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About Us | Management Team | Clients | Professional Affiliations | Upcoming Auctions | Auction Information | Why an Auction? | Auction Procedure | The Day of Auction | FAQ | Contact

©2008 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLC.

 

Auction Information

Overview | Why an Auction | Auction Procedure | The Day of Auction | FAQ

Where are Coldwell Banker’s auctions usually held and what happens on sale day?

Coldwell Banker Auctions are usually held at the property being sold, though some are held at another location, such as a hotel ballroom. Coldwell Banker staff will begin registering bidders approximately one or two hours before the scheduled auction time. You will be asked to show your cashiers check, if required, and then you will receive a Property Information Package (PIP). After you are registered you can sit back and relax. The bidding itself may last as little as a half hour for a single property or for several hours when multiple properties are being sold.

What will I need to bring to the auction?

For most Coldwell Banker auctions you will need to bring a cashiers check made out to yourself. The amount required will be located in the brochure or Property Information Package. You may also call 1-800-U-CAN-BID.

What happens if I am a successful bidder?

Immediately after the event, you will pay a 10% non-refundable deposit and sign a contract of sale.

What is 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 is sometimes referred to as an “unreserved” auction.

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. 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 accelerated marketing of an auction allows us to bring the property to the attention of far more people than would be possible in an open ended marketing campaign. Another common reason is that the property may have had an unrealistically high asking price. When an asking price is out of sync with the true market value of a property, many buyers will not even make a lower offer. With an auction, we don’t have that problem.