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How does a real estate auction work?
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Hintmann Nations Realty LLC in conjunction with Vince Bierman Auction Service is offering a new and unique way of selling homes. Real estate auctions are quicker, cheaper and easier than the traditional home sale. You don't have to worry about having multiple open houses or advertising your home every week in the paper. We charge a 3% commission of the winning bid price which is paid upon closing and $1000 up front for advertising and signage. This amount is substantially less than what a typical brokerage will charge.
The auction process is simple.
1. Pick a day and time (typically on the weekend) that you would like to auction your property.
2. We advertise the property in multiple publications and websites a few weeks in advance. We also purchase signage for the yard and surrounding areas.
3. The week before we auction the property we have an open house to allow people to come through the home and inspect it.
4. The day of the auction we allow people to make a final run through of the home as early as two hours prior to the start of the bidding process.
5. Auction Time! The home is sold as-is so the owners will not be required to do any repairs to the home prior to closing.
6. The homeowners can set a minimum bid for the home and if the final bid does not meet the reserve price the home owners can reject all bids. Knowing this information allows the auctioneer to work the room and make sure he gets a sales price above your minimum bid.
7. If the home doesn't sell at auction we will list your home for 1.5% of the selling price paid at closing.
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What do buyers need to bring to the real esate auction?
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1. A pre-approval letter from a reputable lender for the maximum amount you plan to bid
2. Typically a winning bidder will be required to give 5 - 10% of the bid amount (check specific terms of the property that you are interested in) at the auction in the form of a cashier's check, cash or certified check. This amount will be placed in ESCROW and used as earnest money for the sale and ultimately put toward the purchase price of the home.
3. An inspector, should you decide to have the property inspected prior to the auction
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