Frequently Asked Questions

Q: Can I attend an auction before agreeing to sell my home through the auction method?
A: YES!! We encourage your attendance at an auction so that you experience a live example of the auction process firsthand.
   
Q: Where will the auction of my home be held?
A: We hold most auctions on-site. By being on-site, bidders are constantly reminded of the positive features of your property, which in turn, can encourage them to make a higher bid.
   
Q: Who pays the auctioneer fee and what fees are involved?
A:

The auctioneer is paid via the “buyer's premium” which is added to the buyer's final bid. There is no commission charged to the seller. The seller is only required to invest in the advertising and expenses of their auction event.

Our auctions can be detailed to accommodate any budget without sacrificing any advertising, exposure, time or professionalism. We recognize that different circumstances generate varying degrees of working dollars for the seller. We pride ourselves in designing an all-inclusive customized program to fie each situation.

   
Q: Does “as is” mean that I do not need to disclose any known defects?
A: Though we are selling “as is”, we must abide by applicable NYS and Federal laws. The Broker – Auctioneer will offer full disclosure to all interested parties in accordance with the law.
   
Q: How do I list my property for an auction?
A: Call us today to set up a confidential appointment to view your property and determine whether it is appropriate for the Auction Method of sale. If your property is listed with a Realtor, ask them to refer your listing to the Auction Company of America and the Realtor will be compensated upon the sale of your property. After signing with us, expect a three to four week advertising campaign prior to your auction day. Then expect to close in 30 days or less with no contingencies.
   
Q: Will I get the price I want for my real estate?
A: YES! Our company deals with RESERVE auctions which gives the SELLER the final decision on the sale price.
   
Q: What is RESERVE auction?
A: A RESERVE auction is one that guarantees the sellers a final say on the sale price of their property. The seller and auctioneer agree on a reserve bid that is held in confidence. If the reserve is met during the auction the seller can accept the high bid. If it is not met, the seller is under no obligation to sell.
   
Q: Aren't auctions usually for properties that are in trouble? In other words, tax or mortgage foreclosure that needs a tremendous amount of repairs?
A: ABSOLUTELY NOT! Our auction properties vary dramatically. Properties include homes that are in perfect condition and sell for $100,000 +. We have sold waterfront properties with breathtaking views, commercial properties, single-family homes, two – four family homes, commercial, industrial and income / investment properties. All of these properties have buyers waiting to purchase them. Yes, we also list properties that need repairs and have buyers who are interested in purchasing, repairing and renting / selling them.
   
Q: What is the timing from listing to sale of my property?
A: The typical traditional listing usually takes ninety (90) days to identify a buyer PLUS another 30-40 days to close –this could be a 4-5 month process. The auction process markets and identifies the buyer within 3 weeks and closing takes place in thirty (30) days or less, approximately 1.5 months!
   
Q: What if you have not sold your home through a Traditional Listing? The traditional listing is coming to a close and you feel an auction is best choice, but feel uncomfortable not using your current broker?
A: Our company co-operates with all Broker / Agents at varied stages of the sale process. Pleas have your Broker contact our office. We welcome their participation. You may also contact us directly to answer all your questions regarding the auction sale of your property. Let us take the necessary time to show you the benefits of the auction sale process for your unique situation.
   
Q: What about mortgages and dealing with a qualified buyer?
A: Buyers are responsible to obtain their own financing prior to the auction. The Auction Company has professional relationships with representatives of local Banks and Mortgage Companies who can customize a financing plan and provide pre –approvals prior to the auction sale.
   
   
   
   
   
   
 
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