Why an Auction
Some people think offering real estate or personal property at public auction is only done in a distress situation or as the “last resort.” This couldn’t be further from the truth. Auctions are one of the oldest forms of selling property: their history spans centuries and time has only increased their popularity. The competitive bidding of an auction and the bidding of prospective bidders sets the price and market value of an asset. Auctions are fast, efficient and profitable.
- Property is sold “As Is Where Is”
- You Know When the Property Will Sell!
- Qualified and Larger Group of Buyers
- Get Market Value Without Waiting * No Contingencies!
What Does an Auction Cost?
Auction cost are based on a percentage of the gross proceeds. Your auctioneer will look at your property and discuss different options with you; including charging a 10% buyer’s premium or a percentage to the seller.
Advantages of an Auction
Speedy Process, Quick Turnaround
An auction is immediate. It happens during a set time and is completed during that time. It’s quick and efficient. Usually within 50 days.
Comprehensive Market Plan
Part of conducting an auction is marketing it to the general public to get as many people there as possible. We have a strategic plan to market out sales that could include: print and radio advertising, social media, mailing lists, signs, flyers, and more.
Competitive Bidding
Auctions motivate buyers! People get caught up in the competitiveness of the bidding and many times this drives the price of items higher. To some it’s like a game, and they want to win at all costs.
Buyers Come Prepared to Buy
Auction attendees come with money and are prepared to buy. This is beneficial for the seller! Buyers must deposit a 10% non-refundable deposit with no contingencies. This makes the closings quick and easy for both sides.
No Negotiations
There is no haggling over price. The auction method is quick and efficient. When people bid, they make a commitment to buy the property or merchandise at the price without discussion or debate.
Exciting Atmosphere
There’s not a more exciting atmosphere than an auction. Crowds of people competing for property and merchandise, combined with the lively auction chant makes for great entertainment and fun. Driving the price UP!
Auction Work Well in Both Good and Bad Economic Times
People love auctions, because they love sales. Statistic show, in a good or bad economy, auctions remain a steady force. When the economy is bad, the auction industry does not feel the impact. People still flock to auctions and buy with cash. In a good market an auction can drive up the price.
We Take Care of Everything from Beginning to End
We organize and prepare your items before the sale. Unlike a garage sale, where you spend hours getting ready for the sale, work the sale, and spend time packing up what didn’t sell and looking for paces to store it, with an auction, there’s no worry about any of that. Our auction team takes care of it all.
What are the Types of Auctions
While the final price on auction day is the final price for which your property and /or personal property sells, the seller has a few options as to what type of auction they would like.
Live Auction vs. Online Auction
Live auctions bring the most excitement to the sale and everything is sold none day by a trained team of auctioneers. Whereas, online auctions are more convenient for buyers because they can bid from their computer on items listed. Your auctioneer will consult with you on which method would be best for your situation.
Absolute Auction
In an absolute auction. There is no minimum reserve or starting bid price. The final bidding price on the day of the auction is the price at which the property will sell. This is the most effective way in which to auction property.
Estate Auction
These are usually held due to a family members passing, downsizing to retirement center or nursing home or moving. The scope of the process is usually overwhelming and having an auction in the cases can alleviate the stress of the situation.
Reserve Price Auction
The seller sets a reserve price, he or she can choose to accept or reject any or all offers that are made on the property at auction.
10% Buyer’s Premium
The buyer’s premium is an additional charge on the hammer price (winning bid at auction) of the lot that must be paid by the successful bidder.
Our Company
Weather residential, commercial or personal property, Legacy Auctions will market and sell your property with a full-service experience from start to finish. Professionalism, honesty and dedication are the hallmarks of our service to you. That is why we are the premier auction company to call to sell you property quickly.
The most important factor in determining the success of your real estate auction is selecting the right auction company! Legacy Auctions is a well established and reputable real estate and auction firm based in Knoxville and Nashville, TN. We market a wide range of property including single family home real estate auctions, estate auctions, land auctions, farm auctions, back owned property auctions, and equipment auctions. We will come to your property and do an analysis for no charge and at no obligation to determine if the auction method is the best option for you. Our goal is to sell your property for the highest amount possible the day of the sale. We take our ethical job performance seriously and stand by our reputation. Once we book your auction you can sit back, relax, and let us take care of the rest! We invite you to explore our website and to contact us for any questions you may have. Give us a call today for a free consultation to see if the auction process is right for you and your property.
The Auction Process
Take a look at the benefits of the auction vs. what you as the seller go through with the traditional sale method.
The Auction Method
Sells in 60 day or less! Buy specifying a date on which you intend to sell, you create a sense of urgency with potential buyers and this becomes a catalyst for the entire sales process.
- Be Exclusive! Focus becomes on your property alone. By exclusively showcasing it throughout the marketplace, you property will have maximum visibility among the target market most likely interested in purchasing. Our experienced marketing professionals, public relations and direct sales efforts will bring your property to the attention of qualified prospects.
- You’re in Control! Buyers act on your schedule because you set the date and time of the sale and the terms and conditions, such as earnest money deposits, closing time frames and more, thus eliminating negotiations. Potential buyers know you are committed to selling on a specific date; therefore, they do their homework in advance and arrive ready to bid on sale day.
- The Right Price! Auctions establish the fair market value and eliminate guesswork in determining the asking price.
In a slowing market, it is possible that you property will remain on the market for months or ever years, leading to price reductions to encourage buyer intent and activity.
Your property will be one of many that is minimally advertised, with creates a heavy reliance on the Multiple Listing Service.
A property that remains on the market for an extended period can become a serious drain on you and your equity. Mortgage payments, maintenance, taxes and insurance can add up to thousands of dollars a month for some properties.
There is less motivation for buyers as you are waiting on them. Plus, you must negotiate all aspects of the sale.
You risk overpricing, and thus seeing little interest, or under pricing and selling for less than the property is worth. The upside potential is limited by the asking price.
If you have ever ‘sold’ a property contingent on financing on the sale of the buyer’s property or with other common contingencies, you know how difficult and frustrating closing the sale can be.
With an auction you are getting ahead of all of these issues.
Legacy Auction brings expertise to our clients in these three areas: superior experience in the auction market; outstanding marketing and technology; and last buy not least the considerable resources and support of our real estate business. Nobody in East Tennessee can match our team when it comes to experience, passion and a support network. Customers have a high expectation of us and rightfully so.
For Brokers
Let us do the work for you!
Why would an agent want to recommend an auction to a client?
It is an expedited sale for the client. Closing will happen in 50 days from signing. Great commission splits!
What kind of clients would be a good match for an auction?
Clients with a large amount of equity in their property. Clients needing out quick. Someone putting a paint in an assisted living or nursing home and needs to liquidate assets. Clients with equity that are wanting to avoid a foreclosure. People that have inherited a property or estate and want to sell.
What is expected of me the agent?
Setting up the initial meeting. Helping with the Open House and Auction day activities. Follow up through closing.
What kind of commissions can I make?
Depending on the commitment of the agent, but as much as you could make on a listing.
Which Real Estate Companies do you work with?
We work with all Real Estate Companies, even out of state!
