Auction Overview

Fisher Auction Company’s successful Auction Marketing Platforms combine traditional and modern distribution channels / portals to provide synergy through an expansive advertising campaign “Spot Lighting” a property or portfolio. We create maximum competition, which equals maximum pricing utilizing the methods summarized below.

Live Open Out-Cry Auction

  • Set Date, Time and LocationPeople bidding at auction
  • Pre-Qualified Bidders
  • Real-time Online and Telephone Bidding available with Live Event

Sealed Bid Auction

  • Mirrors strategy of Live Event
  • Offers submitted in Sealed Bid Format with a Bid Deadline
  • Suited for Hard-to-Value Assets

Online Only Auction

  • Pre-Qualified Bidders can compete globally via their computers from home or office
  • Predetermined Start / End Dates

Once the Platform is selected, the next step is to select the Auction Method – Absolute, Minimum Bid or Subject to Confirmation.

Absolute…the greatest call to auction…..There is no reserve or minimum bid and the property is sold to the Highest Bidder. An Absolute Auction is the strongest calling card. It attracts the greatest number of Bidders as they know there is no question the property will be sold. This allows justification for the time, expense and effort to conduct their individual due diligence and gives a strong incentive for them to Bid.

Minimum Bid…stated as such in the marketing campaign; any price at or above the published Minimum Bid will be   accepted and the property will be sold. This MUST be a very aggressive number to be effective and     create the required buyer momentum process necessary for a successful sale.

Subject to Confirmation…simply stated, allows the Client to either accept or reject the highest offer, “as to price,” received. This is the least desirable Auction Method for Bidders in today’s economy.

Cost, Fees, Commissions…the advertising / marketing costs are advanced by the Client and can be recaptured from the buyer’s   premium. All commissions / fees are paid by the buyer representing a substantial savings for the Client.

Auction Advantages:

  1. Client dictates terms of the transaction NOT the buyer.
  2. The terms are pre-defined and qualified bidders competitively bid at a preset date and time.
  3. Pre-qualify bidders by establishing significant escrow requirements, proof of funds.
  4. Global market penetration spurs maximum competition creating maximum pricing.
  5. Real estate commissions are paid by the successful purchaser – NOT the Client.
  6. Due diligence is conducted pre-auction NOT post auction.
  7. An “As Is, Where Is” transaction with no contingencies, including financing – No Re-trading Price.
  8. The brokerage community is noticed and encouraged for earning commissions.
  9. An aggressive closing period is demanded, usually 15 – 30 days after the Auction.
  10. The entire sales process / closing is accomplished in a 60 – 90 day period.

 

 


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