SELL AT AUCTION
Premiere Estates Auction Company’s Most Frequently Asked Questions
1. What do you charge to sell my property?
As the seller, you pay ZERO commission; the buyer pays it. Traditionally, sellers pay 5-6% in real estate commissions to sell a property. At Premiere Estates Auction Company, we charge no commissions and take no salary for our effort. Your fee may be limited to the marketing costs necessary to expose your property. In other words, every dollar we spend is spent to advertise and promote your property.
2. How long does it take to sell my property?
Premiere Estates Auction Company marketing campaigns are most effective over a 75-day period. However, we tailor our marketing program to each property and situation. In addition, we offer 30 and 60-day marketing programs if necessary or deemed beneficial to the client.
3. How fast can we close?
Closings can take place in as little as a week after the consummation of a sale. Typically, however, Premiere Estates Auction Company performs 30-day closes without contingencies.
4. Can I sell my property in “as-is” condition?
Yes. Premiere Estates Auction Company sells all properties “as-is” and without any contingencies whatsoever. When the gavel falls, it’s sold.
5. What are the two types of auctions?
Reserve and absolute. In a reserve auction, our expert senior appraisers will collaborate with you to determine the minimum value of your estate. If the bidding does not reach the pre-set price, then you have no obligation to sell your property. A reserve auction allows the seller the comfort of said reserve price combined with the opportunity of highly competitive bidding.
In an absolute auction, we work with no reserve. The highest bidder secures the property. And because of a perceived “opportunity” by the buyer, more buyers show up. It’s a proven fact that this method also offers the greatest possibilities of generating more bidding and more money than any other option available to sellers today.
6. What if the highest bid is not satisfactory to me?
In a reserve auction, the seller has the sole discretion to sell or not to sell his or her property. In an absolute auction, you may be surprised by the large number of bidders, and in turn, by the higher selling price.
7. How do I know what fair market value is?
Premiere Estates Auction Company’s bank-trained, lender-approved, certified senior appraisers complete an exhaustive analysis. Together with our marketing team and local experts, they determine what the auction sales range is.
8. If I am using a broker I like, but am not getting the results I need, what do you suggest I do?
We encourage – and welcome – cooperation with all brokers. Because most of our sales combine the efforts of a local broker with our marketing campaign, we analyze each potential sale individually, and work with the property owner in making decisions such as how involved the broker should be.
9. If a broker brings a buyer to the auction, how are they compensated?
We believe a broker should be fully compensated for bringing a successful buyer to an auction; therefore, Premiere Estates pays the “buyer’s broker” commission directly. The seller pays nothing.