Real Estate FAQ & Info

Seller FAQ


If I sell at auction, aren’t I giving it away

Why would I sell my home at auction

What are the advantages of selling real estate at auction

What if I have more than one property

What advantages does an auction have

How will my property be marketed

Can I get a good price at auction

How often is LWBC successful in selling property as a result of the Auction

What is more important than getting the most money

Do I have any protection from what I feel may be too low of a price

How often do properties sell for less than appraised value

Agent Listing Vs LWBC

What about estates; do they sell well at auction

What kind of options are available to me through auction

What services do you supply

When is auction NOT recommended

Aren’t all auctioneers the same

Why would I call LWBC over my local agent or auctioneer

 

Buyers Recommendations

VIEW THE PROPERTY
All of the properties that we offer for sale are available for viewing at one or more pre-set open house times. The properties are available for public inspection during each open house period. If you aren’t available to view the property on any of the pre-established open house dates, we’d be pleased to arrange alternate viewing times for all qualified candidates.  

REQUEST A PROPERTY INFORMATION PACKAGE
If you have some interest in bidding on a property, make sure that you get a Property Information Package from the Auction Company. Most of the Property Information is listed on the Internet, but the complete package includes more detailed information, which may include copies of contracts, disclosure statements, terms & conditions, sample bank letter, surveys, maps, etc. can be obtained at an open house, or by contacting the Auction Company to request one be mailed to you. You may not bid on a property at a LWBC Auction until you have signed that you have received, read and understand the property information package.  A copy of this package will be attached to the sales/purchase contract.

DO YOUR DUE DILIGENCE
Feel free to hire a building inspector or real estate appraiser before auction day to inspect the property that you intend to bid on so you can be confident about your buying decision. We’ll make special arrangements to have your inspector study the property. Ask lots of questions before auction day about the property and or business that you intend to bid on. Acquire an understanding of the value of properties in the neighborhood, community, city or region that the property is located in. Feel free to have your lawyer review the Property Information Package. Gordon’s represents the Seller of the property exclusively. If you’d like exclusive buyer representation, you need to hire a buyer broker, or your lawyer, just like on any other regular real estate transaction.

ARRANGE FINANCING
When LWBC sells a property, it is for cash, with no conditions and typically closing in 30 days. >This means that you will not be permitted to bid on a conditional basis. You must know prior to bidding that you are pre-approved for a mortgage from a bank or other financing source, or that you have the cash in hand. If you require financing assistance, speak with a LWBC’s representative and we’ll do our best to assist you.

Once in a while when dealing with large family trusts, commercial properties and/or business, a vendor financing option is offered. If this is the case, the financing option is clearly published on all property marketing materials.

When speaking with your lender about financing, always present him/her with the complete property information package. This will have all of the pertinent information that they will require to pre-approve you, less the price. If your lender forces you to put a price on the property, tell your lender the highest amount you’d be prepared to pay for the property and see if you can get approved. If you can get approved at your highest price, then you know you can pay any number less than your approved number and perhaps just a little more, if you have to.

SPEAK WITH THE AUCTION COMPANY
Being honest with Auction Company representatives about your level of interest in the property will increase your chances of buying the property. Most properties sold by LWBC are sold subject to confirmation. Based on this premise, we sell almost every property (over 90%) that we market through the auction process. During the auction of any asset, a Seller has a price in mind of what he’d like to sell for and a Buyer has a price in mind of what he’d like to buy for. As a buyer or seller, being honest with the auction representatives will help your chances in accomplishing your goal for that auction.

UNDERSTANDING THE SELLER
As a Buyer you should understand the Seller’s level of motivation. In the case of a LWBC auction, our Sellers are always clear in their intentions to sell. At LWBC’s we select our customers carefully. Our Seller’s aren’t just giving the process a shot. Our Sellers have made substantial financial investments in the marketing effort and in preparing due diligence information for the sale. The Seller is demonstrating a higher commitment level to selling.  Certainly a commitment to sell far beyond the act of hiring a local agent, driving a for sale sign in the front lawn and placing the listing in an MLS book.

REGISTER TO BID
Prior to any bids being accepted by the Auctioneer, you must be register to bid for the property. For a live auction, LWBC will require you to sign the registration form that states that you have received, read completely and understand without question the Property Information Package. You may register to bid on the property at an open house, at our offices, by fax, or in person at the registration desk just prior to the live auction.

DEPOSIT REQUIREMENTS
Make sure that you have the required deposit amount on hand. Some auctions require a certified deposit with registration prior to the auction. Some auctions only require a deposit from the high bidder immediately following the auction and contract signing. Sometimes this amount needs to be certified and other times it does not. The deposit terms are always listed clearly in the Property Information Package. Make sure you read the deposit terms and ask an auction representative if you are not clear what the requirements are.

BIDDING PLAN
Assuming you have some understanding of the property’s value and a clear understanding of what you are prepared to pay for the property, don’t be afraid to open the bidding at the auction with a strong beginning bid. One of the hardest parts of the auction for the Auctioneer is getting the 1st bid. By being the first bidder with a strong opening bid you will command respect from the Auctioneer right from the beginning of the auction. Most people at an auction will value the property similarly. However, the buyer is the 1st person to that number on that day. Further, your strong opening bid will set the pace of the auction quickly and others bidding against you may be intimidated by your bidding strategy.

BID ASSISTANTS
You will see bid assistants at all LWBC real estate auctions. These people are there to answer your questions during the auction and to assist you with bidding. If you are unsure where the bid is or what the auctioneer is asking for, any bid assistant can help you. Don’t be afraid of these people, they are at the auction to help you.

ENDING THE AUCTION
Following the auction, if you are the high bidder, you will immediately sign the agreements of purchase and sale and provide a deposit for the specified amount if one was not due upon registration. In a confirmation auction, if the property has not already been declared sold to you, the Seller has (typically) 24 hours to accept or reject your written offer, but the majority of the time the decisions are made immediately after the auction. With LWBC, 90% of the time the property gets sold as a result of the auction.

 

Real Estate - Auction vs. Listing

Why would an executor choose to auction a home, rather than just listing it

Often in an estate situation we are asked the question, “why would an executor choose to auction a home, rather than just listing it” 

The answer is both complicated and yet very simple.  In an estate situation, often executors live a distance away from the assets and property that need to be dealt with and / or there are multiple executors and heirs with differing goals and expectations.  Often executors are very busy and emotionally attached to the assets and real estate that requires marketing and sale.

A traditional real estate company is not equipped to deal with all of the assets bundled in an estate, only the single most valuable asset; the real estate.  Any real estate agent working with any company can sell your biggest most valuable asset, but leave you stranded with all of the other overwhelming issues you have to deal with inside an estate. 

At LWBC’s, because we have dealt with such a high volume of estate customers, we have grown to intimately understand the needs of our estate customers, and the need and demand for a one stop estate settlement solution.  Often our firm is hired to settle an estate because we are one company, offering a complete estate settlement solution.

Often assets will include valuable art, antiques, jewelry, collections, cars, boats, machinery, tools and general household items. We offer a complete turnkey Estate Settlement Solution, including property management of the residence, garbage removal and property clean up, clean the inside of the home and “stage it” ready for showing and then sell the home and contents utilizing a marketing system based on the strengths of the firm through a time defined sale by competitive bid.  

We also list estate properties, but often estate homes are vacant and unattended and the family requires an expeditious sale in a known time frame, only offered by the auction method.  PLUS, we liquidate the contents in the same time frame.  A turn key solution to meet all your needs in a time frame set by you.

Once our “total services” contract is signed, the timeline to completion is typically 30 to 60 days.  This process includes not only the firm sale of the home, but all of the services listed above and many other services also offered to our estate customers.  Some estate customers choose all of our services and others choose less.  But at the end of the day, we’re not just a real estate company to our estate customers, we are a partner they can depend upon to assist them to make the best decisions with the entire estate AND we’ll maximize the value of the largest single asset in the estate, the real estate.  We can either conduct a time defined sale of the property (auction), and/or list it on the regular Realtor MLS system.

Call today if you think we can help you, or someone you know.  The other core market we serve is seniors downsizing.  Seniors, and families of seniors, downsizing from a home to an apartment or care facility often face many of the same challenges as Executors.

 

An Opportunity for Realtors!

Lose less expired listings!  What have you got to lose by introducing the Auction Method of Marketing to a listing that is on it’s way out the door Even if you are losing a listing because it is overpriced, your client could still be a very motivated Seller.

A certain percentage of your listings could be best sold at auction (e.g., the extraordinary, the unusual, the overbuilt). Due to their unique nature, you often lose the listing before you get it sold. At auction with LWBC, there is a 90% chance of getting it sold in 30 days!

Offer an alternate solution to anxious Sellers and Executors. Use us as a tool to obtain substantial price reductions. We will help you turn seemingly unsalable properties into strong listings.

We are not asking you to endorse the Auction Method of Marketing real estate, we are asking you acknowledge that it is an alternative to the traditional methods of real estate marketing that could be suitable to some of your current and future real estate clients.
Offering the Auction Method of Marketing real estate to consumers in general will bring the most serious Buyers and Sellers to your company and provide you with a steady supply of serious and qualified Buyers and Sellers.

Our message to fellow Realtors is simple: (1) Do not let expired listings/commissions walk out the door AND (2) Let us help you turn tough properties into quick and easy commissions. Our niche company provides proven alternative solutions to selling overpriced, tough, complicated, unique, extraordinary and estate properties. We regularly sell and assist to sell residential and commercial properties in Georgia. Our Selling customers include our real estate partners, many private individuals, financial institutions, large and small corporations and all levels of government.

If you have a tough to sell property listed with a motivated Seller, or a good listing about to expire, call us and we may be able to help turn that lost listing into a commission, or a very substantial price reduction. Further, they are closed and commissions are paid in 30 days or less.

The benefits of an Auction Partnership with LWBC are measurable:

  1. You do not lose the listing/commission and you help solve a problem for your Vendor.
  2. Once the auction listing is signed, you have a great chance to earn a 3% listing commission paid to you at closing, normally within 75 days or less of signing the contract.  Typically, if you register the high bidder for the auction, you’ll earn a further 2 - 2.5% commission, in addition to the 3% listing commission.
  3. You will assist with and be promoted throughout the open house and auction process. 
  4. Immediately following the auction, LWBC will provide you with a detailed list of all registered bidders for the auctioned property. You will have already been exposed to these prospects at least once and possibly two or even three times through open houses, telephone conversations and on auction day. This list of prospects is significant and its’ yours to keep! All of those people who registered to bid have told you that they would like to, or are willing to, purchase a property in your market area. Further, many potential bidders are excluded from the unconditional cash only bidding process because they have another property to sell that is not yet listed for sale.  

In summary, an Auction Partnership with LWBC means that you will lose less listings, you can potentially earn a substantial commission quickly, you will generate new qualified buyers and listing leads giving you the ability to earn after the sale commissions, you will gain thousands of dollars in free advertising, you will be able to add Auction Marketing experience to your listing services portfolio and you will have solved your Seller’s problem!

We happily pay commissions to our real estate auction partners.

We have developed and utilize multiple accelerated marketing strategies and techniques including Live Bid, Sealed Bid, Alternative Sealed Bid, Multi Par and On Line auction strategies. Each is based upon similar principals, however could produce different results, based on the property and the broadness or narrowness of the market for the property(s).

To arrange a personal meeting in your office, or to learn more about the details of our Auction Marketing Programs, please call LWBC.  We’d be delighted to speak with you or meet with you and/or any of your Sellers.  Wewould also be available to speak with you and your entire office in seminar format at any time!

Our Auction Marketing Programs are exciting and they work! Lets work together. You’ll be happy you did, and most importantly, so will your Seller.

 

Co-operating Agent Information

(1) If you have a client interested in a property we are selling, pre-register them with our office. LWBC’s will pay a 2 - 2.5% co-operating broker commission to any Realtor whose client buys and closes on a property listed through LWBC.

(2) By referring clients who have sold their homes through you; and who need to dispose of extra furniture, antiques, silver, crystal, paintings and other contents due to downsizing, the LWBC’s "Personal Property and Estate Assets Division " will offer you; the agent, a referral fee. All you need to do is call, or have your client call directly letting us know you referred them. This is of benefit to your client and you get paid!