Realize the Benefits of Selling at Auction

No Commission Charged to Seller- More money in the seller’s pocket. Unlike a traditional real estate listing agreement, you as the seller never pay a commission.  The auctioneer’s commission is in the form of a 10% Buyers Premium paid by the purchaser.

It’s a Quick Sale – It’s fast, it’s quick, it’s done, it closes.  Auction Sales close within a 30 day time limit, which is announced at the time of advertising and up until the day of auction sale.  Most real estate auction sale contracts have a “Time is of the Essence” clause.   This action by the seller to guarantee a definite auction sale date is what motivates buyers to a point of sale because the seller dictates when the property will be sold.

To Raise Capital – Let’s face it, when you're out of cash and need cash quickly, an auction sale of real property can relieve your anxiety.  Our economic failure and recklessness of our financial system has left millions without a retirement account, loss of millions of jobs across the country, and millions of people in debt without any source of income.

An auction sale of real property can relieve the seller of a constant monthly financial burden, high carrying costs and also provide a stable peace of mind that the debts associated with that property have been eliminated. 

Provides the Seller with Liquidity & Capital for more Productive Investments.  Once sold, most property owners are glad they sold when they did.  There are too many investment vehicles without having all your capital tied up in real estate, which does not give back sufficient income to support the debt load or mortgage, taxes, insurance, & maintenance.

Many investors are over leveraged in this current real estate market and took on far more debt than they realized they could afford.  Many and most figured they could not lose; how could we go wrong; now many have investments that are empty. They are without income, highly leveraged, having no equity, and with Taxes, HOA, Condo & Maintenance Fees that far exceeds $ 600 – 1,000.00 per month, without mortgage payments.

It’s difficult to build equity with the amount of money expensed just for real estate taxes, maintenance, etc. every month if a property sits vacant.

Exposes the Property Beyond the Local Market – We, at Patrick Nugent Auctioneers, will market your property beyond the local newspaper.  We use Proxibid.Com & BidSpotter.Com to monitor online bidding of your property from the day it is listed to the open-outcry auction of your property.

Many times, we have bids on your property before actual open out-cry on auction day.  At the auction sale we monitor online bidding from the auction site. (On-Line bidding is an additional fee but usually well worth it.)  We advertise in Out of State Newspapers, News Journals, Business Publications, Websites, Radio, Bulk Mail Promotional, Magazines, Real Estate Weekly, Signage & Billboards etc. 

We spotlight your property and create a sense of urgency to bid and purchase.  By guaranteeing a definite sale, date, time & closing all interested parties will bid your property up to its true market value.

Mortgage Financing is more stringent than ever – Now that Congress has enacted new laws and rules nationwide for mortgage borrowers, who can qualify for a new mortgage loan to support the prices of property sellers were commanding?   With millions of jobs being lost each month to qualify for mortgage financing is harsher than ever.  With the current bailout plan banks are more leary thanever to make mortgage loans.  It will take many years for most banks to sell off the inventory that they have already in REO. (Real Estate Owned).  Even real estate appraisers nationwide have a whole new set of guidelines in the appraisal of real estate.  Bottom line many who want to purchase real estate will not be able to because they cannot meet the new guidelines for borrowing.

The Seller is in Control – Should you decide to sell your property at auction; you are in control of the transaction.  You, as the seller, retain entire control of the transaction directing the date, time and the closing.  As in traditional real estate listings, a pre determined price is selected and the seller has to negotiate down, especially in a slow market.  Eliminate Open Houses without any offers.  Pre auction sale is heightened by public knowledge creating a competitive atmosphere, gathering all interested parties to bid on your property.

Non Negotiable Terms – Auction buyers know the terms of sale are non negotiable.  With a pre determined date, time, and guaranteed closing buyers are motivated to a point of action.  This forces competitive bidding which can drive the value of your property to its highest value. This assures you as the seller, there is “NoMoney Left on the Table”. As with traditional listings, there is a rush of property price reductions to produce a quick sale.