Most Commonly Asked Questions
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What is an “Absolute Auction”?
An absolute auction is a type of auction where there is no reserve and sale is awarded to the highest bidder. A well advertised Absolute Auction usually brings in a large number of bidders creating more competition!
What is a “Minimum Bid Auction”?
The Seller will establish and in most cases publish a Minimum Bid. The highest bid above the Minimum bid will win.
What is a “Reserve Auction”
The Seller reserves the right to accept or reject the highest Bid. The Auctioneer may or my not know what the reserve is.
What if my property is already listed for sale with a Broker?
We work close together with the Brokerage community. The Broker will still get the listing side of the commission as in a traditional sale and the Auction company will get the “Selling” commission.
Can a Buyer make an offer before the Auction?
Yes, all offers will be presented to the Seller and the Seller at his option may accept the or reject the offer.
Can a Seller sell the property prior to the Auction?
Yes, if the offer meets the desired terms of the Seller.
What is the typical escrow period to close the sale?
30-45 Days, unless otherwise specified.