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News: President's Columns: Auctions...Auctions By ______________________ (Board President's Name Here) REALTORS work with both buyers and sellers in auction sales. Real estate professionals provide property referrals and may register, assist and accompany potentials buyers to the auction sale. Listing brokers often assist auction companies by holding open houses, providing inspection reports and photographs, and placing signage. All types of properties can be sold at auction. For sellers, auctions mean immediate cash and no long-term carrying costs. For buyers, auctions save time and money. More real estate is sold by auction every year, as both buyers and sellers believe the process is fair and quick. A listing can typically sell within 9-12 minutes and residential auctions showed the most significant growth in the auction industry in 2006, with an increase of 12.5 percent over the previous year, generating $16 billion. Auctions may also be conducted on-line. On-line auctions work very much like traditional auctions. They rely on listings and referrals from real estate companies and real estate brokers to accept and verify bidder deposits; write and close the contracts; conduct open houses; and assist with up-front due diligence. Successful auctions, whether on-line or not, require well-informed buyers, strong publicity, an adequate period to view the property; and a full explanation of the sale terms. Often, auctions involved properties located in changing or weak market areas. Properties that are unique or difficult to appraise also are good candidates for auctions. Sellers pay feels that vary depending on the type and amount of properties sold. If you're thinking about selling your home at auction, please contact the ____________________ Board/Association of REALTORS who can put you in touch with a REALTOR auctioneer in your area.
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