You give your certified funds to your Bidder Assistant. You then move to the contract table where you endorse your check and complete the Contract for Sale and Purchase. Once you have completed all the paperwork, you then set a date for a closing appointment with the title company. Don’t worry, we’ll help you through every step.
Auctions are fast, efficient, and produce fair market value. When a property is “priced” it is either underpriced or overpriced. Either way, the seller loses. If the price is too low it sells quickly but equity was lost. If the price is too high the property does not sell. It then has to be advertised again at a lower price or negotiated through negative haggling with one person at a time.
The auction creates a sense of urgency. All serious people are brought together to compete. The seller is assured of a fair market and so is the buyer that obtains the item at one bid over the next interested person.
If an agent brings a buyer to an auction, and that buyer purchases property, the agent will receive a commission. To ascertain the amount and structure of any commissions to be offered, refer to the particular terms and conditions of the auction contract.
Please note, you must register as a buyer’s broker at least 24 hours in advance.
Often a broker and seller become impatient because the property they are attempting to sell is not moving. The auction process increases exposure, pumps up the temperature, and exposes buyers who have not been visible previously. It is our policy to share all new customers generated from the property with the cooperating broker.
Agents will get a list of real new customers with financing capabilities who have proven themselves to be real buyers with certified checks in their hands.
The various forms of advertising are:
Bonnette Auction Company is an experienced auction company that knows which form of advertising are best for a particular type of auction and its location and will facilitate everything from preparing the advertisements to placing them in the desired forms. The aggressive advertising hits a large group of buyers that will come and competitively bid on the property thereby yielding true fair market value for a seller’s holdings.
The factors are:
Yes. Real estate auctions tell the true market value of a property since auctions are conducted in an open forum where all bids are known, and participants are given immediate feedback on the property’s value. At an auction, true market value is revealed.
Yes, auctions can be Absolute, Subject to Confirmation, with Reserve, or with a Stated Minimum.
A property that is sold at Absolute Auction means that it is selling to the highest registered bidder regardless of price. There is no minimum and the seller cannot reject the highest bid attained at the auction.
It means that the property is being offered to the highest bidder subject to the seller accepting or rejecting the bid. Most Bonnette Auction Company auctions are offered subject to seller confirmation.
It is similar to the subject to confirmation auction, except there is an undisclosed reserve dollar amount set by the seller. The property cannot be sold unless the bidding meets or exceeds the reserve.
An auction where the Seller announces the reserve or minimum bid and generally will sell the property absolute at or above the stated minimum.
Example: This property shall sell at absolute auction at or above a minimum of $41,237. If anyone bids the stated amount or more the property will sell.
A Buyers Premium is that portion of the commission paid by the buyer. The Buyers Premium is added to the bid to become part of the total sale price.
Bonnette Auction Company recommends 30 Days for closing. However, some sellers opt for 30 or 45-day closings for their auctions. The closing is usually at the Buyers attorney’s office or at the office of the lending institution.
The factors are:
An auction where the Seller announces the reserve or minimum bid and generally will sell the property absolute at or above the stated minimum.
Example: This property shall sell at absolute auction at or above a minimum of $41,237. If any one bids the stated amount or more the property will sell.
Yes, you will need to set up an account before you can register to bid online in our auctions.