Silent Auction for real estate
28th February, 2010 - Posted by admin -
If like many people, you are put off or intimidated by auctions and loud auctioneers, you will be pleased to know of another way.
Silent auctions by private sellers
A Silent auction takes off the immediate pressure of an auctioneer with a hammer ready to drop any minute on buyers and allows you plenty of your time to think, discuss and be clear of where you want to go with your bid.
At silent auctions you have the time to think...
A form is set on a table with a starting bid. The auction runs for 30min, where viewers can view the property, ask any questions to the owners and view relevant documentation i.e. code of compliance, cert. of title, Lim report, etc and have the time to think before placing a bid. Each potential buyer can view the current bid at any time throughout the 30min period.
It is the seller’s choice to have a reserve or not. If there is no reserve the property will be sold after the 1st bid.
If a reserve has been set, a coordinator may write that the bid is at 20% of the reserve informing bidders that they are close to the selling price. When the reserve is met, the coordinator writes “Reserve met” and the property is now selling.
5 minutes before the end of the auction, the bidding sheet is handed to each participant for a last bid before the auction closes and providing the reserve has been reached, the highest bidder wins the auction.
I can’t think of a simpler and attractive way to conduct an auction. It costs nothing and anybody can do it.
Tags: Add new tag, silent auction
Posted on: February 28, 2010
Filed under: Observations on real estate
8 Comments
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