Real Estate Auction Frequently Asked Questions
Selling Real Estate
Why sell real estate at auction?
We are licensed Real Estate Auctioneers in Florida located in Citrus County. Our knowledgeable staff are experts in Florida Real Estate. Our success rate of selling Real Estate at auction over the past has been 95%. One effective way is to sell the personal property and real estate on site at the same time; clients have been known to stop for the contents and leave having purchased the home.
How do you attract bidders to the real estate auction?
We create a targeted marketing plan for the property. We market the property aggressively, notifying a large audience including investors, your neighborhood mail route, & the general public.
What Are the Advantages of Selling Real Estate at Auction?
- You determine the date of the Auctions; with this comes a shorter selling period which eliminates overhead costs of owning the property, including taxes, utilities, insurance, and general upkeep.
- All bidders must read and sign the terms and conditions prior to being registered as a bidder. This includes:
- The property in AS IS condition, no worries of inspections, insurance, or bank approvals.
- Non contingent Cash Closing on or before 30 days - When we say sold, we mean SOLD.
- 10% buyer’s premium is added to the final hammer price. Doc Stamps on the deed are on the buyer’s side of the closing sheet.
- Non-refundable deposit of 10% of the total auction price is placed in the title company escrow and applied to closing.
Buying Real Estate
How do I get registered to bid?
Registration is free, but you must have identification, read and sign our terms and conditions, and possess the means to pay the deposit of 10% of the total sale price should you win.
How much will the starting bid be?
There is no set starting bid, when you hear the amount you want to start the bidding process at, raise your bid number and the bidding begins from there.
How much is the buyer’s premium and how is it figured?
The buyer’s premium is 10% of the hammer price. When the sold price is announced the buyer’s premium is 10% more. For Example:
$50,000.00 (High bid)
+$5,000.00 (10% Buyers Premium)
Does the property have a clear title?
When the title is transferred to you it comes with title insurance to guarantee it is free and clear of all liens and encumbrances. Our closings are done at the title company.
Does the property have a reserve?
This is a common question. Most of our properties are sold “regardless of price” or “absolute”. In some circumstances properties are sold “subject to seller’s confirmation”, which means the top bid will be presented to the seller (or agent thereof) for acceptance. When we accept a property for auction the sellers have realistic expectations and are ready to sell. Either way, we are in the business of selling properties and make a point of satisfying both sellers and buyers.
What is the down payment and what form of payment will be accepted?
Personal checks are accepted the day of sale made out to the title company. The check is then held in escrow until the closing and will be applied to the sale price.
What is the time frame from auction date to closing?
From auction date to closing will be on or before 30 days from contract date. Many times with cash deals can close sooner.
Who pays doc stamps, any due taxes etc?
Buyer is responsible for Doc Stamps at closing which is $7.00 per $1,000. All real estate taxes, home owner’s fees and other applicable fees will be prorated at closing.