An auction is a sales event wherein potential buyers place competitive bids on your home. Auctions are popular because competition creates arousal and, therefore, tends to elicit good results from the group of bidders. Buyers believe they will get a good deal and will, therefore, compete to win the property.
A typical auction timeline occurs over a 4-week period. This consists of a series of vendor meetings designed to discuss the progress of the campaign, determine the written reserve prior to the auction, and run over the process of the auction and prepare for all likely scenarios. Throughout the 4 weeks, we will run multiple open for inspections and private inspections to generate as much interest as possible. We offer inspections anytime, 7 days a week.
Following a successful auction, the exchange occurs immediately, and the settlement period begins. There is no cooling-off period in this method of sale. Auctions can be conducted onsite or within our office upon request.