How to Auction a Home in Florida
If you are a home owner or real estate investor with a property you want to auction in Florida, then read on to learn how you can find an auction company in your area and what you can do to ensure that your property sells.
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Instructions
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Search for an auction company or auctioneer by zip code. Narrow the listing to general real estate property or residential real estate property.
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Inquire if the auction house requires you to hire an inspector. If an inspector is required, hire an appropriate company and allow a full inspection of the property.
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Visit AuctionZip to locate an auctioneer in your area. Search the database to evaluate the service and handling of current auction properties. Based on the handling and promotion of the properties currently auctioned by the company, determine if you would like to contract the company to auction your property.
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Help to get the word out. Use online fliers, publication announcements, posters and other marketing materials to notify the public of the auction. Include the name of the auction company, auctioneer (with license number), date and time, photo(s) of the property and descriptive data about the property and surrounding land.
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Set up an online gallery. Create a virtual tour or photo gallery for buyers to browse. Provide a fact sheet about the property and list key features like land value, number of bedrooms and location.
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Determine a fair market value for the property and set a minimum floor or asking price. Set the floor price according to its fair market value and instruct the auctioneer to start the bid at that value, if desired. See the link below to search the value of your property.
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Prepare for the day. List the minimum floor price and start the bidding accordingly. Allow the bidders to bid for the property until an agreeable auction price is met. Generally, this will be any amount over the floor price; however, this can also be the floor price, if a bidder does not bid above it.
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Finalize the sale of the property. With the sale price defined, meet with the buyer to finalize the sale. This process should be guided by a lawyer in order to ensure the terms of the sale are clear. Generally, an auction property is sold, "as is." Also, a penalty is generally assigned for failure to pay the agreed upon bid amount.
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Wait to receive payment. A bidder has anywhere from several weeks to 30 days to meet the terms of his bid. If payment is not received, the bidder can be held accountable for up to 30% of the bid amount, or the percentage detailed in the purchase agreement.
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Tips & Warnings
Visit AuctionTech, one of the largest auction companies, online at AuctionTech.com. Search by category or scroll down and click on the "Business and Realty Services, Inc." tab for estate auctions. Contact Auctioneer Chris Chagnon (AU3840) at 727-520-4111. Mr Chagnon requires a 25% consignor's fee and 10% buyers premium.
