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Auction processes can appear complicated, |
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Auction Types & Formats |
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There are several methodologies, one of which will best assist in the sale of your property. The auction strategy (or strategies) and venue employed is based upon many factors:
Which ever auction strategy we propose for your property, auction is the very best method of maximizing exposure and price, while minimizing carrying costs of no longer needed assets and expenses to the seller. Venues On-Line: Bounds Auction Company has invested great time and capital mastering the offering of real estate auctions on-line. Real Time, On-Line Only: #2 On-Line/Live Hybrid: On-line bidding in concert with live bidding. What has changed ? |
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The UCC ( Universal Commercial Code ) states that all auctions are to be considered with reserve unless stated in the terms as " Absolute". While Bounds Auction Company rarely recommends absolute terms for real estate, there are circumstances when it is appropriate. Most all personal property is offered absolute. Reserve auctions come in a variety of formats.
Success of any by approval or reserve offering depends upon achieving seller's acceptance quickly. Bidders must know they can buy for truly competitive bidding to take place. The goal of either reserve format is to meet the expectation of the seller, then by releasing the property to the bidding, to exceed that seller's expectation. Other Bidding Strategies High Bidder’s Choice: In this style of bidding, similar properties or merchandise are grouped and bidders may bid for the right to select their choice from the grouping. Sealed Bid/Tender Bid: A sealed bid auction is used when dealing with transactions where specific terms for the sale may not all be pre-determined. In this instance, the buyer has some room to negotiate the terms of the purchase of the property, and the seller is provided an opportunity to potentially receive a higher price, due to the terms of the deal being somewhat negotiable and in some instances, even conditional. Multi-Par Bidding: Multi-Par Bidding is most commonly used on the sale of large undeveloped land where multiple parcels of land are offered. This method allows bidders to place bids for various configurations of parcels based on the bidder's desire to assemble the parcels. |
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