About Auctions
With the state of the real estate market, property owners are looking for alternative methods to selling there property. Auctioneers have recognized the concerns of property owners. Listing your property in today's market is a lengthy process.
With a Real Estate Auction, the property is not tied up with a long-term listing. In fact, listing your property with TS&P Auctions, your property will be sold in less than an hour, rather than months and sometimes years. However the auctions process may require a three-four week marketing effort to attract serious bidders/buyers.
TS&P Auctions has lower fees than the traditional Broker's commission and other auctioneers. We charge the seller a minimal marketing fee.
Auctions are a trouble-free and rapid way of selling and purchasing Real Estate. The Uniformed Commercial Code governs auctions. According to the Uniformed Commercial Code, all auctions are reserved unless advertised as absolute.
Absolute Auctions are auctions without qualifications, limitations, or reserves and Real Estate will be sold to the highest bidder regardless of price.
Reserve Auctions are auctions with qualifications, limitations, or reserve and Real Estate is offered but will not be sold if a reserve (minimum price) is not met.
Minimum Price is the lowest price set by seller that he/she will accept.
Buyers Premium is a fee charged by the auctioneer, which is paid by the buyer in addition to the hammer price. For example if you attend an Auction that charges a Buyers Premium and you purchase an item for $10,000. You will end up paying $10,700 if there is a 7% Buyers Premium
Contingencies are a seller's nightmare. They are written clauses in your contract that gives the buyer time to evaluate aspects of the property before proceeding to closing. If contingencies are not met, it allows the buyer to back out of the contract with no penalties. With auctioning your property is sold “AS IS, WHERE IS’ no contingencies no questions asked.
Price:
Instead of asking a price and considering lower offers, sellers are quick to grasp the concept that an auction is the only way you can get more than you expect, or hope, to get, especially in today's real estate market.
What To Expect
In order for you to make a well-informed decision on the minimum price that you will want to accept. TS&P Auctions will provide you with current market analysis. Your property will be marketed in newspapers, MLS (Metropolitan Listing Service), TS&P Auctions’ website, Signs, Craig's List, My Space, and with our extensive network of clients.
Seller:
After you have decided to Auction Your Property, you will be required to sign a contract that will include giving TS&P Auctions permission to take pictures, put up signs, and gain entrance into your property.
Bidder:
After you have selected a property that you would like to bid on from our Current Listings, you will register. All bidders must register. Upon registration you will receive an email confirming your registration and confirmation of your bid number. After registration you will need to secure financing.
On the day of the auction, our auction staff will greet you and you will receive a bid card. You will need to provide us with a state issued identification and your confirmation email that includes your bid number.
Auction
Auctioneers will announce the start of auction and the terms of sale are read at that time bidding begins. The seller has the right to accept or decline all bids. The Final bid is accepted and contract and other documents are signed. After the final bid is accepted it is up to the bidder to finalize finance. Title work will be completed within forty-six (46) days or before closing held.
Payment:
Acceptable payment is cash, certified check, and U.S. postal money order.