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Pre-Auction
Real Estate Auctions are Strategically Planned Events! Auctions are a Consumer Friendly, Time Tested Method of Creating Excitement, Gaining Attention & Producing POSITIVE RESULTS!!
Just like any successful event, the Auction Planning Process builds towards a Time, a Place, a Decision and an Outcome that Benefits All Involved Parties.
HOW? The Pre-Auction Process is an “Up-Front Loaded, Aggressive Series of Promotional and Informational Strategies” that create Maximum Consumer Awareness and Desire to Actively Participate in a One Time Opportunity to purchase a specific real estate property.
Interested consumers and real estate professionals are invited to tour the property at multiple “open houses” where they receive detailed Information Kits that are informative to both the real estate professional and the potential Buyer (Bidder). Also, real estate brokers representing potential bidders are encouraged to complete the Real Estate Broker and Bidder Registration Form at least two business days before the auction.
The Day of Auction Event
The Auction Event begins with Auction Bidder Registration. That’s when the Bidders make the advertised Bidder Deposit and receive the Day of Auction Bid Package. Once Bidder Registration closes, the Auctioneer makes opening announcements to include Terms and Manner of Auction Sale. Then the Auction Begins, subject to the announced terms and conditions.
During the bidding process, there can be a “break period”. The “break period” is important as it gives the Bidders a “chance to catch their breath” and opportunity to assess the process and evaluate their competitive position. A normal “break period” last no more than five minutes before the Auctioneer resumes the auction.
Post-Auction
Bidding is Closed when the Auctioneer identifies the Successful Bidder and Announces “SOLD”! The Highest Bidder and the Seller complete the Auction Sales Contract.
All Deposits are returned to non-winning Bidders, the Auction is closed and proceeds to Settlement.
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