FAQ's

FAQ's for Buyers
Faq's for Sellers
FAQ's for Brokers

FAQ’S (Buyer)

What are the benefits to buying at an auction?

• The buyer determines the purchase price without the long periods of negotiation with the seller.
• The purchase and closing dates, as well as all of the contract terms, are known on the day of auction.
• Buyers know they are competing fairly and on the same terms as all other buyers. You always know what    your competition is willing to pay.

Where are auctions held, and what can I expect?
Typically, Absolutely Sold events are held at the property being sold, unless otherwise advertised. We will begin registering bidders approximately one hour before the scheduled auction time. You may receive a property information packet, and you will have the opportunity to ask our team of experts any additional questions you may have about the property or the auction process.

What do I need to bring to the auction?
You will need to bring a cashier’s check or money order made payable to yourself or cash. The amount required will be indicated in the property ads and in the property information packet but is typically 10% of the bid price. No personal checks will be accepted.

Can I be represented by a broker?
If you want to be represented by a broker, he/she must complete a broker registration form and register by 4 p.m. on the day prior to auction to be eligible for a commission. This form is available to download or by calling 404-355-3834.

What happens if I am the winning bidder?
Immediately after the event, you will pay a non-refundable deposit and sign a contingency free contract agreeing to close within 30 to 45 days. The winning bid plus the buyer’s premium (the deposit) will equal the actual sales price. Keep this in mind as you are bidding.

Can the contract be contingent on financing or inspections?
Contingencies are not permitted, and all properties are sold as-is. It is important for you to fully inspect the property before the auction. If any financing is needed, it should be arranged prior to the auction. See financing for additional information.

What is the difference between an absolute and a not absolute, or reserve, auction?
At an absolute auction, the property simply sells to the highest bidder.

At a reserve auction, the seller sets a minimum acceptable price, although this price is not always publicized. A reserve auction can also be one where the seller reserves the right to either accept or reject the high bid.

FAQ’S (Seller)

What are the advantages of an auction as opposed to a traditional listing?
Nearly all sellers want and/or need to sell their property quickly. Other advantages include:

• decreasing or eliminating the carrying costs, such as taxes and maintenance.
• Buyers come prepared to buy and are prequalified for financing
• quick disposal can speed up the distribution of an estate in the aftermath of significant life changes, such
   as death or divorce.

Can an auction help sell my property quickly?
A typical auction campaign runs 90 days or less and closes within 30 to 45 days. Auctions are often referred to as accelerated marketing programs.

Can I auction my property if it is listed with a broker?
Yes. Talk to your broker about using an auction to sell your property. A motivated broker can be very helpful with the auction campaign. Remember, your Broker doesn't get paid unless or until he sells your property. If your listing is close to expiring, your Broker should consider other methods to accelerate the sale and earn that commission.

What is the difference between an absolute and a not absolute (reserve) auction? Am I obligated to sell if the highest bid is not enough?
At an absolute auction, the property simply sells to the highest bidder. This type of auction is favorable because it draws in a higher number of bidders. More bidders often lead to more competition, thus a higher sales price.

At a reserve auction, the seller sets a minimum acceptable price, though this price is not always publicized. A reserve auction can also be one where the seller reserves the right to either accept or reject the high bid. If you choose to reject the high bid, you may, however, negotiate price and/or terms until you come to an acceptable agreement.

What are the terms in a standard auction contract?
The property is sold as-is and with NO contingencies in the contract. A non-refundable deposit is required at auction. The closing date is typically within 30 to 45 days after the auction.
Our broker can assist you in the preparation of the terms and conditions of the sale and contract documents. Refer to the Auction Terms and Conditions for more information.

Should I fix-up my property prior to auction?
When selling any real estate, improving the curb-appeal and condition of your property can be to your advantage, depending on costs involved. Our team of experts can help you make some of these decisions. Regardless of whether or not you choose to fix up your property, you may choose to provide a seller’s disclosure of the property condition.

Can I conduct my own auction on the internet?
Yes; however, because of the cost of real estate and the extensive laws pertaining to the sale and transfer, it is highly recommended that you consult with a professional.
Absolutely Sold auctions are not internet auctions.

What kind of property can I auction?
Any type of real property in the state of Georgia may be auctioned- land, single-family homes, condominiums, townhomes, etc.

FAQ’S (Brokers)

Can I earn commission on an auction sale?
Yes, but in order to be eligible for a commission, you must complete and submit a broker registration form at least 48 hours in advance of the scheduled auction. Agents can earn commissions as referring agent, cooperating agent, or as the listing agent.

Can the auction process help me sell a listing that has not had much activity?
Yes. The auction process offers clients and customers new selling and purchasing options as compared to a traditional listing. The marketing process of an auction exposes the property to many potential buyers, and the property is typically sold within a short period of time. Furthermore, the likelihood of closing increases, because the prospective buyers come to auction prequalified and with a non-refundable deposit.

How can auction help my business?
Being involved in the auction process, whether as a listing agent or a referring agent, can increase revenue and market share. Furthermore, it can help you develop your own market niche. Successful auctions result in referrals and return business.

If you have additional questions that are not posted here, please contact us at 404-355-3834 or email us.