Author: Strategic Auction Alliance
Surplus real estate auctioneers can offer assistance to companies, municipalities and non-profit organizations to sell off excess real estate which may be deemed idle assets. In addition to surplus real estate these same entities may also have acquired equipment which is no longer in use that may be also be sold through auctions. Banks may have properties which have been claimed through foreclosure and are subsequently sitting vacant. Real estate auctioneers can help banks to sell these properties and reclaim cash currently associated with in these assets.
Surplus real estate auctioneers provide services which include advertising and promoting the properties for auction, as well as handling all aspects of the auction process. There are different types of auctions which can be used to sell off surplus real estate and other surplus items no longer needed. One of the most common types of auctions is the English auction, (also known as the ascending bid auction), where the asset is sold to the highest bidder.
Real estate auctions are often advertised through local newspapers with limited details being made available in those advertisements. Additional information about real estate auctions, such as bidding requirements can also be made available from the surplus real estate auctioneers websites in a downloadable document commonly known as a property information package. Some surplus real estate auctioneers require people interested in bidding on the properties to pre-register with the company to be qualified in order to participate in the auction.
Most commonly, English auctions used by surplus real estate auctioneers are a type of auction where an opening bid is announced by the auctioneer who then starts accepting bids from participants. The auctioneer suggests increases in the bids which people may bid on or offer their own bid price. Bidding continues until no further people desire to bid on the property and the person with the highest bid wins the property. There may be additional costs which may need to be paid in addition to the auction price, such as property taxes and closing costs. Complete details about the auction process and any additional costs will be provided to people participating in the auction prior to day of the real estate auction.
Municipalities or local city or town government can utilize the services offered by surplus real estate auctioneers to sell off county properties no longer desired to increase revenues for the county as well as auction off properties where past due property taxes have not been paid. Property tax auctions are a form of real estate auction where people bid on the property with opening bids often being the amount of past due property taxes owed.