How do real estate auctions work - for the seller?
When you ask us to sell your real estate using an auction, the first step is to learn as much about the property as possible and brainstorm prospective buyers. Then we discuss and set an auction date with you which is usually just 6-8 weeks in the future. The marketing program is executed then the auction is held. The buyer pays a % on auction day, and then has 30 days after receiving insurable title to "close." Each situation is different so any of the above may be different depending on what makes most sense for getting your real estate sold.
How do real estate auctions work - for the buyer?
For the buyer, purchasing real estate at auction is not much different than the traditional listing method. The most important aspect for the buyer is to get all your questions answered as far in advance of the auction as possible. This will help you bid with confidence and know the amount ahead of time you would be willing to pay. You will want to get your financing in order, at least preliminarily. On auction day you will put a certain amount down (found in auction terms), then you will typically have 30 days after receiving insurable title to "close."
Are real estate auctions a fire sale?
That is a common misconception. Auctions were used to sell over $270 Billion of assets in 2007, and the fastest growing categories are homes and land. They are often the way to get the most money for your real estate.
How does Green River's timber expertise help me if I am selling my land?
To know whether or not you are getting a good price for your land, you need to know what the timber value is. You also need someone to show your property to potential buyers that can communicate this with credibility.
How does the nationwide exposure Green River can provide help me sell my real estate?
The drawback of many of the national real estate companies is they don't do enough in your local area. The drawback of some smaller local companies is they don't have access to nationwide exposure for your real estate. When you use Green River to sell your real estate, you get the best of both worlds. Heavy exposure at the local and national levels.
What if I don't get the price I need at auction?
One type of auction is called an "absolute auction." Once the bidding starts, the property will sell to the highest bidder. One advantage of the absolute auction is it will attract more interest because the buyers know the seller is going to sell. With more interest, the price goes up.
Another type of auction is called an "auction with reserve." This means that the property will sell, subject to seller approval. If something would happen where you don't get the minimum price you have to have at the auction, you would get the option to sell the property or not.
Why are auctions so popular for selling land?
Auctions are often the best way to sell land, because of the law of supply and demand. Auctions make it very easy to sell multiple parcels to multiple buyers, and more buyers can afford those smaller tracts than the entire tract. The demand for your property goes up, along with the price.
The marketing done for an auction is also more robust and more intense. Since you get to focus all of your marketing resources in a short amount of time, there is a multiplying effect that brings out more potential buyers.
* Answers to all questions above are typical, but be sure to read terms and conditions of each auction.
