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Thanks for looking at our auction. I am sorry to say that there will not be free drinks before or during the auction. Cash bar will be open after the close of the auction. There are 21 properties for sale at this auction and we have recevied many calls from buyers out of state. This will be a large event for the sellers and buyers as well. Our next auction will be held in April. If you would like to talk to us regarding selling your property at auction please email us.

Thank you again for looking and we hope to see you there.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
HighBidder said:
I am sorry to say that there will not be free drinks before or during the auction. Cash bar will be open after the close of the auction.

:sosad:

It might be in the sellers' best interests to all chip in and have an open bar pre-auction...couldn't hurt to have the crowd liquored-up for the festivities. (Then again, there's that pesky little law about the possibility of voiding contracts if a person is intoxicated.)

Sounds as if these auctions are going to be monthly event.
 

Cork On the Ocean

directionally challenged
The properties will sell for less than if the properties were listed with a realtor because the buyer is paying a 10% buyers fee over the sales price to the auctioneer (twice the standard commission.) Didn't find info if the seller also pays commission but assuming they don't so they can sell for at least 5% because the buyer is paying the commission and then some.

I will be surprised if the sellers take significantly less than they were prepared to take minus the 5% commission. If they get 5% less, the seller pays 10% more. The seller gets the same and the buyer just paid 5% more. :eek:

From their website:

"Within all of us is a tremendous need to win. All interested parties are "forced" to make a decision. Excitement and motivation are used to the fullest with a public auction. Professionally trained ringmen apply continuous motivational pressure to the buyers to gain every dollar possible. This sense of excitement works to create the psychology of impending sale." :nono1:

Might as well throw in the liquor. Is there any difference? :rotfl:

The standard FAR contract has a clause which allows the buyer to get out of the contract if the appraisal doesn't come in as high as the contract price.

How bout the right to inspect? In a standard contract, the buyer has the right to have an inspection by a professional and the seller generally pays up to 1.5% in waranteed repairs and 1.5% for wood destroying organism damage.

Of course no financing contingency if it's a cash deal.

How bout seller's DOC stamps and title insurance? On $500k, sellers doc stamps are about $3500, buyer's doc stamps are about $1700 and seller's title policy is about $2550. Who pays that?

It will probably sell for quite a bit less if buyer pay 10% buyers fee plus all closing costs.

Would also be nice to know comparables - sold prices not list prices.

Does the buyer get a chance to review the contract prior to purchase?
If anyone knows these answers, please share.
 

landlord

Beach Lover
FWIW, I bought the house in Mountain Brook that is listed on that link. My wife and I are doing an extensive renovation on it. It was scheduled for an absolute auction; however, I negotiated a price with the seller in advance of the auction.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
Cork On the Ocean said:
From their website:

"Within all of us is a tremendous need to win. All interested parties are "forced" to make a decision. Excitement and motivation are used to the fullest with a public auction. Professionally trained ringmen apply continuous motivational pressure to the buyers to gain every dollar possible. This sense of excitement works to create the psychology of impending sale." :nono1:

I see absolutely no difference between the description of the auction (above) and what we just went through in the red-hot housing market when there were multiple offers and realtors were whipping people into a frenzy telling clients, "you'd better bid high--or you'll lose out!!" Same song, a slightly different melody.
 

OnMackBayou

Beach Lover
May 15, 2005
227
0
Mack Bayou, Sandestin
landlord said:
FWIW, I bought the house in Mountain Brook that is listed on that link. My wife and I are doing an extensive renovation on it. It was scheduled for an absolute auction; however, I negotiated a price with the seller in advance of the auction.
Just took a look at your purchase. Holy cow! Are you going to give tours?
 
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