A real estate auction is the sale of real estate at a fair market value, using a competitive bidding process.
The auction method allows for sellers to sell their property “as-is”, in as little as 30 days. High impact marketing is one of the key factors to the success of the auction. The following information will provide sellers a quick overview of the auction process.
Property Evaluation/Due Diligence:
Prior to selling your property, an auction advisor will evaluate your property for an auction. They will also gather facts and information that will be used as part of the bidder package.
Auction Proposal:
An auction professional will than put together an auction proposal outlining how the property will best be offered, for example should 1 or more parcels be offered, what type of marketing plan should be implemented, and scheduling a timeline of events.
Marketing Plan:
One of the key factors in a successful auction is a high impact, accelerated, comprehensive marketing plan. “A plan to get
your property SOLD”. This marketing plan will be custom designed to ensure exposure to your buyer’s profile. Marketing
implementation usually begins 6 weeks prior to your auction date. Due to this short lead time, our marketing must be
intense & comprehensive. Our award winning digital and on-line marketing will bring results second to none.
Marketing Period/Pre Auction Time Frame:
During this time frame your signs will be posted, sale flyers designed, custom video produced, and marketing implemented.
Bidder/Buyer packets will be prepared, phone calls handled, and property inspections performed. Your auction advisor will
be overseeing all placed print and web media. one or two pre-determined open houses/inspections will be held and the
project manager would also be available for private showings of your property. In some cases an online inspection will be
produced, which will allow for many more buyers to view your property from the convenience of the web.
Weekly Updates:
You can expect a call at least once a week from your project manager, highlighting the weeks ad placements, web hit count,
buyer feedback report, as well as an update on current market conditions.
Day of the Auction:
Your on-line live auction will begin promptly at the appointed time, with opening remarks from the auctioneer. Sellers may
view the auction taking place on-line, come to the auction location, or be available on the phone. Your project manager will
discuss with you the final counts on web hits and marketing. During the auction process, an experienced bidder assistants who will help bidders communicate their offers to the auctioneer. At the closing of the on-line auction your project manager will be in contact with you for seller’s confirmation.
Sold:
When it has been determined that the final bid has been made, the auctioneer will announce the property “sold” subject to
seller confirmation. The project manager then makes arrangements to have the buyer and seller sign the purchase
agreement. The buyer then makes the required earnest money deposit. This earnest money is held in the Alliance Bid trust
account until closing.
Closing Coordination:
Upon a fully executed purchase agreement, a signed copy will be provided to both sellers and buyers. A copy of the purchase agreement will also, be sent to the buyer’s lender and the designated Title Company.
Property Evaluation/Due Diligence:
Prior to selling your property, an auction advisor will evaluate your property for an auction. They will also gather facts and information that will be used as part of the bidder package.
Auction Proposal:
An auction professional will than put together an auction proposal outlining how the property will best be offered, for example should 1 or more parcels be offered, what type of marketing plan should be implemented, and scheduling a timeline of events.
Marketing Plan:
One of the key factors in a successful auction is a high impact, accelerated, comprehensive marketing plan. “A plan to get
your property SOLD”. This marketing plan will be custom designed to ensure exposure to your buyer’s profile. Marketing
implementation usually begins 6 weeks prior to your auction date. Due to this short lead time, our marketing must be
intense & comprehensive. Our award winning digital and on-line marketing will bring results second to none.
Marketing Period/Pre Auction Time Frame:
During this time frame your signs will be posted, sale flyers designed, custom video produced, and marketing implemented.
Bidder/Buyer packets will be prepared, phone calls handled, and property inspections performed. Your auction advisor will
be overseeing all placed print and web media. one or two pre-determined open houses/inspections will be held and the
project manager would also be available for private showings of your property. In some cases an online inspection will be
produced, which will allow for many more buyers to view your property from the convenience of the web.
Weekly Updates:
You can expect a call at least once a week from your project manager, highlighting the weeks ad placements, web hit count,
buyer feedback report, as well as an update on current market conditions.
Day of the Auction:
Your on-line live auction will begin promptly at the appointed time, with opening remarks from the auctioneer. Sellers may
view the auction taking place on-line, come to the auction location, or be available on the phone. Your project manager will
discuss with you the final counts on web hits and marketing. During the auction process, an experienced bidder assistants who will help bidders communicate their offers to the auctioneer. At the closing of the on-line auction your project manager will be in contact with you for seller’s confirmation.
Sold:
When it has been determined that the final bid has been made, the auctioneer will announce the property “sold” subject to
seller confirmation. The project manager then makes arrangements to have the buyer and seller sign the purchase
agreement. The buyer then makes the required earnest money deposit. This earnest money is held in the Alliance Bid trust
account until closing.
Closing Coordination:
Upon a fully executed purchase agreement, a signed copy will be provided to both sellers and buyers. A copy of the purchase agreement will also, be sent to the buyer’s lender and the designated Title Company.
