FAQs

Where are the auctions held and what happens on sale day?

The events are held online ONLY.  You can register on line and One time is sufficient, FOREVER. The bidding itself may last as little as a few minutes, for a single property (the Vast Majority of our listings sell even before they hit our Website)…You are highly encouraged to become our Free VIP Member to have email access to ALL New Listings as soon as we get them make a Pre-Auction offer and WIN the property eliminating the chance of being bid on Auction Day.


What will I need to bring to the auction?

Just, register, on line, read any disclosures and details on each property. Attend an Open House if you can (many bidders do not)… (usually, we, ONLY have two) and do your Due Diligence, that is, check out, the School System, the Crime Reports, the Amenities of the Property, Neighborhood, City, and Town, etc.


What happens if I am the successful bidder?

Immediately after the event, you will be emailed, instructions, and the Contract to Purchase. Pay a 10% non-refundable deposit (within 24 hours) and sign a contingency-free contract to include the high bid amount and the customary bidders premium of 6% added to and becoming the total contract purchase price, agreeing to close within 30 days. As you bid, remember that the actual sale price will usually include a buyer’s premium that is added to the high bid in the amount of 6%. Any questions, please direct via email to Questions@RealtyConsultantsofAmerica.com you
will receive an answer, within 24 hours (or less). Remember: There is NO, Stupid Questions…we WANT you to be entirely comfortable, with the Process.


Can I make the contract contingent upon financing or inspections?

No, the auction contract is Contingency-Free (NO Lawyers, NO, mortgage Contingencies. NO ANYTHING), however most, people, obtain a mortgage but, are Fully Pre-Approved before bidding. For this reason, it is very important that you finish your property evaluation and arrange any needed financing before the auction.


Will I be able to understand what’s going on during the auction?

Yes. Before the sale, EVERYTHING should be clear, on our site. Of, course, we encourage you to remove any doubt, and ask ANY questions, (After, all, to most people, buying Real Estate, can be the Largest Investment of their lives, right?) We want your experience, with us, to be enjoyable, knowledgeable, and Completely Transparent. If you like our way of doing business, you’ll be back, and EVEN tell your friends. (That’s how we’ve become, the #1 Real Estate Auction Company, in the World, since 2000 )Way, before, ANY of our Competition, EVEN knew the value of Buying and Selling, Real Estate, utilizing, the Auction Method of Marketing. We are, more, than happy, to help you, with our Service and the quality of our Organization, and, we want you and your referrals back! Again and Again!


What if I want to be represented by a broker?

If you wish to be represented by a broker (We are, happy to Co-Operate, with ALL Brokers), he / she must complete the required broker registration form. This form is available on our Website or, he / she can, merely email us at Buyer@RealtyConsultantsofAmerica.com EVERYTHING about, your needs, and wants and which property you intend to bid on. The broker must register with us 48 hours prior to the auction to qualify (or you making a Pre=Auction, Offer)for a commission to be paid. So, don’t let them delay you, properties go, VERY FAST.


What are the advantages of a Realty Consultants Auction, as opposed to an ordinary listing?

Practically all sellers, when they, FINALLY, decide to sell, they want their Property sold Yesterday. Not listed sometimes for years with few Lookers, enduring, countless  showings, with a price, that is negotiated, downward, instead of their, property, selling, from minutes to days, at prices, that, continuously Go Up, make sense?

Beyond that however, we hear numerous reasons including these:

  • To eliminate ongoing costs of ownership.
  • To establish a market price on a property that has few comparables. (What is the definition of an appraisal? A buyer, willing to pay a price, the seller, agrees, to accept, SIMPLE!
  • To divide assets in the event of a death, divorce or other change.
  • To free funds for other purposes, such as the purchase of another property.

Auctions, Shine a Light, on Property, that has, often, been Overlooked, during a traditional Private Treaty, Marketing Program. Sell quickly. At a Fair Market Price.


What’s the difference between an absolute and a reserved auction?

In an absolute auction, the property sells to the highest bidder regardless of price. This type auction tends to get the best results, because it attracts the largest number of bidders. This type of auction is sometimes referred to as an “unreserved” auction. Even, though, statistically, it can bring a higher price, there is also, the risk, you will not, get enough, to cover, a common, mortgage, and other expenses and Liens, on the property. We, recommend, the type of Auction, named “Auction with Reserve”…”Reserve”, is a secret, number, ONLY, known between, the Seller and the Auction Company. If the Bid is higher, than the “Reserve Price”, by contract, the Seller MUST SELL. if, NOT, the Seller, is NOT obligated, to sell. At, that, point, it becomes, similar, to a “Traditional Sale”, with “Offer” / “Counter Offer”, We have a “vested interest” in bringing, Buyer and Seller, so, we, usually, make the deal.

In a reserve auction, the seller retains the right NOT to convey the property if the high bid is deemed unreasonably low. The " Reserve" is usually not communicated.

(Note: This type of sale is sometimes referred to as “subject to seller confirmation.”)


If somebody didn’t make an offer on a property when it was offered through an ordinary listing, why would he or she
bid at auction?

The most common reason is that they never knew about the property before. The compressed time period for promoting an auction allows us to bring the property to the attention of far more people than would be possible in an open-ended campaign. Another common reason is that the property may have had an unrealistically high asking price. When an asking price is out of line with the true market value of a property, many buyers feel that there is no point in making a lower offer. With an auction, there is no asking price, so we don’t have that problem. We use, what, we call, the Suggested Opening Bid, NOT, the Reserve Price. Our, experience, has taught, us how to  Price and Market. Real Estate.


How, do, I place a bid on a property?

NOW, you’re READY!! Just email, your Highest and Best bid to Bids@RealtyConsultantsofAmerica.com…include ALL
Property identifiers (address, bid #, etc, as, well as ALL your, pertinent information…Full name, you want the Property
Vested in your email address, Physical Address, and mobile phone number)

 

We hope, this explains, the Auction Process and how we have operated so successfully helping people Buy and Sell Property somewhat seamlessly over our long history. Again, ANY questions, should be emailed to Questions@RealtyConsultanteofAmerica.com for a prompt response but be careful… “First come, first served”… these properties don’t sit idle waiting for Long Decision Making. ANYONE can snatch a GOOD Property while you are waiting for an answer.

© 2019 Realty Consultants of America | Designed by Virtual Tec