Florida auction company, Auction iformation, Auction FAQ's, New Jersey Auctioneer

FREQUENTLY ASKED AUCTION QUESTIONS.

You may also find answers to some general questions in the Auction Glossary

How long does a Florida real estate auction take?

Typically a Florida real estate auctions takes 3-4 weeks to prepare and advertise (the most important part) and then up to another 30 days from the date the prorperty was sold at auction.

What about personal property auctions and estate auctions?

Again the typical preparation and advertising period for the auction is 3-4 weeks depending on the merchandise (in many cases a catalogue needs to be created) and the advertising blitz put out. At personal property or estate auctions the Auctioneer also needs to do a complete inventory review and set-up so that on the day of auction the auction sale is expedited and auctioned in an orderly manner. Settlement with the owners, trustees, heirs, or attorney is usually complete within 14 days from the date of the auction.

What is an "absolute" auction?

The property being auctioned will be sold to the highest bidder regardless of price.

What is a "reserve" auction?

At a reserve auction the seller has the right to reject or accept the highest bid (also called subject to sellers confirmation). Property not advertised as "absolute" is being auctioned with a reserve.

What if no one comes to the auction?

With a professionally prepared advertising campaign properly released prior to the auction date in the proper venues, this will attract interested bidders to the auction. Advertising for any type of auction is key to attracting bidders and Carol Madden has the experience needed to create the professional marketing plan that your auction will need. For real estate auctions 30 days is usually required and for non real estate auctions 3 weeks is required.

What does the seller pay for at auction?

This depends on many factors. The sellers costs are usually minimal. Carol Madden Auctions represents the seller, owner, heir or trustee. For Florida real estate auctions, the seller usually pays the costs of advertising the auction. This cost is provided ahead of time with an advertising budget the seller agrees to before signing the auction agreement.

*In the current Florida real estate market many sellers are choosing to pay the Auctioneer the commission rather than have the purchaser pay a buyer's premium. This decision is made based upon the circumstances of the auction and the results desired by the seller.

The property taxes are prorated as of the date of the auction.

Why sell by auction?

Because typically property is sold "as is", no closing costs, no contingencies (real estate auctions can be conducted in many ways and you should consult with Carol Madden Auctioneer as to what auction method is best for you) closings are different ( loan approvals or inspections) and the closing is within 30 days of the auction date.

How do you know buyers at an auction are serious buyers?

At a real estate auction buyers are required to present a minimum cashiers or certified check of (usually $10,000.00 at a real estate auction) to register to bid. The bidder has to agree in writing prior to the start of the auction to supply a total of 10% of the contract price ( high bid price plus buyers premium) at the conclusion of the auction. This money is held in escrow until the property closes 30 days later.

What other types of auctions does Carol Madden Auctions do?

We conduct estate auctions, personal property auctions (for people moving or downsizing) bankruptcy auctions, antiques and collectibles auctions, charity auctions, benefit auctions, court ordered auctions, store closings, and retirement sales. For these auctions a confidential no obligation consultation with the Auctioneer, Carol Madden will provide the information needed for each type of auction.

Carol Madden Auctions is a Florida Auction Company, and member of the Florida Auctioneer Association, New Jersey Society of Auctioneers, National Association of Auctioneers. In Florida we Auction Florida real estate. In New Jersey we conduct probate auctions, auction estates, antiques and collectibles auctions, charity auctions, benefit auctions, business bankruptcy auction.

Every auction is different and Carol Madden Auctions will tailor the auction to fit your need.

No obligation consultations are always available from Carol Madden Auctions

Call 407-488-6473 Carol Madden Auctioneer

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