Copyright 2014© Melonas & Associates Real Estate Group
I heard Real Estate Auctions are only for foreclosure sales and distressed property. Won’t an auction decrease the value of my home?
Certainly not. It is a misconception that auctions are only used to sell bargain and distressed property. Auctions is a predominate method of sale for many luxury products – including Art, Jewelry, Cars and many more. Auctions for real estate in the United States is a relatively new method; however, in other parts of the world it is the preferred way to sell property. Auctions are the preferred way because they have the ability to reveal the true market value of a property through an open forum of competitive and genuine bidding. A seller is never under any obligation or force to sell their property at any point in the auction process, the decision to sell always remains one for the seller. Should the auction not achieve a price the seller is comfortable with, the seller is able to market the property as per normal with a price. Nothing has been lost and your property has not been damaged in the auction process because the campaign has only consisted of a couple of weeks and no price has been put to the market, so no harm has been done.
If my property doesn't sell auction day, is it still possible to market it for sale?
Absolutely. The auction marketing method allows us to expose the property to the marketplace. Throughout the auction campaign the seller has the ability to gain feedback about their property from potential buyers. Occasionally, a buyer may be interested in a property; however, may not feel comfortable bidding under auction terms. In this case a buyer will often make an offer after the auction date.
How can I be sure that I am getting the best price for my home?
The only genuine measure of value of real estate is what someone else is willing to pay for a property. An appraisal is merely an informed opinion. An appraisal is not an offer to buy. The real measure of value of real estate, at any given time, is what it will bring under competitive bidding from informed and motivated buyers. Selling via auction ensures you are receiving a public offer at fair market price
Do you do Online Auctions?
No, Harcourts USA does not conduct online auctions nor do we permit bidding online. Harcourts USA is actively committed to promoting a completely transparent and genuine sale and purchase transaction for all those involved, for this reason we only conduct real time On Site Auctions (take place at the property) or In Room Auctions (take place in a ballroom off site). If someone is unable to attend for any reason Harcourts USA provides a number of alternatives options. For example a bidder may have someone attend and bid on their behalf or they may bid over the phone.
What is a Reserve Price?
All auctions conducted by Harcourts USA are subject to a Reserve Price which can be described as the lowest price the seller is willing to accept. The Reserve Price is decided upon between the Seller and the Auctioneer prior to the Auction and is a completely confidential agreement between the Seller and Auctioneer. As a result the Auctioneer is unable to provide advice to potential purchasers on whether a reserve price has been set or what that reserve price is. The only point you will have any indication on what a reserve price is, is if the auctioneer calls “we have reached reserve price” during the auction. This indicates the seller’s minimum acceptance amount has been reached or surpassed in the bidding process and the property will be sold to the highest bidder.
Is Harcourts USA an equal –opportunity Auction Company?
Harcourts USA is committed to providing our services to any person, regardless of race, color, religion, sex, handicap, or national origin. We shall never be a party to any agreement that discriminates against any person on the basis of these or any other similar prejudices.
When will the closing date be?
The closing date is typically set to occur on, or before, 30 days from the contract date. However, majority of terms are set by the seller prior to listing the property for auction. Therefore the closing date is entirely the sellers decision and advertised to interested bidders through the Terms and Conditions
What if someone makes an offer prior to auction, can I accept it?
Absolutely, our main objection is to sell your property, should an offer be presented which is an amount and on terms acceptable to you. We are happy and this is our job done. All offers made throughout the campaign prior to auction will be displayed to the seller; however, it remains entirely the seller’s decision whether or not they wish to counter, accept or continue down the auction path towards auction day.
What type of auction does Harcourts conduct?
Harcourts USA only conduct live auctions which either take place either at the property or on an off-site location which has been advertised throughout the auction campaign.
Our Auctioneer will facilitate and call the auction bidding, just as you would experience at a car or antique auction. We do not conduct auctions via the internet. If a bidder is unable to attend the venue where the auction will take place, we have a number of options available.