| 2. |
Q. |
Do Auctioneers charge the same? |
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A. |
No. However, most Auctioneers do work by "Commision". This means the Auctioneer will receive a "percentage" of your auction gross & is "result" oriented. Obviously, the Auctioneer wants to attain top dollar for your Real Estate or Personal Property since their commission is based upon that final figure. The commission rate varies depending upon the type of auction, who pays advertising costs, auction setup time, total dollars realized, etc.
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| 3. |
Q. |
What do we need to do prior to the auction? |
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A. |
We can offer insight after doing a quick "walk through". But on personal property auctions, we encourage families to take the necessary time to go through as many boxes, drawers & cupboards as possible. Our crew might come across a small article that does not have tremendous monetary value but for some reason this piece might have been handed down through several generations & would mean a great deal to the family. Also, you would be surprised how many times families find something that has been "missing" for years. As for Real Estate, we can offer suggestions as what might need done in order to enhance the appeal & value of the property. However, replacing worn carpet or floor coverings is a waste of time & money in most cases since everyone's taste in color & style is different. Let the new oweners make this decision after closing.
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| 4. |
Q. |
Are all auctions "Absolute"? |
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A. |
By Ohio law there are 2 kinds of public Auctions. One is "Absolute" & the other is "With Reserve". All auctions conducted in Ohio are assumed "With Reserve" unless advertised as selling "Absolute". In "Reserved" auctions, the seller retains the right to withdraw or remove any item if the "minimum" or "reserve" bid is not obtained. This "reserved" bid does not need to be advertised. So it is safe to assume that if you are attending an auction & there is no mention of items selling "absolute", all items are selling "with reserve". As the seller, you retain the right to protect the price you wish to receive. In most Real Estate auctions, you will see the term "sold with owners confirmation" or "with reserve". This means the sellers have a "minimum" bid. By law in an advertised "Absolute" auction, once the bidding is opened, the item or parcel must sell to the highest bidder no matter the price.
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| 5. |
Q. |
How is the money handled? |
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A. |
We allow the sellers two options that best fit their needs or situation. All Checks & monies can be made out to the Estate or Sellers during the auction. This allows us to make settlement with the sellers immediately after the auction. The other option is for all monies to be deposited into our company Auction Trust Account with settlement after all checks have cleared the bank. This usually takes about 2 weeks.
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| 6. |
Q. |
Why should I sell my Real Estate by Auction? |
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A. |
We have been auctioning Real Estate since the early 1980's & we're one of the "pioneers" in developing this modern segment in Ohio. Selling Real Estate by Auction has become a very efficient, fast way to find potential buyers for your property. Sellers can retain the right to set a minimum bid for their property but still receive "top dollar" thru competitive bidding! In other words, sellers can protect their investment by setting a minimum bid but contrary to the conventional method, the "top end" has no limit! Secondly, sellers set their own terms with little or no contingencies. Sellers save money by making such items as inspections, title insurance & surveys the responsibility of the buyer. Our Real Estate Auction properties are "closed" in about 30 days compared to the "old fashion" way of listing with a local broker & marketing your property thru the Multiple Listing Service. This method usually averages over 150 days to complete.
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