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BUYER AND SELLER AUCTION
FAQS
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Welcome to AuctionAdvantage.net.
This section is to provide answers to the frequently asked questions of Buyers
and Sellers.
Nowadays, auctions are the one of the most
effective way of selling items online. Here is some information which
will help get you started.
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| SELLER GUIDELINES |
| what is a Real
Estate Auction? |
| Traditional Real Estate Auctions utilize accelerated marketing methods to bring all interested buyers to the table on a day and time of the sellers choosing.
With all the potential buyers assembled, a bidding war is induced by the
auctioneer. With the advent of the internet, modern auctioneers are utilizing online auction software to enable virtual auctions that allow a wider range of participation. |
| How Do I Choose A
Real Estate Auctioneer? |
| Finding the right Auction Company can be a daunting
task. With Auctioneers running the gamut from local practitioners who make
their living from selling unclaimed property, livestock and automobiles to national companies that
specialize in different market segments such as commercial or luxury residential.
You can make this task easier by hiring an Auction Consultant or
utilizing your existing Brokerage Relationship to solicit bids and negotiate terms with the auctioneer.
Whether you choose to do it yourself, or use a professional, it is
recommended that several bids be solicited. Important negotiating terms with
the auction sale representative would be on the Marketing Budget, Commission
Structure, Auction Date, and Auction Method. |
| How Can I Sell My Property
Online? |
| There are several ways that you can utilize online auctions
to help sell your property. There are several auction companies that use online
auctions in conjunction with a traditional 'live' auction to maximize the exposure
of your property. This is a proven method of selling property online.
Email
us with details of your property for a consultation on which company is right
for you. For those looking to save money on marketing costs and have
the ability to 'Do It Yourself', there are auction sites that accept listings
directly from the seller. One of the most popular online auction sites is eBay.
To find out how to sell your property on eBay, look over the information below. |
To sell on eBay you will need to be a registered
user. If you are not already a member,
Register on eBay Here!
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Follow this link to start Selling
on eBay
Selling Real Estate on eBay involves choosing from among
several different formats. They offer advertisements in the Auction Format that
are either "Binding" or "NonBinding". Since Real Estate rules vary from location
to location, it is in the owners best interest to consult with a professional
to determine the appropriate form of advertising for them. In addition, eBay
offers an Ad Format for listing your property.
For further information read the eBay Real Estate Rules. |
eBay Ad Format
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Ad Format, choose 'Advertise your Real Estate' as your selection.
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eBay Auction Format
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Auction Format choose 'Sell item at online Auction' as your selection.
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You will then have the
following categories to choose from:
Commercial - Land - Residential - Timeshares for Sale - Other Real Estate. |
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After Choosing the appropriate category, you
will then Need to write your Title for the listing. The Title is limited
to 55 character's and is an important part of your listing. When potential
buyers are searching and viewing for property,
the Title is one of the first things that introduce a buyer to your property.
An additional Subtitle can be added for a small fee.
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You will then be asked
to fill out property specific information such as Address, Beds, Baths,
Sq Footage, Lot Size, Year Built, Property Type, Sale Type and Setting.
You can also choose whether the property is for sale by owner or an agent.
All this information is used by eBay in its searches, so it is a good idea
to fill out this section completely. |
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Write a good description of your property.
Use your design skills to make your listing look
great with pictures or fancy text. A short, descriptive title
and a complete description of your item will also help your sales.
eBay has great tools to help you sell, even if
you don't know HTML! |
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Price your property appropriately. You might
want to consider using an online valuation service.
Estimate the value of your home or other real estate in seconds!
Be sure to clarify additional terms or conditions of sale like who pays
for taxes and insurance, sales condition of property, etc. |
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Due to the intricacies involved in real estate
laws, all Sellers are encouraged to consult a qualified real estate attorney
to assist them in the preparation of their terms and conditions of sale
and contract documents. There are several sites
on the internet to help with forms. A few links
are provided here.
State Specific Real Estate Forms
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Download quality real estate forms designed by attorneys. Click here!
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Bidders or potential bidders might ask you
questions through email inquiries. Please respond
as quickly as possible to your inquiries in order to gain favor with bidders
and other viewers of your auction. |
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Going, going, gone! When your auction ends,
you and the high bidder will get emails. |
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Auction results—the bidding history, final
bid price and the high bidder—are posted. |
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The seller and the high bidder should contact
each other within 3 business days at the end of the auction. You can contact
the next-highest bidder if you can't conclude the transaction with the high
bidder. Please see
Second Chance Offer |
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The winning bidder pays you directly for the
property, and it's your responsibility to fulfill the contract once payment
terms are met. The binding contract of the auction is between the winning
bidder and the seller. |
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You may auction any real estate you have the
right to sell, as long as it complies with the User Agreement and it does
not violate any local, national or international laws or trade restrictions.
Please list your property in the appropriate category. Please
refer to the Fee Schedule if you are interested in upgrading your listing. |
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Once an Auction is in progress, you may Edit
Property Details by going to your listing and clicking on the Revise your
item link. |
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When an Auction expires and a property has
not sold, it can be relisted, but charges may apply.
Please see
Relisting Your Property for more details. Don't forget
to edit the Item if you need to do so.
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| BUYER GUIDELINES |
| How Can I Be Sure
Of The Facts? |
| Bidders are advised to perform their own independent due diligence to
determine the value and condition of the property before placing a bid.
You can help minimize your risk by consulting the Feedback Score
and asking the seller questions related to the item and checking out the
seller's feedback report compiled by other individuals who have purchased
from this person/company.
If you are unsure of how to investigate, contact a professional real
estate broker for assistance or refer to BUYER/SELLER
SERVICES. Here is some information which will help you
through the bidding process.
Follow these tips for a safer, easier bidding experience:
| Know the property you bid on. All Bidders should make a physical
inspection of the property before they place a bid. |
| Bidders should perform their own independent investigation with respect
to the purchase of any property. Call the tax office to check on
the assessed value and payment status. Verify the zoning.
Research other real estate for sale in the area. If you need help,
hire a professional. |
| Thoroughly read through the description and Terms and Conditions of
Sale and the Purchase and Sale Agreement prior to placing and make sure
you understand the property you are bidding on. |
| Use a Proxy. First, you specify the maximum amount you want to bid.
That amount is kept secret and is your proxy bid. The system will bid
for you as the auction proceeds, bidding only enough to outbid other bidders.
If someone outbids you, the system immediately ups your bid. This continues
until someone exceeds your maximum bid, or the auction ends, or you win
the auction! Plus your proxy will never exceed what you're willing to
pay for the item. |
| Remember to make a note of auction information or go to
My eBay to see the status of your bid.
This Account Manager will show you
the most recent items you have bid on and you
bid status, whether you are Winning, Losing or Lost, Won! |
| Contact the seller if it makes you more
comfortable |
| Protect Yourself - There are risks involved with any sort of electronic
commerce. As the old saying goes, "let the Buyer beware." Use good
judgment. |
| Be Courteous to Other Users. Treat everyone with the courtesy you
expect to receive. |
| Little touches make all the difference! |
| Remember, many Auctions have a Reserve Price set by the Seller that
must be met in order for a successful transaction to occur. When a Seller
lists an property, he or she can set a Reserve Price, which is the minimum
acceptable bid level for that property. If the Auction ends and
no Bidder meets the Reserve Price (by Proxy or Regular Bid) then the Seller
does not have to engage in any transaction. You can tell if there is a
Reserve Price in the Auction when you see the Reserve Auction Icon on
the listings page. Some Real Estate items are not in
the auction format, rather they are advertisements for sale. The price
displayed is usually the current asking price for a negotiated sale.
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| When you are bidding on an property, you can ask questions by contacting
the seller. Make your comments when you place your bid or when you are
viewing a particular item by clicking on "Contact Seller." You can automatically
view your question and any other questions that have been asked about
that particular item. When the Seller responds, you will be able to view
that as well. |
| Every time you come to our Auction Pages, remember to Log In by entering
your User ID and Password on the Left Panel. You can find out the status
of current transactions and bids that you are involved in when you click
on your Account Manager, which appears after you have successfully logged
in. |
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| Where does the Property
Information come from? |
| The Seller is responsible for providing all Property
Information, Photographs, Maps, Terms and Conditions of Sale, Photographs,
Purchase and Sale Agreement. Sellers are encouraged to provide as
much information as possible. In an auction format, the more information
you can provide regarding a property, the less questions and variables the
Buyer will have as an excuse to discount his bid. |
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