 |
|
|
Auction Awareness:
The New Construction Builder
(Residential & Commercial)
|
Understanding the Basics of Real Estate Auctions
(Auction Awareness = Understanding The Process & The Players)
|
Another key player in the NETWORK™ Auction Process is the New Construction Builder. Many times builders will use the Auction Method of Marketing for conveying already constructed, standing inventory, to the consumer.
Also, many residential builders offer “Marketing Incentives” to purchasers of new construction that have an existing home they need to sell. Among those incentives is the Auction Process where, frequently, the builder participates in the financial and/or advertising agreement between the seller and the NETWORK™ Auction Firm.
PRE-AUCTION
Prior to Auction, the Builder prepares the property (or, in some cases, properties) for
the Auction in the same manner as would any seller. Also, the Builder cooperates
with the Settlement Agency (in preparing Title, Survey documents and Bidder’s KIt),
the Auctioneer (in coordinating pre-auction advertising and open houses) and the Auction Lender in providing loan programs in support of the auction.
THE DAY OF AUCTION EVENT
Just like any other seller, the Builder attends the Auction. Likewise, at final bid
(after seller confirmation) when the Auctioneer declares a property “SOLD”, the
Builder joins the Buyer in jointly executing the Auction Sales Agreement and other
documents necessary to insure a smooth and timely settlement.
POST-AUCTION
After the Auction, the Builder completes whatever tasks are required in accordance with a new home delivery (i.e., laying of sod, final paving, punch-out items, etc.). The Builder normally grants the new owner all the rights, privileges and warranties accorded any other community owner provided the property was conveyed in other than “as is” condition at time of Auction.
|
|
|
