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Auction Services Division Property not selling?Take advantage of a "Time Tested", efficient and exciting method of buying and selling through Auction! THE AUCTION ADVANTAGE  It is a buyer's market, but what is the best method to liquidate poorly performing property and is costing the owner every day in holding costs. That method is through the Auction Advantage. With the Auction Advantage sellers can move their assets quickly and efficiently reducing lost profits and holding costs and thus giving sellers the opportunity to take advantage of other purchasing opportunities available in the real estate market. A Real Estate Auction can be held on location, broadcast over the Internet, processed through sealed bids, or, with multiple properties, may be held at a convenient, central location, such as a hotel or conference center. ~~Eric D. Alexander, Licensed Auctioneer / Licensed Sales Associate AU3696 AUCTION SERVICES
WHY AUCTION? A Real Estate Auction is an accelerated method of buying and selling real estate. It is an intense, fast paced real estate marketing process of competitive bidding and a means of establishing true market value. With the Auction advantage property is seen via a highly creative and effective marketing campaign, by multiple potential buyers with a specific interest in purchasing your property. Buyers who attend an Auction do so with pre-auction knowledge of the property. Due diligence is done beforehand. In order to bid at Auction buyers must qualify by having their down payment in hand and be able to close within approximately thirty days. A real estate auction is not a distress sale. The owner has concluded that selling the property at auction is the quickest, most effective method of selling the property. More owners are finding that selling real estate at auction is the most efficient way to maximize value in a very timely manner. At Auction, property is sold "as is", with no contingencies and no warranties as to the condition or fitness of the property for a particular use. The Auction method of selling also prevents stressful, ongoing negotiations that tie up the property from potential other buyers for lengthy periods of time, ultimately resulting in no sale. Through the Auction method the Buyer pays the commission through a Buyer's Premium, thus allowing the Seller, along with the experience and expertise of Prudential Commercial Real Estate FL Auction Services, to concentrate their resources on supporting the expense associated with marketing the property . This highly concentrated marketing campaign will target specific demographics of buyers that relate to the specific type of property being auctioned THE THREE METHODS OF AUCTION ABSOLUTE The Absolute method of Auction is by far the most popular with buyers. It creates greater interest in the property resulting in a much higher audience attendance. Through this method, the Seller is letting the public know that they are willing to sell the property without a reserve or minimum price/bid. It is putting the public on notice that once the bidding begins, the property will be sold to the last and highest bidder. Many buyers will only do their due diligence if they are certain the property will be sold Absolute. RESERVE Through this method the Seller establishes a confidential minimum price and reserves the right to accept or decline the last and highest bid, should it not meet the reserve. Should this method be chosen it is imperative that the minimum acceptable price be realistic and low enough to start the bidding at a price that will still capture the interest of potential bidders. By law, if a property is not advertised as Absolute, then it has a reserve price. At Prudential Commercial Real Estate FL, Auction Services, we will work with a Seller and, if necessary, their Bankers and/or Attorneys in establishing a realistic and competitive reserve price without compromising the Seller's bottom line and commitments. SUGGESTED OPENING BID This method is a variation of a Reserve Auction, wherein the Seller reserves the right to accept or decline the last and highest bid. A Suggested Opening Bid publicizes to the public the approximate bottom line price the Seller is willing to accept. However, with many bank held properties, this is the price the lender would like to receive. But it does not always necessarily mean it is the bottom price they will accept. As with a Reserve Auction, the Suggested Opening Bid still needs be a number that is well below the current market price and realistic enough to generate interest from the bidders. Top Ten Reasons To Choose The Auction Advantage ~ Choose the date your property will sell. ~ No Contingencies or Warranties by the Seller. ~ Close within thirty days or less. ~ No commissions paid by Seller. ~ Specific target marketing exposes the property to a broader audience, outside of traditional real estate marketing efforts. ~ Establishes true market value. ~ Creates a sense of urgency among buyers, thus creating a higher sales price. ~ Allows Seller to make confident plans and take advantage of opportunities regarding future investments. ~ Eliminates lost future profits and holding costs of the Seller. ~ Prevents stressful, time consuming negotiations that tie up the property for sometimes months. Eric Alexander has worked and served in the Volusia/Flagler community since 1992, is a Daytona State College Alumni with a Degree in International Business Studies, Eric has been a Florida licensed commercial real estate agent for nine years and worked as a Florida licensed Auctioneer in Real Estate for the past two years. Eric also is a Certified Litigation Paralegal, has held his Life and Health Insurance License, a Pilot's License, was a long standing member of the Halifax Area Trade Council and is a member of the National Association of Auctioneers, the Florida Auctioneers Association, The |
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