There are many different ways to buy and sell real estate. Only one of them is by the auction method. Some people are comfortable working independently and attempting to sell their property themselves. Others will leave the work to a professional and list with a local Realtor. Still others, maybe a little more adventurous, will go the auction route. If you have property in the Dakotas, you might think about researching North Dakota land auctions as a viable way to sell.
There is nothing new about auctions. People have been buying and selling using this method for hundreds of years. You may already have attended an auction or two and purchased something for yourself. If so, you will already have some idea of how they work. Just make certain that whichever company you hire has a sterling reputation.
There are many differences between a private treaty sale and a public auction. If you opt for a private sale, you will be required to sign a listing agreement with the selected real estate agent. Most private treaty agreements will tie up your property for at least six months. The realty company will most likely advertise the land on several online sites at no expense to you.
An auctioneer will probably recommend listing your land for sixty to ninety days. This should give them adequate time to prepare the acreage and advertise the auction. Large tracts are often divided into smaller lots. This generally brings a higher price for the seller. There will be a marketing budget put in place that you will have the opportunity to approve.
Auctioneers use aggressive marketing techniques in order to reach the most potential bidders. They typically incorporate internet, signs, mass mailings, and sometimes television and radio in their efforts to get the word out. Many auction companies have the capability to offer online bidding to the public. They may recommend this to you or discuss holding the sale on the property. Many times a combination of both strategies is employed very successfully.
Many auction houses add a buyer's premium, traditionally ten percent, to the high bids to obtain the final purchase price. The buyer's premium terms are always clearly defined in all advertising to make sure there is no confusion. At closing, the auctioneer will receive that ten percent as his commission. There will be no commission taken out of your proceeds unless otherwise agreed upon and stated in the listing agreement.
Another decision you, as the property owner, will have to make is whether or not to offer the real estate at absolute auction or with reserve. Absolute means that you will accept the high bid regardless of what it turns out to be. If you decide to sell with reserve, you will have the right to accept or reject any and all bids.
The auction method allows you to find out exactly what your property is worth to the buying public on a given day if you live in Cando, ND or anywhere else. There is no prolonged listing period, and you are not usually responsible for paying any commissions out of your proceeds. It is a quick and easy way to sell property for a fair price.
There is nothing new about auctions. People have been buying and selling using this method for hundreds of years. You may already have attended an auction or two and purchased something for yourself. If so, you will already have some idea of how they work. Just make certain that whichever company you hire has a sterling reputation.
There are many differences between a private treaty sale and a public auction. If you opt for a private sale, you will be required to sign a listing agreement with the selected real estate agent. Most private treaty agreements will tie up your property for at least six months. The realty company will most likely advertise the land on several online sites at no expense to you.
An auctioneer will probably recommend listing your land for sixty to ninety days. This should give them adequate time to prepare the acreage and advertise the auction. Large tracts are often divided into smaller lots. This generally brings a higher price for the seller. There will be a marketing budget put in place that you will have the opportunity to approve.
Auctioneers use aggressive marketing techniques in order to reach the most potential bidders. They typically incorporate internet, signs, mass mailings, and sometimes television and radio in their efforts to get the word out. Many auction companies have the capability to offer online bidding to the public. They may recommend this to you or discuss holding the sale on the property. Many times a combination of both strategies is employed very successfully.
Many auction houses add a buyer's premium, traditionally ten percent, to the high bids to obtain the final purchase price. The buyer's premium terms are always clearly defined in all advertising to make sure there is no confusion. At closing, the auctioneer will receive that ten percent as his commission. There will be no commission taken out of your proceeds unless otherwise agreed upon and stated in the listing agreement.
Another decision you, as the property owner, will have to make is whether or not to offer the real estate at absolute auction or with reserve. Absolute means that you will accept the high bid regardless of what it turns out to be. If you decide to sell with reserve, you will have the right to accept or reject any and all bids.
The auction method allows you to find out exactly what your property is worth to the buying public on a given day if you live in Cando, ND or anywhere else. There is no prolonged listing period, and you are not usually responsible for paying any commissions out of your proceeds. It is a quick and easy way to sell property for a fair price.
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