Auction FAQS
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BUYER AND SELLER AUCTION FAQS

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. 

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!

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

If using the Ad Format, choose 'Advertise your Real Estate' as your selection.

eBay Auction Format

If using the Auction Format choose 'Sell item at online Auction' as your selection.
You will then have the following categories to choose from:
Commercial - Land - Residential - Timeshares for Sale - Other Real Estate.
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.  
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.  
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!
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.
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 - Download quality real estate forms designed by attorneys. Click here!
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.
Going, going, gone! When your auction ends, you and the high bidder will get emails.
Auction results—the bidding history, final bid price and the high bidder—are posted.
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
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.
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.
Once an Auction is in progress, you may Edit Property Details by going to your listing and clicking on the Revise your item link.
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.
 
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.
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.
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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