Real Estate Services & Real Estate Auctions
Why Online Auctions: REAL ESTATE AUCTIONS are one of the fastest-growing forms of Real-Estate Marketing in the United States. If you are a SELLER who wants to move your property at an accelerated pace, and to earn true market value in return, then the Auction Method of marketing may be for you. If you are a BUYER who wants to make a smart investment at fair market value, and is tired of endless negotiations with unresponsive sellers, then the purchase of properties at Auction will work for you. Until recently real estate auctions, unlike art and antique auctions, have experienced unfounded negative images in the market place. The majorities of auctions today don’t result from foreclosure or distress situations, but rather are the result of a seller choosing a cost-effective, accelerated method to sell a property. Auction is truly a win-win situation: sellers obtain immediate cash and buyers purchase properties at fair market value, the price determined by open, competitive bidding. Online Real Estate Marketing is an innovative and effective marketing tool which can be profitable to sellers and buyers, alike. In fact, under the right circumstances, online marketing can be the most effective way to accelerate a property sale and establish the property's true market value. All of our transactions are conducted via the Internet, on our company’s website: www.24by7bid.com Our state of the art Online Marketing format allows customers and/or brokers/agents to transact from their own computer, 24/7, in the privacy of their own home or office. A property listed with our company, receives world wide exposure through our international alliance with an extended network of renowned real estate professionals and comprehensive marketing campaigns. Marketing Our comprehensive marketing campaigns are creative, effective, results-oriented and tailored specific for each property. Each campaign is conducted on a local, regional, national and International level. Our company’s experienced marketing professionals, execute the most focused cost-effective advertising campaign for every online listing. Benefits of the Online Auction: · World wide exposure · 24/7 monitoring of transactions · Transparency to consumers · Instant/immediate communication · Paperless environment · Real estate specific advertising infrastructure · State of the art technology · Proprietary online listing and offer system · International alliance with an extended network of real estate professionals · Comprehensive marketing campaigns · Experienced real estate marketing professionals · Online Transaction Management Types of Auction: ABSOLUTE AUCTION (or auction without reserve) 1. The property is sold to the highest bidder, regardless of the price. 2. Since a sale is guaranteed, buyer excitement and participation are heightened. 3. Generates maximum response from the market place. MINIMUM BID AUCTION 1. The auctioneer will accept bids at or above a published minimum price. This minimum price is always stated in the brochure and advertisements and is announced at the auction. 2. Reduced risk for seller as the sales price must be above a minimum acceptable level. 3. Buyers know they will be able to buy at or above the minimum. 4. The seller may, however, limit interest in the auction to only those buyers willing to pay the minimum bid price, and therefore it must be low enough to act as an inducement rather than a hindrance. RESERVE AUCTION (an auction subject to Confirmation) In this scenario, the high bid is reduced, in effect to an offer not a sale. A minimum bid is not published, and the seller reserves the right to accept or reject the highest bid within a specified time—anywhere from immediately following the auction up to 72 hours after the auction concludes. Sellers predetermine the price at which the property will be sold and are not obligated to confirm a sale other than at a price that is entirely acceptable to them. The main disadvantage of a Reserve Auction is that prospective buyers may not invest time and expenses of due diligence when there is no certainty they will be able to buy the property even if they are the highest bidder. Q&A How Do I Sell at a Real Estate Auction? Q. Why should I sell my property using the Auction Method? A. To accelerate the sale of your property by generating additional consumer interest and activity. Advertising a property for Auction creates a sense of urgency, bringing all interested parties together on one specified day. An Auction provides multiple bidders competing to buy, bringing higher revenues than negotiating with a single buyer. Non-contingent contracts and 30-day settlements are required of the buyer of your property. This means a quick transaction for you. Q. I am not in financial trouble, and I am concerned about what people may think if I should Auction my property. Can you give me any insight on this? A. You are not alone in your concerns. Many people are afraid of the old, outdated perception of Auctions that some people have. There are great differences in the marketing and the public image of a voluntary, 'by choice' Auction, such as ours versus a distress Auction. For example, some owners may offer financing on certain Auction properties. Our Auctions are positive, enthusiastic events designed to generate competitive bidding to secure the highest possible market price for your property. Q. I am concerned about the net amount I will realize from the Auction, and my ability to cover my existing mortgage. What advice do you have to offer on this? A. We understand your concerns and your need to cover an existing mortgage on your property. Auctions are designed to accelerate the sale of property by determining what the market is willing to bear. On Auction day, the market will determine what valuation is acceptable for your property. The fact that you are selling at Auction does not change the market value of your property. In short, if the market value is at a level below your existing mortgage, then that is the price that you have to work with regardless of whether you use the traditional method or the Auction method to sell your property. Q. Will we still have to consider contingent contracts? A. Everything that we sell at Auction is sold "as is" and "non-contingent," with a 30-day projected settlement date and the buyer paying all allowable closing costs associated with the sale. Q. Where will the Auction of my home be held? A. The property will be listed on our fully automated website www.24by7bid.com for a predetermined time period. Buyers can bid on the property online from the comfort of their own home or office during the listed period. Q. Who pays the Auctioneer fee? A. The Auctioneer is paid via the buyer's premium, which is added to the buyer’s final bid. There is no commission charged to the seller. Q. Does "as is" mean that I do not need to disclose any known defects? A. Though we are selling "as is," we must abide by applicable State and Federal Laws. The Broker-Auctioneer will offer full disclosure to all interested parties in accordance with the law. Q. How do I sign up for Auction? Contact Continental Realty, Inc. to set up an appointment to view your property and determine whether it is appropriate for the Auction Method of sale. If your property is listed with a Real Estate Broker, ask them to refer your listing to Continental Realty, Inc. and the Broker will be compensated. After signing with us, expect a three to four week advertising campaign prior to your Auction day. Then expect to close in 30 days or less, with no contingencies. Q. The property is priced below the market right now. What is this going to mean if I register it for Auction? A. We find that often price is not the issue in determining why a property has not sold. Many times the reason that a property has not sold is that there has not been adequate traffic to view the property, and therefore, not enough interest has been generated in order to sell the property. In other words, it has become "stale" on the market. The Auction process is the best way to revive interest in the property and instill the excitement for it that will result in a positive sale. Q. What types of properties do you sell? A. We Auction all types of Real Estate, from condominiums, co-ops, townhouses, single-family dwellings, land, vacation properties, commercial, investment properties, to high-end premier properties and country estates. Auctions have been successful in all of these categories. How Do I Buy at a Real Estate Auction? Q: I've never purchased a property at an Auction. Where do I start? A: Study the information available about the property in advance. The terms of a Real Estate Auction can vary, depending on the type of Auction the seller has chosen. Visit the property at an Open House and ask questions. Get any necessary financing arrangements made ahead of time. Q: Since I'm not familiar with Real Estate Auction how can I be assured that all Department of Real Estate Rules and Regulations apply? A: Brokers/Auctioneers must abide by all applicable State and Federal Real Estate Laws. Q: Can I have any inspections done on the property before deciding whether or not to bid? A: Absolutely! All properties are sold as is. You should do your inspections and ask questions prior to the sale. On the sale day, the property is sold with no contingencies. The Department of Real Estate disclosures are provided on the property prior to the sale: Transfer Disclosure Statement, Real Estate Agency Relationship Disclosure, Water Heater Compliance, Smoke Detector Compliance, Environmental Hazard Disclosure, Database Disclosure, Pest Inspection Report, plus a Preliminary Title Report. You may make arrangements with us for any other inspections you would like, as long as they are completed prior to the sale. Q: How do I determine how much I should bid? A: The Auction is the oldest established method of determining the value of property. The property is worth what qualified buyers are willing to pay! At an Auction, you immediately know what other qualified buyers are willing to pay, so you'll know that the price is a fair market value. Q: What if I need time to get financing? A: Your financing should be arranged prior to bidding on a property. This determines how much you personally can pay for the property, and establishes your comfort zone in the bidding process. Q: What is the Buyers Premium? A: The Buyers Premium is an Auction fee, added to the winning bid. It should be taken into consideration when you are bidding. Q: How much do I put down as a deposit? A: The terms of the deposit will be in all advertising and brochures on the property. This deposit is non-refundable. The balance is generally due in 30 days or less. Q: How do I register to bid? A: Simply register online at www.24by7bid.com Q: What if I'm already working with a Real Estate Agent and want to bid on property being sold at Auction? A: You can certainly include your agent in the Auction process! We will compensate them at the close of escrow if you are the successful bidder. Your agent must pre-register you as a bidder with our office prior to the initial bidding. Benefits of Using the Auction Method
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