What is an Auction? By definition an Auction is a public sale at which property is offered to be sold to the highest bidder.
Benefits for seller using auction method
Here’s a fair question: When it comes to selling your property would you like to be in control or at the mercy of strangers?
(The correct answer is OF COURSE I’D LIKE TO RETAIN CONTROL OF THE SELLING PROCESS WHILE STILL GETTING THE BEST PRICE!!!
The Seller retains control! You decide the date and time your property will sell. In a reserve auction situation you also control the minimum price. By taking yourself, as seller, out of the negotiating process and setting equal terms for all potential buyers, you have removed leverage from the buyers side of the equation. Take away the inconvenient and unscheduled showings, along with unqualified prospects "dropping by" with little notice. Know when your property will sell and have a timeline in which you know it will close. TAKE CONTROL OF YOUR PROPERTY!
The Auction Method provides a dedicated marketing campaign in which your property will be showcased and highlighted. Instead of being offered along side numerous other properties with a small "For Sale" sign, your property will have large signs on the property as well as other large signs leading in from strategic intersections. Marketing usually includes newspaper, color brochures and broad internet exposure. Our online bidding platform provides nationwide exposure while targeting over 100,000 actual buyers in the Kentucky & Tennessee area. Coverage extends to the Auctioneer App, KY Auctions App, AuctionZip along with 30 other auction related sites.
Make em compete
By bringing all potential buyers together and making them compete, you force indecisive buyers to make a decision and offer maximum price for the property. Market value of property/product is what a buyer willing to pay for it. Auctions almost always reach this mark, and have the potential to bring a higher than expected price. Nearly everything that has sold for a record price(real estate, autos, antiques, art, etc) sold using the Auction Method of competitive bidding. Simply put, auctions are the best way to achieve premium price and receive top dollar for your property.
remove contingencies & limit liability
The terms and conditions of the auction are set prior to the auction by the seller and Auctioneer. In most cases auctions are sold "as is, where is" with no contingencies such as inspection/repair, financing and appraisal. In a traditional offer produced by a listing the price is first negotiated. Next would be a home inspection. Although there are several excellent and ethical inspectors, some are overzealous or under qualified. This leads to more negotiations and expensive, unnecessary repairs. The ball is always in the buyers court. Auctions remove the contingencies and leverage, putting the Seller in the drivers seat for the entire process.
Other advantages and interesting facts
Auctions accelerate the selling process. This helps by eliminating expensive carrying costs such as mortgage payments, interest, taxes, utilities, maintenance, etc.
Auctions typically require a non-refundable deposit. The amount can vary depending on the auction but are usually 10-15% of purchase price. Auctions, only serious buyers need apply!
Keeps the property from being overpriced and becoming stale, resulting in a price drop. This can produce doubt in the buyers mind.
Keeps the property from being under priced. This result would involve the Seller losing money.
Auctions have been a preferred method of selling real estate or personal goods for over 2,500 years. Records from Rome and Greece have been found to prove this.
Rome was the first nation to license auctioneers
Roman Emperor Marcus Aurelius was known to use the Auction Method.
George Washington also took advantage of the Auction Method
IF YOU AREN'T USING THE AUCTION METHOD TO SELL YOUR PROPERTY, YOU ARE PROBABLY COSTING YOURSELF A SUBSTANTIAL AMOUNT OF MONEY!
A preferred method for over 2,500 years with the capability of nationwide online bidding,
let Kepple Auction Company put our experience to work and get your property SOLD!
Do I have to sell at any price? What if it just brings a dollar!? First of all, we wouldn’t give your property away! There are two types of auctions, absolute and reserve. An absolute auction DOES sell at the highest bid. If that’s a concern you can choose a reserve. A reserve auction lets you choose the minimum bid that you’ll accept.
How fast can we have an auction and get money in my hand? From the time an auction contract is signed, thru sale day to closing is typically 60-75 days. This will vary depending on the situation.
Are all properties great for auctions? Not really. If the property/owner/situation won’t benefit from an auction we will tell you. We can advise you the best we can and sometimes that means saying no. The only way to know if to ask a licensed auctioneer you trust.