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Selling at
Auction I
Frequently Asked
Questions:
Q. Why should
I sell my property using at auction?
A. The
Auction process allows you to sell your property quickly
and receive a non-contingent contract usually within 30 days.
Q. What types of assets do you auction?
A.
Wallace Realty & Auction
auctions all types of
real estate
from condominiums, co-ops, town homes, single-family homes,
land, ranches,
commercial & investment properties,
waterfront
properties and
beachfront properties.
We also auction financial notes,
equipment, wireless spectrum,
memorabilia, and much more.
Q. Do I have to sell my property to the highest bidder?
A. The surest way to affect a sale is to
auction the property
"absolute bid". An
absolute sale is the strongest signal a
seller can send to the marketplace. It attracts purchasers from
the broadest geographic region because
buyers can justify their
time and efforts to inspect, bid, and buy, knowing there is no
question the property will be sold. However, most properties are
sold with a reserve or subject to seller confirmation.
Q. How is the property marketed?
A. A marketing plan is developed by the
Auctioneer subject to
the seller's approval. The seller's asset can be featured in
direct mail pieces, regional and targeted advertisements, the
Wallace Realty & Auction
website, and other marketing avenues.
Q. Does
"As Is" mean I don't need to disclose any known defects?
A. Though we are selling "As Is", we must abide by all
applicable state and federal laws (including inspection and
disclosure regulations) relating to the type of asset
transaction we are conducting.
Q. What
if the property is priced below the market right now?
A. Often times we find that the price is not the reason why a
property doesn't sell. The primary cause often is it has not
been marketed effectively and, therefore, the property has
experienced insufficient exposure. In other words, it has become
"stale''. The
auction process is the best way to revive interest
in the property and obtain offers at current market value.
Q. I am not in financial trouble, should I be concerned about
what people might 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the old, outdated perception of auctions some people have.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, providing immediate results for both
seller
and
buyer.
Q. I am concerned about the net amount I'll receive from the
auction because I have a mortgage. What advice do you have to
offer on this?
A.
Wallace Realty & Auction will help you decide if the
auction
process is best for you. We understand your concerns and your
need to cover an existing mortgage on your property. On
auction
day, the market will determine what value is acceptable for your
property. The fact you are doing an
auction does not change what
the market value of your property is. In short, if the true
market value is at a level below your existing mortgage, then
that is the price you have to work with regardless of whether
you use the traditional method or
auction method.
Q. Where will the
auction be held?
A. We hold all
auctions on site or in a ballroom setting,
depending on the needs of the seller and the concentration of
assets.
Q. I have
land and
equipment to sell. Should I have separate
auctions of each asset?
A. No. We can offer both in the same marketing campaign and
auction. If the land lends itself to division, you can
additionally offer the
land divided and as a whole in the same
day, increasing the price, and realizing the upside potential of
a retail sale. The
equipment can be sold piece by piece
immediately following the sale of the land.
Q. What about the timber value on my land?
Wallace Realty & Auction will evaluate the
timber value of the
land and create detailed site maps showing the prospective buyer
where the timber is located and in what volumes.
Let
Wallace Realty & Auction help you
sell your property. Contact
us for a
FREE property analysis today!
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