Once you have made the decision to sell a portion or all of your property, the next step is deciding who will help you with the sale. A few will try to sell on their own and are sometimes successful. Most individuals, and companies as well, prefer to turn real estate sales over to the people who do that sort of thing for a living. At this point, you will probably be deciding whether to choose a Realtor or, if you are in the Dakotas for instance, opting for a North Dakota land auctions company.
The auction method has been around for a long time both as a way to sell personal and real property. If you have already decided that you do not want to try to do this job yourself, you should thoroughly research real estate and auction companies to make certain everything will be handled professionally and legally.
The differences between a traditional real estate sale and an auction are numerous. With both you will have to agree to a list your property with an agent for an agreed upon period of time. A real estate agency typically expects the agreement to be binding for at least six months. In that time, your Realtor will probably work through a multiple listing service and advertise your acreage online.
Auctions work much differently. You will still be required to sign an auction listing agreement, but most last sixty to ninety days depending on the length of time needed to adequately advertise the property and get it ready for auction. Acreage tracts are often divided into smaller lots in order to bring the highest dollar to the seller. Most of the time, the advertising costs are the seller's responsibility.
Auctioneers use aggressive marketing techniques in order to reach the most potential bidders. They typically incorporate internet, signs, mass mailings, and sometimes television and radio in their efforts to get the word out. Many auction companies have the capability to offer online bidding to the public. They may recommend this to you or discuss holding the sale on the property. Many times a combination of both strategies is employed very successfully.
The addition of a ten percent buyer's premium to the highest and best bid is traditional for most auction transactions. Instead of you paying a commission from the proceeds of the sale, the ten percent will be given to the auctioneers as compensation. The buyer's premium information will be prominently displayed in all advertising and will be announced prior to the auction.
An auction is either absolute or sold with a minimum, or reserve, price. If you decide to sell your land absolutely, you are guaranteeing that you will sell regardless of the high bid. If you choose to offer your acreage with reserve, then you have can either agree to sell or not.
If you live in Cando, ND or anywhere else and have acreage that you are interested in selling, the auction method is certainly something to consider. In a matter of weeks, rather than months, you should have money in your hand and be ready to move ahead.
The auction method has been around for a long time both as a way to sell personal and real property. If you have already decided that you do not want to try to do this job yourself, you should thoroughly research real estate and auction companies to make certain everything will be handled professionally and legally.
The differences between a traditional real estate sale and an auction are numerous. With both you will have to agree to a list your property with an agent for an agreed upon period of time. A real estate agency typically expects the agreement to be binding for at least six months. In that time, your Realtor will probably work through a multiple listing service and advertise your acreage online.
Auctions work much differently. You will still be required to sign an auction listing agreement, but most last sixty to ninety days depending on the length of time needed to adequately advertise the property and get it ready for auction. Acreage tracts are often divided into smaller lots in order to bring the highest dollar to the seller. Most of the time, the advertising costs are the seller's responsibility.
Auctioneers use aggressive marketing techniques in order to reach the most potential bidders. They typically incorporate internet, signs, mass mailings, and sometimes television and radio in their efforts to get the word out. Many auction companies have the capability to offer online bidding to the public. They may recommend this to you or discuss holding the sale on the property. Many times a combination of both strategies is employed very successfully.
The addition of a ten percent buyer's premium to the highest and best bid is traditional for most auction transactions. Instead of you paying a commission from the proceeds of the sale, the ten percent will be given to the auctioneers as compensation. The buyer's premium information will be prominently displayed in all advertising and will be announced prior to the auction.
An auction is either absolute or sold with a minimum, or reserve, price. If you decide to sell your land absolutely, you are guaranteeing that you will sell regardless of the high bid. If you choose to offer your acreage with reserve, then you have can either agree to sell or not.
If you live in Cando, ND or anywhere else and have acreage that you are interested in selling, the auction method is certainly something to consider. In a matter of weeks, rather than months, you should have money in your hand and be ready to move ahead.
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