Blog
Auction Advantages
Maximize the return on your assets.
Bidders actively compete against each other for your property. This sets a fair market value on auction day.
Free yourself of carrying costs
Every day that you hold the property, the expenses and liabilities associated with it increase. Mortgage payments, interest, insurance, maintenance, repairs, taxes, potential vandalism, etc.
Quick sales The entire auction process takes as little as 60 days, from listing to settlement. We require a 30-day settlement from the buyer.
Increase interest in your property. An auction creates a sense of urgency that no other sales method can produce. If your property has been listed conventionally for a long period of time, an auction can eliminate any "staleness" and revive interest.
Avoid contract contingencie. All properties sold at auction are sold with non-contingent contracts. Your sale will not be contingent upon a buyers financing, an appraisal or inspection, or repairs, etc.
Capture your market . Do not wait for the buyer to come to you, let the auction method bring them in at a specific date and time.
Aggressive Marketing. Your property will be the focus of an impressive marketing campaign including newspaper advertising, billboards, internet advertising, direct-mail brochures, e-mail announcements, and more! More importantly, your campaign will be outlined for you before you list!
FREQUENTLY ASKED QUESTIONS:
Q: Why should Marks Real Estate&Auction Company sell my property?
A: Marks Auctions offers 17 years of expertise and proven sales results.
Q: Why should I sell my property at auction?
A: To sell your property quickly, and to receive a non-contingent contract with a 30 day settlement.
Q: I am not in financial trouble, should I be concerned about what people may think if I hold an auction?
A: You are not alone in your concerns. Many people are afraid of the old, outdated perception of auctions that some people have. There are great differences in the marketing of a voluntary, "by choice" auction such as ours versus a distress auction. Our auctions are positive, enthusiastic events designed to generate competitive bidding.
Q: What if my property has been on the market for a long time?
A: Often times we find that the price is not the reason why a property doesn't sell. The primary cause is often there has not been adequate advertising and, therefore, sufficient exposure of the property. In other words, it has become "stale". The auction process is the best way to revive interest in the property.
Q: What types of property do you sell at auction?
A: Marks Real Estate&Auction Company will sell all types of property from single family residential, vacation homes, commercial, farms and lots and land.
Q: How much does it cost to sell a property at auction?
A: All commissions are paid out of the Buyers Premium. The only cost to the seller is the individual advertising and marketing fees, which will be outlined for you in a marketing proposal prior to you signing any auction listing contract.
Q: What is the best auction method to use?
A: By far, the surest means of selling your property is by "Absolute" sale.
Q: Can I put a reserve price on the property?
A: Yes, this is called a "Reserve Auction," which enables the seller to approve or reject any offers below the unpublished reserve price.
Q: What is an "Absolute Auction?"
A: An Absolute Auction is an auction at which the real estate being offered will be sold to the highest bidder, regardless of price. where no minimum will limit the bid; and where the seller may not withdraw the property from the auction after the first bid has been received. The property is sold to the highest bidder.
Q: What is the best auction method to use, Absolute or Reserve?
A: By far, the surest means of selling your property is by "Absolute" sale. It generates bidder interest and excitement like no other method, which in turn, creates a larger crowd of potential buyers.
Q: What is a pre-auction offer?
A: If an individual is interested in purchasing a property before it goes to auction, the buyer can make the seller a written offer, accompanied by the required down payment. If the offer is accepted by the seller, the required deposit is collected, the contract is signed, and the property is therefore sold and withdrawn from the auction. If the written pre-auction offer is rejected, the deposit is returned to the offeree and the auction remains scheduled.
Q. Where will the auction be held?
A: We hold most of our auctions on site (at the property being auctioned). In some instances, we may hold a multi property auction at a designated site
Marks Real Estate & Auction Co.
Glenda Marks, Owner/Broker, VA/NC
Ph: 704-817-8064
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