Auctioning is not a replacement for the traditional way of selling real estate, rather it is an alternative to it.
Auctions elevate buyer's sense of urgency in acting to purchase property by creating a fear-of-loss that drives competition and results in achieving the highest fair market value.
If you're expecting to receive multiple offers on your listing, you'll probably be leaving money on the table if you don't sell via auction.
Most wealthy individuals are familiar with trading luxury assets such as jewelry, art, classic cars, and so on, through auctions. Why not apply this same method to selling real estate of all price points? Auctioning allows the listing agent and seller to fix the timing and terms of the sale. For buyers, auctions provide clarity in pricing and eliminate the guesswork when it comes to what is needed to "win" an offer, while assuring that no one is overpaying.
Sellers are able to fairly determine and receive the highest market value at time of the auction for their property, while buyer's have a fair chance to win knowing the actual bid they must beat. Unlike the sight-unseen multiple offer situations where buyer's bid substantially over asking price and later regret their decision, auctions remove any potential buyer's worry that their offer may have been unreasonable.
Always review the specific auction's terms and conditions to confirm. In most cases, no, the winning bidder is buying the property as-is, where-is without contingency. Disclosures, due diligence packages, etc. are provided in advance and available for review. Should a prospective bidder wish to conduct their own inspection, they are welcome to do so; however, they are for informational purposes only. No repairs will be made or negotiated.
Buyers may finance should they choose, yet it is advisable to have a fully underwritten conditional approval. Keep in mind, there is usually no financing or appraisal contingency for an auction. If the lender decides to only finance up to a certain amount it will be your responsibility to bring the difference to closing out of your own pocket.
No. Just like fine art, fine vehicles, and collectables, many of the world's finest assets are sold via auction. Here at 3D Community, you will find only non-distressed properties. We do not work with foreclosures or short sales.
Although the final bid is subject to seller confirmation, our sellers are ready to sell their home and want to get market value which is what the final bid is. In most cases, the starting price is the lowest price the seller would take. You can rest assured that they're marketing their home via auction with the true intention to sell.
Our fee is usually paid by your listing agent and built into their listing agreement.
In most cases, there isn't an additional charge to you, the buyer/seller aside from your and your agent's listing agreement.
Your listing agreement will be just like a traditional listing.
Absolutely! We work side-by-side with agents throughout the marketing and sale process. There's a lot that goes into a successful real estate transaction and we recognize and appreciate the value and partnership that quality agents provide. Buyer's agents should refer to MLS for co-broke details.
Your agent will provide you with a link to register for the property's auction. The auction is not viewable by anyone other than those qualified and registered to bid. If you have questions chat with us and we'll direct you.
Agents, please register your buyer/bidder clients via the "Agents" tab.
Contact us and submit your property for consideration. From there, we will reach out for your free strategy call, collect what will then be made part of the due diligence package, an auction date will be selected and the property officially scheduled to auction through our online auction platform.
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3201 Dallas Pkwy, Ste #200-305, Frisco, Texas 75034
Call us Toll Free: 877.977.9321 Direct: 469.300.1230