We are not your grandfather’s real estate & auction company! We only sell non-distressed quality real estate. Our cutting-edge Love Auction methods (Absolute & Reserve Auctions) put you in control of the entire sales process and are designed to sell your residential and commercial real estate in 30+/- days and net you the most money possible at closing. The Love Auction deal structures will save you thousands of dollars in sales expenses and real estate commissions. Your property will be sold in “As-Is” condition for cash with no contingencies. If you choose to sell your property by a Reserve Auction, it is RISK-FREE and if the auction does not produce a Buyer willing to pay your desired reserve sales price, you are under no obligation whatsoever!
Auction v. Traditional Sales Method
Analyze the auction sales method versus the traditional sales method in a side-by-side comparison.
LOVE AUCTION SALES METHOD
TRADITIONAL SALES METHOD
|The Seller is in control of the entire process.||Buyer is in control of the entire process.|
|Accelerated Sales Process with predetermined auction/sale/settlement date dates.||The property may sit on the market for months/years with no predetermined sale or closing date.|
|The entire Auction sales process usually takes 30+/- days.||The Traditional sales process averages 4 to 6 months and can take years.|
|No Contingencies, properties are sold in As-Is condition. 97% of auction sales close.||Contingencies eat up Sellers time and money. 30% -40% of all Traditional contracts are terminated due to contingencies.|
|Closing occurs faster, usually 30+/- days after the Auction date.||Closing from the contract date can drag out for 60 days or longer.|
|The property is quickly sold in “As Is” condition for Cash.||Home Inspections, financing, and other contingencies slow the process and often force the Seller to reduce the sales price or kill the deal.|
|No price limitation. Sales price only can go up, never down. Final Auction price often exceeds the traditional listing price of the property, especially in a hot Sellers market.||Limited sales price. The listing price is the highest price a Seller can achieve but rarely do. Price typically negotiated down never up.|
|Seller pays a minimal closing cost, increasing net proceeds. Buyer pays most, if not all closing cost.||Seller pays thousands of dollars in closing cost decreasing Seller’s net proceeds.|
|Buyers bid competitively to purchase the property. Auctions create a sense of excitement and urgency and force Buyers to act.||Buyers submit low-ball offers and attempt to bargain Sellers price down, using time as a pressure tactic.|
|Auctions provide the Seller & Buyer a true picture of the actual market value of the property on the day of the Auction.||Perceived market value is subjective. The estimated market value at the time of the listing often changes and may increase or decrease by the closing.|
|An Auction focus is solely on the Sellers’s property.||No real focus on Sellers property. Just one of many properties listed. Agents will show your property and countless others on the same tour.|
|Little or no carrying cost after the Auction date. Buyer is responsible for carrying costs from the date of Auction.||Seller pays some or all carrying costs until closing.|
|Limited Property inspection. Showings are controlled by Seller. The Seller sets the dates and times of showings.||Potential Buyers create a never-ending inconvenience. Strangers tramping through the property with little or no notice to and often going through Sellers personal property. Invasion of privacy.|
|People who inspect the property, register to bid, post the required deposit and attend the Auction are real Buyers that want to purchase the property.||People who inspect the property are often “tire kickers”, nosey neighbors and/or financially unqualified to purchase the property or simply sightseeing and wasting the Sellers time.|
|If Auction fails to meet the Seller “Reserve” price and the property does not sell, Seller still has Buyers that are ready, willing and able to purchase the property. Often, deals are made before and after the Auction takes place.||If a Buyers opts out of the contract due to a contingency or fails to close. Seller has no other prospective Buyers that are still in the market due to the time lost. The entire long Sales process starts over, subject to market changes.|
GIVE IT A TRY
Calculate Your Savings
Simply input your desired sale price for the property, the mortgage payoff along with your monthly expenses and our Love Auction Calculator will provide 3 different sale scenarios at various price levels. The calculations show you the advantage of a Love Auction over the traditional sales method.
- Desired sale price entered in Scenario #1.
- Scenario #2 is calculated at 97.5% of the desired sale price entered in Scenario #1.
- Scenario #3 is calculated at 95% of the desired sale price entered in Scenario #1.
- Monthly expenses for a Traditional Sale is calculated for 180 days (average time from the traditional listing start date until closing).
- Monthly expenses for Auctions Sale is calculated for 60 days (average time from auction listing start date until closing).
- Closing cost calculations for an Auction are much less because Buyers are responsible for the closing cost.
- These calculations are estimates only, other factors may apply in a real estate transaction.
Selling without a Reserve is also referred to as an “Absolute Auction”. This means that the Seller has agreed to have the value of the property determined by the “market” through competitive bidding on auction day. The Seller will accept the high bid regardless of the amount. The benefit of this strategy is the confidence it instills among Buyers as they know the property will be sold to the highest bidder on auction day. Buyers come prepared to make their highest and best bid. Auctions without a Reserve typically will produce a much better Buyer turn out than an auction with a Reserve. Research also shows that auctions without a Reserve typically will bring a higher sale price for the property than auctions with a Reserve.
Selling with a Reserve means that the Seller is placing a minimum sale price for the property the Seller is willing to accept. Should the highest bid at the auction fall short of the Reserve price, the property will not be sold. Some potential Buyers will not attend this type of auction because they do not know what the Reserve price is set at and/or if the property will even be sold on auction day. An option to maintain Buyer interest is to have a low “Opening or Starting Bid”. The Starting Bid is not the Reserve price and is only used as a means to attract Buyers. The Opening or Starting Bid lets potential Buyers know that the property will be sold, so long as the winning bid surpasses the Reserve.
Auction Sales Method
Click on the link below to fully understand the auction process for real estate sales.
Timing is Everything!
Click on the link below to fully understand how time can affect the sale of real estate.
Auctioning a property in a “Hot” market is absolutely the best way to sell property! The auction sale price often exceeds the estimated sale price in a “Hot” market. In addition, the auction sale has no contingencies and closes in 30 days after the auction. Imagine, a traditional listing sale that has dragged out and died due to a contingency, having to go back on the market months later and after the market has cooled off! Remember the old saying….”strike when the market is hot”
The world’s finest art, classic cars, yachts, and memorabilia are sold at auction. Over the past 20 years, eBay has sold billions of items by the auctions method and real estate auctions have become mainstream and not just for distressed properties. So why not auction your property? It is the fastest and best way to sell your property!
Why put a price on your property and limit the sale price? Why put your life on hold while waiting for someone to make an offer? Why inconvenience yourself for inconvenient showings? Why wait for the Buyer’s contract contingencies to be satisfied? Did you know that contingencies such as a home inspection or a loan approval kill upwards of 30% of all property contracts?
In today’s fast-paced world, the entire real estate auction market has exploded and the internet has made real estate auction market much larger than ever before. Not only do investors participate in real estate auctions, but prospective owner-occupants dominate residential auction segment today. The traditional antiquated sales format is shrinking, due to modern technology. Today, people prefer buying at auction because they know they are purchasing the property at market value. Buyers are generally very comfortable with the sales price because they know that someone has placed a bid just below them. The same applies to commercial properties.
Yes. It is known as a “Reserve Price” and/or a Reserve Auction. If the auction bidding does not meet or exceed the Reserve Price, the property will not be sold.
Yes, there are several ways to auction a property. With an undisclosed Reserve, without a reserve and with a minimum Opening bid.
Keep in mind that what the property sells for is not the number to focus on. The net proceeds from the sale are the important number, what you put in your pocket after the closing is most important. Therefore, selling the property quickly and in “as is” condition will increase the net proceeds. Love Auctions will evaluate each property on a case-by-case basis and will provide you with a course of action how to generate the highest possible price for your property.
The best answer is “Fair Market Value.” We don’t know what the property will bring until the auction is over. Through our marketing campaign, we ensure your property is showcased to all potential Buyers in the marketplace the day of your sale. You, as the Seller, reserve the right to reject the final offer.
Love Auctions sales commissions are less than a traditional sales commissions and deal structures are determined on a case by case basis.
The Love Auction process typically takes 60+/- days from the Listing date until the Closing date which is much faster than a traditional sale.
Our commitment to a Seller is to achieve the highest price available for your property. We will guide you through the sale process, no matter what sales platform is being utilized.
If the auction does not meet the reserve price, you would have two options. First, the property can be withdrawn from sale or you can accept the highest price offered.
The auction will most likely take place at property location or at our offices. In addition, internet bidding and phone bidders will be available to maximize the number of potential Buyers that usually will result in a higher sales price.
Yes, properties can be auctioned with tenants with existing leases, subject to local, state and federal regulations.
Yes, we have auctioned real estate in less than perfect condition. All properties that we auction are sold “As Is” condition, however, we disclose the condition of the property in the information package that is posted online. We always recommend that the property is put in the best condition possible prior to the auction to obtain the highest sale price.
Generally, all properties are sold with a clear title that is free and clear of all liens. Therefore, any lien will be disclosed to potential Buyers and if not paid before the closing, will be paid from sales proceeds at the closing. However, on very rare occasions, properties have been sold subject to existing liens with full disclosure.
Yes! We believe the show must go on! Some of our best sales have happened during inclement weather and most auctions, bidders can bid through the internet and do not need to attend the live auction.
Generally, at closing, however, you are in control of the terms, conditions, and possession.
We guarantee to market your property and to offer the highest level of auction services available.
Whenever you’re ready. With today’s busy society, any time is a good time. There are always Buyers in the market.
Most often there is a Buyer’s premium, however, all deal structures are determined on a case by case basis.
No, there are no hidden costs, everything is clearly outlined in the Auction Listing Agreement.
You want the property to look as good as possible to achieve highest sale price possible. We provide you with recommendations that will help you such as; general cleaning, removing clutter, painting, landscaping, furniture staging, etc.