In the world of real estate, auctions have emerged as an enticing alternative to the conventional buyer and seller transaction. Whereas selling a property can often prove a long and tedious process, the sealed bid auction method serves to expedite sales. Before venturing to an upcoming auction, it’s important that you understand what this approach entails for you.
Going to an Upcoming Auction? Familiarize Yourself With Sealed Bids
The sealed bid auction method begins with two open inspection periods. During this, potential buyers are afforded the opportunity to view and learn about a property. Buyers may choose to submit a sealed bid or wait until formal bidding has opened, typically one week later.
How Are Bids Dealt With?
Of the offers tendered, the top three will compete at auction. Once the seller has reviewed each of the finalists, they can move forward or entertain other routes. They are not required to go with the highest bid. In fact, they may reject all of the figures presented. They can also opt to accept, counter, or alter an existing offer. Assuming the seller and buyer agree to set terms, the latter will present a written offer and non-refundable earnest payment, which will be applied to the total purchase amount. If the property sale is not finalized for any reason, no fees will be paid to the real estate broker.
For more information about upcoming auctions in Holmen, WI, contact the professionals at Rainbow Auction & Realty. Backed by over 40 years of experience, realtor Jon Schuster has the solutions and services you need to drive demand and land the best possible price for your property. Learn more about his auctions online or call (608) 783-7653 to speak with a licensed realtor. You can also like them on Facebook for updates.