North Dakota Land Auctions Are A Viable Option
| 23:15:00 |
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.
There are many differences between traditional private sales and public auction that you will want to consider. One of the biggest differences is the turnaround time. Realtors usually expect you to sign an exclusive listing agreement tying up your property for at least six month if they do not sell before then. An auction company typically needs sixty to ninety days to prepare your land and advertise before the sale occurs.
While real estate agencies will offer your property as one tract of land, an auctioneer often advises you to offer to sell large acreages divided into smaller tracts. This often yields a higher return for the seller. As the owner, you will be as involved as you want to be in the process of advertising and marketing your prime investment.
The auction company will work with you and explain exactly how the property will be advertised. There will probably be a plan involving various advertising venues such as signage, internet, brochure, newspaper ads, and radio and television spots. The real estate pros may recommend that you auction your land utilizing an online bidding system, or they may recommend an onsite auction only. They may also discuss using a two pronged approach with both online and onsite bidding.
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.
Whether or not to offer your land at absolute auction is another decision you will have to make. If you do this, you will not be able to reject the high bid on sale day whatever that bid is. Many times auctions are advertised as absolute over a minimum. This can create excitement in the marketplace and still leave you in control of the sale.
The auction method allows you to find out exactly what your property is worth to the buying public on a given day if you live in Cando, ND or anywhere else. There is no prolonged listing period, and you are not usually responsible for paying any commissions out of your proceeds. It is a quick and easy way to sell property for a fair price.
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.
There are many differences between traditional private sales and public auction that you will want to consider. One of the biggest differences is the turnaround time. Realtors usually expect you to sign an exclusive listing agreement tying up your property for at least six month if they do not sell before then. An auction company typically needs sixty to ninety days to prepare your land and advertise before the sale occurs.
While real estate agencies will offer your property as one tract of land, an auctioneer often advises you to offer to sell large acreages divided into smaller tracts. This often yields a higher return for the seller. As the owner, you will be as involved as you want to be in the process of advertising and marketing your prime investment.
The auction company will work with you and explain exactly how the property will be advertised. There will probably be a plan involving various advertising venues such as signage, internet, brochure, newspaper ads, and radio and television spots. The real estate pros may recommend that you auction your land utilizing an online bidding system, or they may recommend an onsite auction only. They may also discuss using a two pronged approach with both online and onsite bidding.
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.
Whether or not to offer your land at absolute auction is another decision you will have to make. If you do this, you will not be able to reject the high bid on sale day whatever that bid is. Many times auctions are advertised as absolute over a minimum. This can create excitement in the marketplace and still leave you in control of the sale.
The auction method allows you to find out exactly what your property is worth to the buying public on a given day if you live in Cando, ND or anywhere else. There is no prolonged listing period, and you are not usually responsible for paying any commissions out of your proceeds. It is a quick and easy way to sell property for a fair price.
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