About Kramer Real Estate Auctions

SELLER'S INFORMATION

Real Estate Auction - The FIRM and TIME DEFINED sale of Real Property by competitive bid.

By 2010, 30 percent of all real estate properties will be auctions according to the National Association of Realtors.

For many types of properties, selling by auction is an effective, highly efficient alternative to traditional real estate brokerage. Auctions accelerate every aspect of traditional marketing, minimizing carrying costs, and create a single moment of competitive bidding that determines the properties true market value.

Auctions are unique events that focus market attention on the property, at the expense of competing properties. They create a sense of urgency for buyers and an absolute deadline that was not present prior to the auction.

In today's ever changing markets, auctions are not only for distressed and foreclosed properties, they are considered a "tool of first choice" by the knowledgeable seller, not an avenue of last resort.

Sellers want the best net value in the most reasonable time frame. Buyers want the property at a fair price, and with the least inconvenience. This is the marketplace. Whatever the type of real estate involved everyone benefits from the open competitive bidding at auction.

True Value- Traditionally speaking, there are many ways to determine property value. There is what the seller is asking. There is the value the agent places on comparible properties in the neighborhood. There is the appraisers opinion on what its worth. The TRUE VALUE of real estate is what a buyer will pay now, in an open and competitive auction environment.

LAND LEASE AUCTIONS

The auction method is a new Market Driven way to lease farmland. Landowners get a better feel for the current market value while offering all farmers a fair chance to rent land in their area. Today a lot of farmers are wanting more land. Auction is the fairest way to offer land for lease because it gives all farmers equal opportunity to bid while eliminating potentially stressful negotiations with family, friends and neighbors. The auction also sets a definite time frame allowing better planning for both parties. How the lease is being offered is clearly defined in the terms of the auction. The lease agreement and land information including past crop history and soil types is also available to review prior to the auction.

For more information about our services please contact us to arrange a free no obligation meeting.

BUYERS

Sellers want the best net value in the most reasonable time frame. Buyers want the property at a fair price, and with the least inconvenience. This is the marketplace. Whatever the type of real estate involved everyone benefits from the open competitive bidding at auction.

True Fair Market Value is discovered at a live auction. It is the price that a well informed buyer will pay and a well informed seller will accept, on a given day under normal circumstances. No other method of marketing can determine this price faster and more accurate than an auction.

Why Buy at Auction?

• Buyers know sellers are fully committed to sell
• Purchase property at Current Market Value - you will appreciate the quick sales process, and the fact that you not the seller determine the price
• Auctions eliminate long negotiation periods
• Fully transparent and recognized as being fair to all parties in the marketplace
• Our professional staff will work with you to ensure that you understand the bidding process and that you receive all the property information you require
• purchasing and closing dates are known
• you receive a comprehensive PIP Property Information Package (Bidder's Package)
• live internet biding available at select auctions
• buyer training and education offered to anyone not familiar with the auction process

How do I Buy at Auction?

Before you bid...

Understand the basic types of auctions: absolute, reserve, and subject to seller confirmation
Carefully read all the terms and conditions. These may differ from auction to auction. Certain auctions may require a cashier's cheque or other payment in advance to qualify you to bid at auction. Others may require a letter of credit from your financial institution. Therefore take the time to understand the terms and conditions that apply to the auction you are interested in. Be sure to contact the auctioneer prior to the auction with any questions you may have.
Arrive early and register for the auction. Inspect the property you are interested in bidding on. Review the terms one final time.
Bid in sync with the chant. You should be listening closely and following the increasing bids. Remember: Filler words in the chant are used to remind buyers of the last bid number and give buyers time to consider the next bid.

BIDDING PROCEDURE

As a buyer you have two objectives to accomplish:

1. Purchasing the property.
2. Purchasing the property at a price you can afford.

How is this Accomplished?

1. Estimate comparative values.
2. Experienced buyers always decide what to pay before the bidding begins.
3. Inspect the property carefully.
4. Compare with other properties in the area that are available.
5. Check the selling price with previously sold properties.
6. Discuss your buying plans with a lender. Have your financing arrangements made in advance.
7. Auctions are not subject to financing.

AVOID OVER OR UNDER BIDDING

Always bid on a property toward a price
Establish that price before the bidding begins. By doing this you will avoid getting caught up in the auction excitement and pay a price that is too high for the market or one you cannot afford. It will also make you confident to bid to your established fair market value. Many bidders who do not plan ahead end up with regrets after the auction because they too nervous or uncertain about their judgment.

THE BIDDING STRATEGY

Research and know the value of the property
Have your financing arranged before the auction
Establish your highest and best bid before the auction begins
Make your bids promptly to force other bidders up or out without delay