Auction Process FAQs
Have Questions? Here are some of our most frequently asked.
In this ever changing real estate market, it's good to know you have a team of auctioneers you can trust to help you buy or sell your property. Below are some of the questions you may have when considering an auction and how the Alex Cooper Auctioneers can help you.
STILL HAVE QUESTIONS? CONTACT US HEREThe reason sellers sell their properties themselves is to save money on commissions. Many things must be taken into account when selling this way:
Things have most likely changed since you bought or sold your last property. With the Power of the Auction Team at Alex Cooper Auctioneers, you, the seller, get our full realty services and expertise at no real cost! Let the most trusted name in MD and DC since 1924 take care of your property for you!
What are the advantages of opting for an auction for my property as opposed to a traditional sale?
Informed and motivated sellers are increasingly favoring the auction method, especially when partnering with the Power of the Auction Team at Alex Cooper Auctioneers. Auctioning your property through us offers numerous advantages for sellers:
- The buyer covers our commission, resulting in a 5-6% savings for the seller.
- Closing costs are borne by the buyer, leading to substantial savings for the seller.
- The property is sold “AS IS” in any condition, with no inspections required.
- There are no financing or appraisal contingencies, streamlining the process.
- Sellers have the autonomy to set the non-disclosed “reserve” or the minimum acceptable price.
- The auction process is completed in 30 days or less, with the seller determining the date and time for the property sale.
We've inherited an estate and are uncertain about the next steps. How can you provide assistance?
In the last century, we’ve assisted numerous individuals in managing inherited real estate and estate contents, recognizing the sensitivity and stress associated with this process. Our team provides a comprehensive range of services, from appraising valuables and conducting worldwide auctions to offering professional opinions on the fair market value of the property. Collaborating closely with estate lawyers and financial planners, we ensure a seamless resolution for our clients. We can evaluate your situation and devise the optimal strategy for preparing the real estate sale.
As a buyer’s broker/agent, what is my role in the auction process?
Throughout the years, we’ve built robust cooperative connections with a variety of brokers and agents. Feel free to reach out to Scott or Jared to explore whether any of your sale listings meet the criteria for an upcoming auction and to learn more about the compensation opportunities available for representing your buyers at our auctions.
My residential or commercial property has been on the market for an extended period with minimal activity. Would an auction be a viable option for me?
Sellers who are both motivated and practical recognize that properties priced beyond the local comparables tend to linger on the market and become stagnant listings. Unrealistic pricing and insufficient exposure are two primary reasons for properties failing to sell. Auctions establish fair market value through competitive live and online bidding. Our auctions reach a national audience with innovative marketing methods and a robust buyer database, with our website generating over 90,000 views per month. If you seek seller-friendly terms without incurring any costs, adopting a fresh approach with an accelerated marketing strategy could be the solution to swiftly selling your property!
As a buyer, can I get a good deal at the auction?
During our auctions, the balance between seller and buyer benefits may vary. It’s crucial for us to guide sellers in understanding the pricing of their real estate and establishing a realistic “reserve.” We actively engage with motivated sellers, providing them with education on the fair market value of their properties. We refrain from handling overpriced properties or collaborating with sellers with unrealistic expectations. Our auctions attract highly motivated sellers who are eager to sell their properties.
Would it be advantageous for me to attempt selling my home independently as a For Sale By Owner (FSBO)?
Individuals choose to sell their properties independently to save on commissions. However, several considerations come into play when opting for this approach:
Sellers must exercise caution when engaging with and permitting individuals into their properties.
It’s crucial to discern the intentions of potential buyers—are they genuinely interested, and can they afford the property?
Being a proficient negotiator is essential in navigating the sales process successfully.
Understanding true comparative properties to your own is vital for effective pricing.
Experience in dealing with various professionals such as buyer’s attorneys, inspectors, appraisers, title companies, and lenders is necessary.
Handling issues like mold, radon, and lead paint requires specific expertise.
Given the changes in the real estate landscape since your last transaction, navigating the process may be different.
With the Scott and Jared Team at Alex Cooper Auctioneers, sellers receive comprehensive realty services and expertise at no additional cost. Trust the most reputable name in MD and DC since 1924 to manage your property effectively!
Experience You Can Trust
With decades of collective expertise, Power of the Auction and Alex Cooper teams combine vast experience and deep industry knowledge. Their proven track record, commitment to excellence, and client-focused approach instill trust and confidence in their services.
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