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Auction buyers guide e book
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Auction buyers guide e book
1.
Buying Real Estate?
Use an Auction For the Best Results! © 2014 RealEstateAuctions.com All Rights Reserved
2.
What it Costs
© 2014 RealEstateAuctions.com All Rights Reserved Inside This Buyers’ Guide Welcome Participating in an Auction Auction Benefits and Property Examples Types of Auctions About Us/How to Get Started Q&A Where to Find Our Auctions
3.
There’s been an
explosion of auction popularity in recent years • Online merchandise auction sites • Popular TV shows focused on auctions Did you know that in many countries around the world, auctions are the preferred way to buy and sell real estate? Our international friends in Ireland, Australia and some nations in Asia have long taken advantage of all the benefits of real estate auctions. You can, too. © 2014 RealEstateAuctions.com All Rights Reserved
4.
When buying real
estate, would you like: • The transparency of seeing other competing offers? • No negotiation period? • The ability to fully inspect your potential purchase? • A set date of sale? • The opportunity to get a good deal? • To eliminate the seller and broker from any decision making? • To eliminate broker favoritism? • To eliminate discrimination? • To eliminate the (behind the scenes) process traditional real © 2014 RealEstateAuctions.com All Rights Reserved estate adopts when making an offer? Then Choose a Real Estate Auction!
5.
Auctions vs. Traditional
Sale for Buyers © 2014 RealEstateAuctions.com All Rights Reserved Here’s a look at how an auction is better for the buyer than a traditional real estate sale AUCTION METHOD Known date of sale No buyer/seller negotiations Open, fair bidding. No “best-guess” offers Bidders determine Fair Market Value Buyers receive comprehensive due-diligence information Set closing date, usually 30 days or sooner after the auction date TRADITIONAL METHOD Sales process may take weeks or months Negotiations are often the sticking point in the process Offers can be rejected with no feedback Pricing is often set unrealistically Rarely is fully-detailed information available early in process Closing date is often TBD
6.
© 2014 RealEstateAuctions.com
All Rights Reserved Virtually all types of real estate can be auctioned • Single family • Multi-family • Condos • Townhomes • Commercial • Investment • Special-use • Land • Agricultural • And More!
7.
© 2014 RealEstateAuctions.com
All Rights Reserved Some Example Properties Hawthorne, Florida USA Omaha, Nebraska USA Tierrasanta, California USA New Kent County, Virginia USA Fishhaven, Idaho USA La Terranas, Caribbean DR Gig Harbor, Washington USA Bonita, California USA
8.
What types of
auctions will I encounter? © 2014 RealEstateAuctions.com All Rights Reserved There are three popular options: • Absolute Auction • Minimum Bid Auction • Reserve Auction Let’s take a look at an overview of each type of auction
9.
Highest bid wins.
Absolute Auctions generate by far the most interest among buyers because of the opportunity to win the property with just one more bid. © 2014 RealEstateAuctions.com All Rights Reserved Auction Bidding Types Minimum Bid Auction Bidding begins at a minimum, acceptable price to the seller. Less popular among bidders than the Absolute Auction, a Minimum Bid Auction nonetheless is attractive to buyers because the starting bid is typically set low enough to potentially provide a reasonable deal for the buyer. Absolute Auction Reserve Auction Only the seller, the auctioneer and the Auction Specialist with RealEstateAuctions.com knows a confidential minimum price at which the property can sell. Buyers may find this option less compelling because of the unknown minimum threshold their bidding needs to reach in order to purchase the property.
10.
What methods of
auction will I be able to bid? There are three primary ways you’ll participate in an auction: • Live, In-Person Event • Online-Only Event • Live / Online Hybrid Event © 2014 RealEstateAuctions.com All Rights Reserved Let’s see how each of these methods are defined
11.
When most people
think of “auction,” this is it. This type of event features a live auctioneer in an open-outcry setting. Qualified bidders raise their numbered paddles or bid cards when they wish to bid at the announced price, which is publically acknowledged by the auctioneer. A live, in-person event is typically held at a hotel ballroom or conference center for multi-property © 2014 RealEstateAuctions.com All Rights Reserved Auction Methods Online-Only Event listings, or onsite at the subject property for a single listing. Perfect for a listing or listings in which a live, in-person event isn’t practical. With an Internet connection and a computer, bidding can be done from almost anywhere, on properties located almost anywhere, using the RealEstateAuctions.com Online Bidding Platform. Live, In-Person Event Live / Online Hybrid Event A great combination that melds today’s technology with tradition to throw open the doors for bidding from in the room, across town or across the world.
12.
Question & Answer
Q: Aren’t auctions used only for foreclosures and distressed properties? A: Absolutely not. Any real estate that can be sold can be auctioned. It simply is the fastest, most efficient and most transparent way to buy and sell. © 2014 RealEstateAuctions.com All Rights Reserved
13.
Question & Answer
Q: Does RealEstateAuctions.com ever offer listings that can be purchased other than via an auction? A: Yes, select properties are sometimes available for sale without an auction. Use the contact information at the conclusion of this presentation. © 2014 RealEstateAuctions.com All Rights Reserved
14.
Question & Answer
Q: Where do I obtain information about the property in which I am interested? A: We provide a comprehensive BIP (Bidder Information Package) downloadable via our website that includes many pertinent documents about the property. In addition, we encourage an inspection visit at an open house we will hold at the subject property, on an announced date and time. © 2014 RealEstateAuctions.com All Rights Reserved
15.
Question & Answer
Q: How exactly do I take part in an auction? A: First, you must be a qualified buyer. That means able to purchase with cash, or with financing already in place. This is one of the main reasons auctions are fast and efficient. With qualification already in mind, let’s look at an onsite auction followed by an online auction. © 2014 RealEstateAuctions.com All Rights Reserved
16.
Participating in an
Online Auction : Process Placing a Bid When bidding is open, use the easy-to-navigate tools in the Online Bidding Platform to place your bid End of Auction At the close of auction, the top bidder will be notified and provided with additional information about contact signing, supplying additional funds and completing the purchase. © 2014 RealEstateAuctions.com All Rights Reserved Registration Visit www.RealEstateAuctions.com and register to bid online. Read and accept the Terms and Conditions. $$ Earnest Money Deposit Follow the instructions regarding how much earnest money is required to participate in a given auction Fax or Scan Fax or scan-to-email proof of earnest money in certified funds (typically a cashier’s check) to the title company or escrow agent specified Confirmation An email will be sent confirming your bid and alerting you if a higher bid is received. Place another bid if you wish 1 2 4 5 3 6
17.
Participating in an
Onsite Auction : Process © 2014 RealEstateAuctions.com All Rights Reserved Registration Register with administrative staff and provide earnest money specific to the property(s) on which you are interested in bidding. This is typically a cashier’s check made out to yourself, which will be held and returned to you if you do not place any “winning” bid Arrival Arrive at the designated location at least 30 minutes before auction time Bidding Raise the numbered card or paddle you have been issued to place a bid, following the bid caller’s lead Terms and Conditions Agree to Terms & Conditions Winning Bid If designated the high bidder by the bid caller (auctioneer) at the end of that property auction, proceed to the designated area to sign paperwork
18.
How We Market
Here are some of the many ways you’ll find auction events we’re holding and the listings that are offered: • The RealEstateAuctions.com website with a dedicated, customized listing page for each property • Local Multiple Listing Service • Additional real estate-focused websites • Brochures and/or flyers • Direct mail • Social media • News releases • Company newsletter • Newspaper ads • TV and/or radio spots • Billboards • Guerilla marketing © 2014 RealEstateAuctions.com All Rights Reserved
19.
© 2014 RealEstateAuctions.com
All Rights Reserved Marketing Examples SEARCH. DISCOVER. BID! Your complete site for buying and selling real estate Seemless buying process Quick closing Online Bidding Capability Nationwide Selection! 1765 Scott Blvd. Suite 209 Santa Clara, CA 95050 T: 804.839.2694 CON TACT 1 (650) 584-3741 www.RealEstateAuctions.com Lisa Englehart LEnglehart@RealEstateAuctions.com Commercials Billboards Direct mail Flyers
20.
How Much? How
much will it cost for me to buy real estate at an auction? Buyers are charged a Buyer’s Premium, which is a percentage added to the “hammer price” (when the auctioneer’s gavel falls to indicate a sale) of a property. Example: $150,000 hammer price + Buyer’s Premium (4%)* = $156,000 final sale price. © 2014 RealEstateAuctions.com All Rights Reserved *Buyer’s Premium will vary
21.
About US We’re
a national real estate company specializing in auctions. We’ll sell your real estate using the fastest and most efficient way of bringing buyers and sellers together. RealEstateAuctions.com was founded in 2010 by the CEO of a successful and well-known real estate brokerage of more than 20 years in Chicago. He began using auctions as a marketing method and soon decided it would become the sole purpose of the company because of the speed, ease and transparency auctions provide. RealEstateAuctions.com is currently licensed in most states, with expansion to all 50 underway. In 2015, the company expects to expand internationally. © 2014 RealEstateAuctions.com All Rights Reserved
22.
© 2014 RealEstateAuctions.com
All Rights Reserved Thank you! If you’re interested in learning more, phone or email the RealEstateAuctions.com representative who provided this presentation, or contact our national headquarters. RealEstateAuctions.com Corporate Headquarters 1765 Scott Blvd., Suite 209 Santa Clara, California USA Tel: (650) 584 3741 and (877) 938 7340 8:00 a.m. – 4:00 p.m. Monday – Friday email/website info@realestateauctions.com www.RealEstateAuctions.com
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