Frequently Asked Questions

Why should I sell my property using the auction method?

The auction method accelerates the sale of your property by generating additional consumer interest and activity. Non-contingent contracts and projected thirty day settlements are required of all buyers of auctioned properties. This means a quick transaction. When the client’s objectives are to sell the property in the shortest possible time frame, truly see what the market will bear under terms and conditions favorable to the seller, and desire a marketing saturation of their property then auction is the way.

Is the auction method ever used as a first selling method? 

Yes, the auction method is not only the best but should be the first choice. An auction does not create the price ceiling that a conventional listing does. The seller can set the conditions for the sale and eliminate endless negotiations.

Are real estate auctions only for distressed properties?

No, most of our auctions do not result from repossessed properties, but rather are the result of the smart seller. A smart seller chooses the cost effective, accelerated method of selling property rather than listing the property for an undetermined length of time. Usually listings require long term marketing periods with multiple unscheduled, showings and creative, contingency offers. The auction method sets the date the property will sell and eliminates these hassles.

What is an "Absolute" Auction Property?

Properties offered at Absolute Auction will be sold to the highest bidder, regardless of price, with no minimums and no reserves!

What is a property sold to the seller's confirmation?

Properties that are sold subject to the Seller’s confirmation are offered with the Seller reserving the right to reject a top bid for any or all of the properties. If the brochure does not reflect “Absolute” in the property, then it will be sold subject to Seller’s confirmation.

Can I use the services of a real estate broker to assist me?

The Weeks Group welcomes and encourages Broker participation! Broker Registration Forms are available for download on individual Property sites with specific terms for that Property.

What does it mean to buy a property in an as-is condition? 

Buyers purchase the Properties with no guarantees in regards to the condition of the properties. Buyers shall rely entirely on their own information, judgment, and their own inspection of the properties.

What are the terms of an auction?

The terms and conditions are devised to protect the seller and the process of the auction method. Properties are sold “as is, where is” with all faults. The purchase agreement is produced with no contingencies, including those for inspections and financing.

What factors determine the success at an auction?

Many factors contribute to a successful auction, the desirability of the property being sold i.e. location, condition and surrounding properties. Secondly, and most important, realistic expectations on the part of the seller. Every property has a value, when a property is properly advertised and promoted and two or more approved bidders are in attendance the high bid achieve is true market value. If the seller realizes this and is truly motivated to sell at the achieved price under stated terms and conditions a successful auction occurs.

How long will the whole process take? 

Ideally, the auction listing contract must be signed at least 3-4 weeks prior to the auction day, the closing takes place approximately 30-45 days after the auction date.

If it is a personal property auction, you will get paid on or before 30 days from the conclusion of the auction; typically within 2 weeks from the conclusion of the auction.