AuctionSellsFast-D1 Rev. Freddie Phillips, Pres., Auction Sells Fast, LLC
Alissa Phillips, Louisiana Licensed Real Estate Broker
8055 Hanks Drive, Baton Rouge, LA  70812-4122
225-358-4663 (Alissa Phillips)
225-229-3341 (Rev. Freddie Phillips)
225-201-0390 (Robert Burns, Lead Bid Assistant)
Email:
  Freddie@AuctionSellsFast.com
LA Auction License # 1662
 

 

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AUCTION vs. TRADITIONAL LISTINGS

 Here's a table outlining the differences: 

ITEM UNDER CONSIDERATION

 

AUCTION

TRADITIONAL LISTINGS

SALE DATE

 

WITHIN 30-45 DAYS.

Unknown

PRICE CHANGES

Bidders bid up in open forum.

Seller drops as time passes.

 

PARTY PAYING REAL ESTATE COMMISSION BUYER SELLER

CLIENT CONTROL OVER & INVOLVEMENT IN ADVERTISING

EXTENSIVE.  The client is actively involved  (approving budgets, publications, etc.) because of a marketing investmentAuction properties must stand out via bigger,  higher-visibility print ads.  Click here to see first-hand auction advertising.

 

MODERATE.  Traditional realtors pay all marketing costs, so client control is less, as is the level and visibility of advertising for any given property.

PRICE ATTAINED

Highest TODAY’S market will bear.

Best available price over a protracted marketing period.  Click here to see how quickly holding costs add up.

 

SALE "SUBJECT TO FINANCING"

(i.e. contingent on buyer qualifying for financing).

NOT ALLOWED

Present in virtually EVERY  purchase agreement.

 

SALE "SUBJECT TO IMPROVEMENTS"

NOT ALLOWED.

Property sold, "AS IS, WHERE IS."

A contingency in many purchase agreements.

 

SALE "SUBJECT TO APPRAISAL" NOT ALLOWED. A contingency in virtually every purchase agreement.
SALE "SUBJECT TO A SALE"

(i.e. buyer must first sell his own property)

NOT ALLOWED. Since these aren't "sales," agents don't even stop  marketing.  This is a common contingency in purchase agreements.

DEPOSIT AT EXECUTION OF PURCHASE AGREEMENT

10% of contract price, ALL  AT RISK.

Minimal, typically NOT at risk (due to all the "subject to" contingencies referenced above).

 

TIMING OF INSPECTIONS    ("showings"). STANDARDIZED.  One open house before auction and one hour prior to auction. 

 

"Appointment only."  Advanced notice often minimal, seller's routine often disrupted.    

MLS

NO.  UNIQUE marketing method and ABSENCE of ASKING PRICE renders MLS inapplicable.

 

YES.

 

 

 
 
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