Wednesday, July 17, 2024

The Auction Process

Daniel P. McLaughlin & Co, LLC Auction Services

[ Non-Distressed Sales ] [ Foreclosure Sales ]

We also offer complete service-packaging, promoting, showing, drafting legal documents, conducting the auction from the sale to the closing. We charge for expenses, time, plus a commission, which is in all cases less than a seller would typically pay a real estate broker.

Evaluating the Property

Just as a brokerage company evaluates the property it lists for sale, so does our real estate auction company. All the physical and financial information about the property is reviewed and the property is inspected by our staff, as well as any required outside inspectors or consultants. When completed an auction report will be presented.

Framing the Offering

In an auction the roles of the seller and the buyer are switched. In private settings, sellers normally set the prices and buyers set the terms. In an auction setting, the seller frames the transaction and the buyer, that is the market, sets the price on the basis of the transaction the seller frames.

Showing the Property

Members of the real estate auction company are skilled real estate experts in showing property at it's best. Particularly important is the auction company's ability to anticipate questions buyers will have regarding the real estate being auctioned. Information that must be available for any real estate auction is anything pertaining to the property being sold, including operating statements, rent roll information, copies of leases, and any other supporting documentation. For industrial building or user properties, information must include building plans, interior floor layers and loading capacities