REAL ESTATE AUCTIONS PREP.
PREPARATION FOR REAL ESTATE AUCTIONS:
1. Alexander will review the real estate to determine the best marketing process and how the auction will generate the most interest.
2. Alexander Auctions will photograph the real estate for brochures, advertisements and websites.
3. Alexander will inspect the improvements and timber located on the property.
4. Alexander will divide the larger tracts of land into tracts and arrange for a surveyor if the owner desires or meet with the owner’s surveyor.
5. Alexander Auctions will produce a picture slide show for promoting and advertising the auction.
6. Alexander Auctions will post the photos on Alexander Auctions website and national website.
7. Alexander will prepare real estate purchase agreements and the agency disclosure forms to be signed when the auction is completed.
8. Alexander has tents for the auction if they are needed or Alexander may conduct the auction off-site in a desirable facility in the general area. The site of the auction depends on what will accommodate the buyers more.
REAL ESTATE AUCTION – MULTI-PARCEL AUCTION:
1) Alexander Auctions conducts a Multi-Parcel Style Auction when there are numerous tracts in the auction.
2) The Multi-Parcel Auction means the real estate will be offered in numerous ways, in individual tracts, in combination of tracts and all tracts as a whole.
REASONS TO OFFER THE LAND IN SEPARATE TRACTS
1. Offering lands in tracts allows a seller to sell their property to a purchaser who is willing to pay the most and still sell all the property at one time.
2. Offering the land in tracts in a reserve auction allows the seller to sell the tracts which reach their reserve and retain the balance.
3. Marvin will divide the land into tracts to create and generate interest from a purchaser who cannot afford the entire property, from individuals who only want a portion of the property and those who can afford a house or small acreage.
- Some purchasers cannot afford the entire property and many will not desire the entire property.
want tillable land.
others may want a residence and a few acres.
AUCTION PROCESS FOR A REAL ESTATE MULTI-PARCEL AUCTION
- During the auction process, a computer run multi-par program is used to track every bid on each individual tract, every bid for different combinations of more than one tract and the bids for the total number of tracts.
- The multi-parcel computer program allows Alexander Auctions to offer tracts which do not have frontage along the road and gain leverage and higher price. You cannot sell land locked tracts there I include in the terms and conditions that any tracts which do not join the road frontage must be purchased by someone who purchases one or more adjoining tracts with road frontage or they can be purchased by current adjoining property owners. This allows adjoining owners to add acres to square out boundaries and desirable acres.
- This computer program allows Alexander Auctions to offer the timber separate and combined with the land.
- Alexander Auctions auction all tracts individually, in combinations and all tracts in their entirety.
- All bids are entered into the computer with the respective tract numbers, prices and purchasers.
- When a bidder combines all the tracts together the bidding continues until no other bidders bid higher on the total, then the total bid is entered into the computer.
- In the event all tracts are combined together or certain tracts are combined together, the auction process starts again. Anyone can raise a bid on any tract or make an offer on any new combination. When new raises are made on individual tracts or combinations, we offer all the tracts together again. When these new bids reach a sales price that is higher than the total bids on all tracts as a whole, we offer all the tracts together again. If someone makes a bid which exceeds the total for individual tracts and combination of tracts, the process starts over again.
- This process creates leverage and competition among buyers.
- The Multi-Parcel Auction allows an individual who only wants one tact or a certain combination of tracts to bid collectively with other purchasers to reach the highest selling price.
- The Multi-Parcel Auction allows all bidders an opportunity to purchase what they desire and what they can afford.
1) Alexander Auctions will furnish professional auctioneers, clerks, cashiers, bid assistants, ring men, personnel, and check out people to conduct the Auction.
2) Alexander Auctions will clerk and cashier the auction with a wireless computer clerking program and system.
3) Buyers are given paid receipts and bills of sales.
4) In Real Estate Auctions, Purchaser agreements are signed and earnest money deposits are collected.
FOLLOWING THE REAL ESTATE AUCTION THROUGH CLOSING:
2) Closing on real estate normally occurs within thirty days upon delivery of the deed. Closing time is negotiable with Seller.
3) Real Estate Purchase Agreement copies will be provided to the Sellers and Purchasers after they are signed.
5) Alexander Auctions will furnish the Sellers a computer itemized list showing the results each tract of real estate sold for including the sales price and the purchaser.
6) Alexander Auctions will furnish the Seller’s attorney or closing agent copies of the purchase contracts and information as to how to make the deeds.
7) Alexander Auctions provides a closing and settlement statements which can be given to the estate’s attorney or closing agent.
8) Alexander Auctions provides information to the purchaser’s lender and will review all closing statements in the event the lender’s attorney or a title company closes the transaction.
9) Alexander Auctions closes the property.
10) The Seller is paid.