
11.
If the bids are not up
to my expectations do
I have to sell to the
highest bidder.
NO!
All bidders are aware
the seller does not have
to accept the highest
offer.
