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Frequently Asked Questions…

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Freqently Asked “Selling” Questions:

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Why should I choose to sell my property with an auction?

What expenses are there if I sell through an auction?

I am interested in selling my property through an auction. How do I get started?

How much is the commission for an auction sale?

Will my property be sold for less than fair market value?

How will Easterly Auction Company market my property?

Why should I choose to sell my property with an auction?

 

 

Freqently Asked “Buying” Questions:

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If I buy property, do I need to pay for the entire purchase price on auction day?

What if I buy a property and I find out that it’s not what I want?

Should I look at the property prior to bidding?

Do I need any experience to bid at the auction?

Do I need to register to bid at the auction?

 

Why should I choose to sell my property with an auction?
Easterly Auction Company uses Internet based advertising, a frequently updated web page, television (specific to most auction events), direct mail and print. A custom marketing package is created for every sale, to maximize your opportunity
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What expenses are there if I sell through an auction?
If real estate is sold, the sellers expenses include standard closing costs which may include but are not limited to escrow, title, property liens, tax proration’s. Each sale is unique, so discuss these details with the auction company
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I am interested in selling my property through an auction. How do I get started?
Contact Easterly Auction Company to schedule an appointment. We will visit the property and discuss all of the details of holding an auction with you. After an agreement is reached, we will help you determine the optimal sale date and marketing plan and advise you on things you can do to prepare your property to sell for the highest potential value.
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How much is the commission for an auction sale?
As the seller, you negotiate a fixed percentage with the auctioneer, unless the sale requires a buyer’s premium. In auctions with a buyer’s premium, the seller pays no commission at all. In every case, the seller pays a marketing fee to the auction company; that fee is determined during the pre-sale evaluation (every auction has a custom marketing plan).
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Will my property be sold for less than fair market value?
Selling the property through an auction will not change its market value. On the day of the auction, the value of the property is determined by the market and what buyers are willing to pay.
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How will Easterly Auction Company market my property?
Easterly Auction Company uses Internet based advertising, a frequently updated web page, television (specific to most auction events), direct mail and print. A custom marketing package is created for every sale, to maximize your opportunity.
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Why should I choose to sell my property with an auction?
Through the use of a high profile marketing campaign your property will attract more pre-qualified prospects that are prepared to buy. If you have one prospective buyer, they are in control. If you have several prospective buyers, you are in control. By ensuring as many buyers as possible see the property for sale, we are more likely to have multiple buyers competing on auction day to find one buyer prepared to pay a premium.

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Freqently Asked “Buying” Questions

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If I buy property, do I need to pay for the entire purchase price on auction day?
No, only the Ernest buyer’s deposit, which is typically 5-10% of the final sold amount. Typically, the entire contract (including the buyer’s premium) can be financed by your bank. You should make arrangements with your bank prior to auction day for financing. Closing typically takes place within 30 days of the auction day.
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What if I buy a property and I find out that it’s not what I want?
All sales are final and there are no buyer refunds. That’s why it is so important that you investigate before you buy.
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Should I look at the property prior to bidding?
Yes. All real estate sales will offer an opportunity to preview the property prior to auction day. Check our website for open house dates. It is your responsibility to make sure a particular property meets your needs because all sales are final after the bidding stops.
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Do I need any experience to bid at the auction?
No, but you do need to be registered. We will provide you with the information needed to make sure your auction experience is satisfying and fun. In every case, all sales are final and all items purchased need to be paid for the day of auction.
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Do I need to register to bid at the auction?
Yes. For all auctions it is required to register before to sale. Every auction’s requirements are different; be sure to check our website for the specific requirements for each sale at www.easterlyauctionco.com.

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