PROFESSIONAL AUCTION SERVICES
One Call Does It All - 402-571-0393
FEATURED AUCTIONS
Join Our Mailing List
Subscribe below to be notified by
EMAIL of upcoming auctions!
EMAIL of upcoming auctions!
FAQs
REAL ESTATE FAQs | PERSONAL PROPERTY FAQs
Real Estate FAQs
Q. Do real estate auctions depress home values?
Not at all! Real estate auctions reveal the true market value of a property because auctions are conducted in an open forum where all bids are known, and participants are given immediate feedback on the property's value. At auction, values settle at the level the market can bear, neither elevated nor deflated.
^ top
Q.What is a real estate auction?
A real estate auction is a way to buy and sell real estate, through an accelerated process, by means of an auctioneer.
^ top
Q. What are the benefits of a real estate auction?
A real estate auction benefits both the seller and the buyer. Because buyers are required to be pre-approved, sellers are able to move their property quickly and efficiently. This equates to significant savings in long-term carrying costs such as interest, real estate taxes and maintenance. For buyers this can mean a smart investment, since properties are usually purchased at fair market value through competitive bidding. Auction sales are conducted in an open forum. This is significant and works for both motivated buyers and motivated sellers because the bidding process brings out a property’s true market value.
^ top
Q. Are all properties suitable for auction?
No. But most properties benefit from auction sales. Residential property (including town homes, condominiums, co-operative apartments and single family homes), commercial property, vacant land, even boat slips are sold with great success at auction. Property that has been on the market for an extended period of time sometimes gets a reputation for being “tainted” – these types of properties tend to perform poorly at auction. Also, some housing developments and areas due to true and false perceptions don’t always do well at auction. The reality is that developments that can be marketed effectively do extremely well at auction. Auction Solutions knows Omaha and the surrounding area (Including all of Nebraska and Western Iowa), and we will share our experience and insights with you before accepting a real estate auction of any type.
^ top
Q. If the property doesn't sell at auction, is it possible to still market it?
Yes. The real estate auction process will exposed a property to a large segment of the buying public. Those buyers interested in a particular property, but who are uncomfortable with the auction process will likely make an offer after the auction date. On occasion, similar buyers will make an offer to buy a property that they have great interest in prior to the auction date. Auction pressures often cause buyers to act.
^ top
Q. Can I be sure of getting a fair price?
There are several measures for measuring real estate value – appraisals, recent sales of similar properties in the area, etc. The reality is that an appraisal is merely an informed opinion. It is not an offer to buy. The real measure of value of real estate, at any given time, is what it will bring under competitive bidding from informed and motivated buyers.
^ top
Q. How are properties advertised for auction?
Successful advertising and marketing of properties being offered at auction is critical to the success of any real estate auction. Over the years, Auction Solutions has developed a proven marketing strategy and advertising process for each category of property being sold at auction. This has enabled us to get the best possible results for both sellers and buyers.
^ top
Q.How long does it take to market the property, have the auction, and close the sale?
Depending upon the type of property, the timeframe may vary. Generally, the process takes 30 to 45 days from listing to closing.
^ top
Q.Under what terms does a property sell at auction and who sets the terms?
Our auction specialists will work with the seller and set the terms well in advance of the auction. The terms will outline the following: the high bidder deposits earnest money (either a percentage of the purchase price or a stated amount) and enters into a purchase contract immediately following the auction with the balance of the purchase price due usually within 30 days at the closing. Title insurance is usually split between the buyer and the seller. Properties generally sell "as is" with no warranties expressed or implied. Clear title will be transferred to the new owner. Since the only issue left is price, due diligence is done in advance of the sale, such as preparation of information packages and inspection reports.
^ top
Q. How much does an auction cost?
Auction Solutions charges a fixed percentage fee which covers all costs associated with the sale of a property at auction. This is different from most realty companies that charge a sales commission. In addition to this, they often pass-on all out of pocket marketing expenses relating to marketing and promotion, as well as the conduct of the auction itself. You have to be careful because these fees can vary widely depending on the property being sold.
^ top
Q.What are the advantages to the seller in an auction situation?
Efficiency. Buyers come prepared to buy. "Lookers" are eliminated because most often bidders are required to pr-qualify with a bank prior to the auction. There is a sense of immediacy at auction. Sellers get maximum exposure for their properties. The auction marketing strategy differs from conventional advertising. It is more concentrated over a shorter time and therefore more intense and visible. High carrying costs are avoided. Through auction, the seller is in control and knows that if the reserve is set correctly, his/her property will sell on a certain day at a certain time and close usually within 30 days of the auction. By selling quickly, the seller is able to avoid high carrying costs such as mortgage, insurance, real estate taxes, security and maintenance and is also able to benefit from the use of the money to reinvest in other real estate or investment opportunities elsewhere.
^ top
Personal Property FAQs
Q. Why do I need an auction?
If you have a relative’s estate, a business that is closing or downsizing, or if you have a collection or any assets that you need to liquidate, you need an auction. At Auction Solutions, we turn your assets into cash the fast and easy way.
^ top
Q. What can be sold at Auction?
Virtually anything that has a value can be sold. We have the ability to sell Real Estate as well as personal property. The Real Estate market is a rapidly expanding part of the market, but these are not the only items that can be sold at auction. Intellectual Property and Mineral Rights can also be sold at auction. In fact, recently a US based auction company sold dog cloning services for several hundred thousand dollars.
^ top
Q. Is it true that Estate Sales are a better option than Auctions?
Auctions have many advantages over estate sales. First and foremost, an auction can be a complete solution. At auction we can liquidate anything from real estate to personal property and commercial and farm equipment. Estate sale companies are typically not equipped to provide this type of service.
Auctions generate competitive bidding and excitement that means more money for your items.
Auction Solutions can provide a complete turn key solution.
Auctions generate competitive bidding and excitement that means more money for your items.
Auction Solutions can provide a complete turn key solution.
^ top
Q. Are Association memberships important?
On our web site, you will see that we proudly display logos for NAA, the National Auctioneer’s Association, NEAA, the Nebraska Auctioneer’s Association, CAI, the Certified Auctioneer’s Institute, NAR, the National Association of Realtors, OABR, and the Omaha Area Board of Realtors. Auction Solutions Auctioneers and Staff are members of these associations. These memberships show that our company and crew are committed to the auction and real estate industry. Memberships in the organizations require ethics training and commitment to standard business practices as well as an element of continuing education to keep us at the forefront of the industry.
^ top
Q. What do I need to do to participate in an auction?
Auction Participation is a fun and practical way to purchase items for many reasons, whether you wish to furnish a new home, add to your collection, find equipment for your business, or purchase a home or a commercial building, auctions are a way to purchase items of value quickly and at a less than new price.
^ top
Q. How will I know what items sold at my auction and what people paid for them?
At Auction Solutions, we are fully computerized. We have the latest and most advanced software and computer technology to capture your sale as it happens. We can pre-catalog your sale, or enter each item as we go. In either case, you receive a line item by line item report of your sale and your total sale dollars.
^ top
If you are looking for a team of dedicated professionals to liquidate your valuable assets,
you have come to the right company. Contact Us Today!
you have come to the right company. Contact Us Today!