What You Need to Know About Auctions
What Is an On-Site (Live) Auction?
An On-Site (or Live) Auction is an auction that is held in real time, and is usually located at the seller’s home/business or a salesroom.
On-site auctions are exciting and exhilarating events! Attendees who wish to bid in person must register the day of the event with a photo ID to receive an assigned bidding number. To place a bid, simply raise your hand or number to get the attention of the auctioneer or one of his team members. The bidding process will increase in sequential increments until there are no more bids on the item. The auctioneer will state that the item is sold along with the final price and bidding number before moving on to the next item.
What Is an Online Auction?
An Online Auction (also known as a virtual auction) is held via the internet.
Gateway Realty now offers online auctions! Our experienced staff handles everything from beginning to end – we prepare your items for sale (including photographing and listing each item on our internet auction site), we make sure your auction and items are marketed to the right audience, and we take care of payments, packing and shipping of sold items.
Buyers can register for free and place their bids on auction items. Gateway Realty’s online auctions are live for 10 days. Ensure you win by signing up for notifications when someone outbids you. See current auctions HERE.
What Is Absentee Bidding?
Absentee Bidding works exactly the same as if the bidder were physically at the auction. The only thing different is that the price limit is given to Gateway Realty’s auctioneer, who keeps that price limit confidential and bids on your behalf. In the event that other bidders drop out before your price limit, you will win the bid at the next price increment.
What Is an Absolute Real Estate Auction?
An Absolute Real Estate Auction is an effective and accelerated method of selling your real estate. With an absolute auction, there is no minimum amount for bidding to start, and the property is sold to the highest bidder.
What Are the Benefits of an On-Site Auction?
- Potential buyers are able to examine items before bidding
- Enjoy a community gathering and meet new people
- Buyers can take their purchase home right away (once payment has been received)
What Are the Benefits of an Online Auction?
- Items don’t have to be packed and moved
- Buyers can bid on and purchase items from anywhere (with internet access)
- More potential buyers (people from all over the country can participate)
- More bidders means more competition for your auction items
- The seller can save money; no additional billing for advertising and labor
What Are the Benefits of an Absolute Real Estate Auction?
- Absolute auctions means no minimum bid is required
- We advertise for 30 days prior to the auction
- Free open houses
- Property is sold “as is”; no inspections and no appraisals
- The winning bidder closes within 30 days
- Seller knows exactly the date & time the property will be sold