North Carolina Real Estate Auction - Auctions In North Carolina  
What is a property auction?
An auction is a process where a seller can sell property including real estate, estate furniture and items, heavy equipment, and cars in an accelerated process. Buyers come to an advertised location to bid on items and property and prices are negotiated through the bidding process. Sellers sell the property and items to the bidder that gave the highest bid. This process of buying and selling can be intense, but it is a wonderful way to sell items in a timely, organized manner. Hall Auction & Realty Company specializes in the North Carolina Real Estate Auction and hosts and advertises a variety of different auctions.
What are the types of auctions?
There are several types of auctions but the three most common North Carolina Auctions are absolute sale, reserve sale, and minimum bid sale. The absolute sale auction is the most common and usually the most successful form of auction in North Carolina. Property is sold to the highest bidder the day of the sale. This aggressive and pure form of auctioning ensures both buyer and seller that true market prices will be obtained. A reserve sale is a type of auction where the highest bid is subject to the seller’s confirmation, which is usually given within 48 hours after the auction. A reserve sale auction protects the seller from selling the real estate or items at too low a price. A minimum bid sale is a bit of a blending of both the absolute auction and the reserve auction. Here the seller determines a minimum price level above which he is committed to accept and generally only works if the minimum bid price is low enough to stimulate a good buyer interest.
What is a buyer's premium?
When purchasing at a North Carolina Real Estate Auction, a buyer’s premium is sometimes an additional cost that the purchaser must pay. These fees are expressed as a percentage of the high bid and can range from 1% in some cases all the way to 10% in others. These fees cover the expenses the seller must cover to bring the property to auction. Typically these fees help pay for some of the North Carolina real estate auction marketing expenses.
What are the advantages of buying at an auction?
There are many advantages to buying items and property at an auction. At many Auctions in North Carolina you can buy prime real estate and homes for sale at bargain prices. Many auctions are held so that the seller can accelerate the sale process so all items must go, which means more savings for buyers. At Hall Auction & Realty Company's auctions you can find large estate property, antique furniture, estate jewelry, heavy equipment, farm machinery, and even cars for sale at low prices.
What are the advantages of selling at an auction?
Selling at an auction can produce great results for the owner selling the items. Auctions create a sense of urgency, and accelerate the buying process for many buyers that might otherwise pass over an item or piece of property. When you sell items or real estate at Auctions in North Carolina you create a competitive environment in which all persons interested are serious buyers. Both buyers and sellers at a North Carolina Auctions are assured that the price of an item is a fair market price.
How do I bid in a live auction?
Bidding at live Auctions in North Carolina is very simple. When you would like to make a bid at any North Carolina Auctions you signal the auctioneer or one of the bid assistants working the floor to start bidding. To get the attention of the bid attendants you wave or motion your bid card. Once your bid has been taken and acknowledged the auction will continue as the assistants and auctioneers will be looking and watching for subsequent bids from other potential buyers. If you are the winning bidder, you hold up your bid card in the air so that the bidding attendant can record your bid number and report that to the auction clerk. Also, it is helpful to write your bid number on the tag of the item or lot you purchased. If you want to discontinue bidding on an item that has exceeded your limit you simply nod your head “no” to the bid assistant or auctioneer and the auction will continue, however your bid card will not be in play.
What is a reserve?
A reserve is a confidential, monetary figure that the seller designates to ensure that they receive a certain amount of compensation for the items, lot or property they are selling at auction. A reserve figure must be met before any bidder can be the winning bidder. If the reserve price is not met, sometimes the seller will drop the reserve price, however this does not always happen. At other times sellers simply hold out for their reserve price to be met at a later auction. Reserve prices are an excellent way for sellers to ensure that their expenses are met and the compensation they are expecting is met.
Do I have to attend an auction to make a bid?
You do not have to physically attend a North Carolina Real Estate or estate auction to make a bid on an item, lot or property. To make a bid simply fill out an absentee bid form in which you will provide your personal information as well as lot number and maximum bid for each lot of interest.
When can I see property being auctioned?
Hall Auction & Realty Company is a North Carolina Auction Company, helping to sell properties and estates for our eager clients. If you are looking to bid in a North Carolina Real Estate Auction you may view the property up for auction at various times. Typically before the auction we conduct an open house for the property and all said items being auctioned. Bidders wishing to have a home inspection completed on the property may do so prior to the date of the scheduled auction.
Who is responsible for closing costs?
At most Real Estate Auctions in North Carolina the buyers is responsible for all closing costs, which are clearly stipulated in all forms and contracts in the process. Closing costs can include, but are certainly not limited to, a title fee and a recording cost. The cost sometimes can include real estate attorney fees.
When do I have to close on the property?
If you buy real estate at an Auctions in North Carolina, you have 30 days from the winning bid date to close on the property.
Do real estate auctions depress home values?
It is a common misconception that real estate auctions depress a home value, however the contrary is true. North Carolina Real Estate Auctions reveal the true market value of a property as the auction is conducted in public. All bids are known and the participants are given easy feedback on the property’s value. Many times when buying real estate the traditional way various factors can cloud the market value of the home and in some situations the value is deflated or elevated. At a Real Estate Auction in North Carolina the values settle at the level the market bears, creating a fair situation for both buyer and seller.

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