Why does the real estate auction process work versus
the traditional method of selling real estate?
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To free cash.
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To eliminate the “carry”
costs such as interest, maintenance, utilities
and taxes
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To meet the timeline requirements
on a 1031 exchange.
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To draw more attention to the property
in a crowded marketplace.
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To draw prospective buyers from a
wider geographical area.
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To establish the fair market value
of a property which is difficult to appraise because
of the lack of comparables.
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To close out the last remaining units
of a development.
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To divide a portfolio among heirs
who have no wish to participate in the
purchase.
I am a seller listed on the multiple listing service
- How do I go about making my listing an auction listing?
You will need to contact your listing agent and have
them “change the listing” to an “Auction
Listing” on MLS. Almost all brokerages are listed
with a realtor organization in their area and will
have to conform with the rules and regulations of
the multiple listing service in their area.
Then have your listing agent contact A to Z Auctions,
Inc. through this website for more information. Remember
to let the listing agent know that we only get paid
when they get paid, at the closing.
I am a buyer wanting to purchase an auction property,
what do I need to know?
Be prepared on auction day to bring
your checkbook. A minimum of $10,000 escrow deposit
is required on any real estate you are awarded the highest
bid. This deposit is “non-refundable”
In addition to the escrow deposit, please be prepared
to pay at closing an additional 5% buyer’s premium.
For example, if you are awarded the highest bid totaling
$100,000, your purchase price would be $105,000 (not
including buyer’s closing costs) Personal checks
will be accepted. All sales are final and purchased
“as is”. Escrow funds will be collected
at the auction by a title company on the day of the
auction and closing will take place in 30 days, unless
otherwise stated on the purchase contract. A warranty
deed will be issued on day of closing to the buyer.
How do I submit my personal property items to A to
Z Auctions, Inc. for your online auction?
We have a photographer that can come to your location
if you are in the greater Tampa Bay area to take the
photos or you can submit the photos of your items
with or without a certificate of authenticity and
with or without your reserve price to atozauctionsinc@hotmail.com
Should you require validation services, please contact
us immediately through this website.
I am a commercial/residential seller listed on the
multiple listing service - Both my listing agent and
myself are confused as to what the property is worth
in this difficult market. Do you know a company that
can help me with valuation services?
Yes, I do. Auctioneers are not able to do a valuations
on properties. Professional state licensed appraisers
can valuate your property before the auction to help
you determine your reserve price.
