| 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. |
