Drescher Auction & Real Estate

Why Sell Real Estate at Auction?

If you are considering selling your house or have had your house listed for sale for some time with no success, you may find the information in this brochure interesting.

Drescher Auction Service offers 3 different ways to offer your real estate for sale:  1. absolute auction, 2. auction with reserve and 3. traditional list and show. 

Definitions

Absolute auction = property sells to the highest bidder with no reserve price.

Auction with reserve = property sells to the highest bidder once a reserve price has been reached. 

Traditional list and show = this is the way most real estate has been sold for years.  In this type of selling real estate the agent lists the property for a specified period of time, puts a for sale sign in the yard and shows it to prospective buyers at a predetermined listing price.

Advantages of auctions

Absolute auction

1. Seller can set date for auction to sell property.

2. Less commission

3. Competitive bidding brings fair market value or better

4. Empty houses deteriorate faster and can result in vandalism.

5. Seller does not have to worry about how long it will take to sell house.

Auction with reserve

1. Seller can set date for auction to sell property.

2. Seller can determine “minimum bid”.

3. Less commission.

4. If property sells, seller does not have to worry about how long it will take to sell house.

5. Competitive bidding will show fair market value.

In addition to the advantages listed above, selling real estate at auction is perfect for settling estates, people moving out of the area, and for people who have had their property on the market and it has not sold.

A seller needs to realize that the longer a house stays on the market the more it costs and the seller is losing money, especially if the house is empty.  How can that be?  The owner must still pay taxes, utilities, insurance, maintenance, and the seller still may not get the original listing price of the property. 

Important information about selling real estate at auction.  When selling a house at auction the same forms must be filled out as if selling the traditional list & show way.  A Contract to Sell Real Estate at Public Auction, a Disclosure Form, Lead Paint Form (if needed), and an Offer to Purchase must be filled out.  In addition, Indiana State Law states that the auctioneer can only pronounce the real estate sold.  A licensed broker or attorney must be the one who fills out the Offer to Purchase Form.  Since Drescher Auction & Real Estate is also a licensed real estate company, then why pay for additional charges to have the Offer to Purchase filled out?