FREQUENTLY ASKED QUESTIONS Here are some common questions

Pre-qualification is recommended for a bond prior to auction

A sheriff's auction occurs when a court order has been obtained to sell a property to recover money for a loan that the owner of the property has failed to repay.

A voluntary auction is where the seller has freely decided to put the property on auction, hoping to get the best deal by playing buyers against each other in a live venue or online. These auctions usually favour the seller rather than the buyer.

Benefits for Buyers:

1. Transparency: The auction process is open and transparent, allowing buyers to see the bids and understand the competition for the property.
2. Fair Market Value: Auctions can provide a fair market value for the property as the final price is determined by competitive bidding.
3. Speed: The auction process is usually quicker than traditional buying methods, which can be advantageous for buyers looking for a speedy transaction.
4. Opportunity for Good Deals: Properties sold at auction can sometimes be purchased at below-market prices, offering potential bargains.
5. Certainty: Buyers know that if their bid is successful, the sale will go through, reducing the uncertainty often associated with traditional sales.

Overall Advantages:

1. Reduced Contingencies: Auction sales often have fewer contingencies, making the process more straightforward and less prone to falling through.
2. Marketing Boost: Auction properties often receive extensive marketing, which can enhance interest and competition.
3. Level Playing Field: Auctions create a level playing field for all buyers, ensuring that everyone has an equal chance to purchase the property.

Benefits for Sellers:

1. Quick Sale: Auctions can expedite the selling process, which is beneficial for sellers looking to sell their property quickly.
2. Competitive Bidding: The competitive nature of auctions can drive up the sale price, potentially exceeding the seller's expectations.
3. No Negotiations: The auction process eliminates prolonged negotiations, streamlining the sale.
4. Exposure: Auctions can attract a larger pool of interested buyers, increasing the visibility of the property.
5. Certainty of Sale: Auctions can provide a certain date for the sale, offering sellers a definitive timeline for when the property will be sold.

Overall Advantages:

1. Reduced Contingencies: Auction sales often have fewer contingencies, making the process more straightforward and less prone to falling through.
2. Marketing Boost: Auction properties often receive extensive marketing, which can enhance interest and competition.
3. Level Playing Field: Auctions create a level playing field for all buyers, ensuring that everyone has an equal chance to purchase the property.