Frequently Asked Questions (FAQs)
Is the auction method successful?Yes - extremely successful. The latest statistics by the National Auctioneers Association report that the most significant growth segment in the auction industry in 2006 came from residential real estate auctions, which grew by 12.5 percent for the year.
What types of properties are at the auction?National Real Estate Auction Corporation sells single- family homes, townhouses, villas, condominiums, and land.
Do I need to register to attend a real estate auction?This is a public auction and all spectators are welcome. However, in order to bid on property, you must register.
What should I do before bidding?Before bidding you must register to bid, preview and inspect the property, and obtain a pre-approval from a mortgage company. The purchase and sale agreement will not include any financing contingency.
What are the two types of auctions?There are two different types of real estate auctions: Reserve Auctions and Absolute Auctions. An Absolute Auction, which is also known as an "auction without reserve," the property is sold to the highest qualified bidder with no limiting conditions or minimum sale amount. The property simply goes to the highest bidder.
A Reserve Auction, also known as an "auction subject to sellers confirmation" is one in which sellers predetermine the minimum price at which the property will be sold and are not obligated to confirm a sale other than at a price that reaches that minimum price and is entirely acceptable to them.
What are the Terms and Conditions?The Terms and Conditions explain the requirements for all auction participants. National Real Estate Auction Corporation provides a list of Terms and Conditions on our site. If you have any questions about the Terms and Conditions please be sure to contact us at 888-228-5470.
If I place my house in the auction will it make my home appear unattractive?No. Real estate auctions are no longer only for foreclosed or distressed properties, but rather a unique alternative in a transitional market. Auctions are a diversified and powerful marketing method to sell your property quickly, especially when combined with National Real Estate Auction Corporation's aggressive marketing programs.
How will my National Real Estate Auction Corporation advertise my property?National Real Estate Auction Corporation will tailor a marketing plan to your specific property to ensure the greatest amount of exposure to the public in advance of the auction. This program includes: full color brochures about the property, email blasts to all area Realtors, detailed exposure on our website, newspaper publications, radio promotions, trade publications, television commercials, and virtual tours of your home.
Who pays the commission?The commission is paid from the buyer's premium. The buyer's premium is a percentage added to the buyer's final bid. There is no commission charge to the seller when the property sells at auction. The seller is only required to invest in a marketing fee in order to include their property in the auction.
How will selling my home at auction affect my listing price?In many cases, the list price is not the hindrance in selling your property; the main problem is usually that not enough prospective buyers view your home. The auction process is the catalyst that will generate new interest in the property.
Is the condition of the property warranted?No. The condition of properties varies. Properties are sold "as is-where is" without a warranty or guarantee of any kind other than a clear title. It is extremely important to know the property you are bidding on. All bidders should make a physical inspection of the property before placing the bid.
What does "As-Is" mean to me as a seller?As a seller you must disclose all relevant information pertaining to your property. National Real Estate Auction Corporation will provide a seller's disclosure form for you to complete and sign.