The Auction Process
May I attend an auction before agreeing to sell my home by the auction method?
Yes!! We encourage your attendance at an auction so that you experience a real auction firsthand.
Where will the auction of my home be held?
We hold most auctions on-site. By being on-site, bidders are constantly reminded of the positive features of your property, which in turn, can encourage them to make a higher bid.
Who pays the auctioneer fee and what fees are involved?
The auctioneer is paid via the "buyer's premium" which is added to the buyer's final bid. The seller is only required to invest in the advertising and expenses of their auction event.
Does "as is" mean that I do not need to disclose any known defects?
Though we are selling "as is", we must abide by applicable RI/MA and Federal laws. The Broker-Auctioneer will offer full disclosure to all interested parties in accordance with the law.
How do I list my property for an auction?
Call me today to set up a confidential appointment to view your property and determine whether it is appropriate for the Auction Method of sale. If your property is listed with a Realtor, ask her to refer your listing to Summit Auctions LLC and the Realtor will be compensated upon the sale of your property. After signing with us, expect a three to four week advertising campaign prior to your auction day. Then expect to close in 30 days or less with no contingencies.
Will I get the price I want for my real estate?
YES! Summit Auctions LLC deals with RESERVE auctions which gives the SELLER the final decision on the sale price.
What is RESERVE auction?
A Reserve auction is one that guarantees the sellers a final say on the sale price of their property. The seller and auctioneer agree on a reserve bid that is held in confidence. If the reserve is met during the auction the seller can accept the high bid. If it is not met, the seller is under no obligation to sell.
How long will it take me to sell my property using the Auction Method?
The typical traditional listing usually takes ninety days to identify a buyer PLUS another 30-40 days to close. This could be a 4-5 month process. The auction process markets and identifies the buyer within 3 weeks and closing takes place in thirty days or less. approximately 1½ months!
My traditional listing agreement is coming to a close, but a would like to auction my property. Can I keep my current Real Estate Broker?
YES We work with all Broker/Agents at varied stages of the sale process. Please have your Broker call contact our office. You may also contact us directly to answer all your questions regarding the auction sale of your property.
Buyer's Questions
What is the reserve price?
The reserve is the minimum figure that the auctioneer is instructed to sell the property for. This figure is usually set by the seller prior to the auction.
Will the auctioneer be bidding on behalf of the seller?
No. It is strictly against the policy of Summit Auctions LLC to have the auctioneer or any other person placing bids for the seller in order to increase the price.
How do people bid at an auction?
The auctioneer will ask for an opening bid and will then call the increments by which the bidding can be raised. Interested parties simply attract the attention of the auctioneer by: Raising a hand, Calling out a bid or nodding when they catch the auctioneer's eye.
Can someone bid when they have to get finance?
Because interested parties must be in a position to bid on a cash unconditional basis at the auction, they are advised to organize through their bank or mortgage broker pre-approval to bid up to a price they are prepared to pay.
Can someone bid when they have property to sell?
If they are in a sound financial position they may arrange bridging finance to cover any delay in settling their property. They may also request a longer settlement date, giving them time to sell and to settle their property.
Isn't it usually properties that are in trouble such as mortgage forclosure that are auctioned off?
No All properties including multi-families, commercial, industrial and income/investment properties have been auctioned. Especially in a slower market, many sellers are choosing the Auction Method.
Tom Chace
Licensed Auctioneer
Office: 401.592.0146
Fax: 401.592.0139
Cell: 401.965.3259
E-mail Tom
