Timed Online Auctions are an accelerated way to sell your property through competitive bidding to a group of qualified buyers.
Benefits of Selling Via Timed Online Auction
Control – Predictability – Liquidity
- Timed online auctions accelerate the sales process and allow the Seller to control the timeframe of their sale. Sellers are in control of all terms of their timed online auction such as the date, time, deposits, closing – possession date, etc.
- A timed online auction puts a time limit on the process. You know exactly when the money will be in your bank.
- There is no better way to determine the highest market value than through a timed online auction inclusive of all interested Buyers. Timed online auctions eliminates the difficulty of setting a list price.
- Property is sold “as is” with no contingencies, which means less stress for you.
- Timed online auctions can generate a higher return because Buyer emotions take over. Two or three Buyers might compete for a property and will pay a premium, to prevent someone else, perhaps a competitive farmer, neighbour or developer, from buying the property.
- Timed online auctions let the Buyers decide whose name is going on title. With many properties especially rural properties, the Seller often has several neighbours who would like to buy the property and the Seller does not want to choose which neighbour gets to buy the property nor do they want to offend their other neighbours.
- Buyers are pre-qualified for timed online auctions as they have done their due diligence on the property and thus, have already taken mental ownership to some extent. Buyers are prepared with what they can spend but often are not willing to “lose” the property over just one more bid. Buyers know the property is selling that day and there are no chances to buy it tomorrow.
- Timed online auction provide Buyers ‘anonymity and the chance to bid in privacy wherever they may be in the world with internet connection.
Here’s How Timed Online Auctions Work
- Select a timed online auction date, we recommend minimum 4-6 weeks from the date of contract signing.
- Determine the terms of the sale. We typically begin the bidding 2-3 days before the timed online auction’s end date and time. All the terms regarding amount of deposit, goods included, closing date, crop allocation, lease agreements, surface lease revenue, tenant agreements, etc. are set by the Seller. We recommend a minimum 10% Buyer deposit upon successful bid and signing of the real estate purchase contracts with balance due at closing, within 30 days.
- Sign CIR Realty brokerage listing paperwork
- Review our recommended marketing strategy to promote your specific property which includes but not limited to full MLS listing on Realtor.ca; prominent onsite signage; photography – drone and still photography and professional video; Digital Marketing on www.smithgriffith.com, on our Nextlot timed online auction software for bidding at www.smithgriffith.nextlot.com, CIR Realty website, Kijiji, specific digital platforms such as FarmMarketer, Luxury Portfoilio, Horseproperties.net; traditional advertising such as radio and local newspapers; social media on FaceBook, Instagram, Linked In, etc; direct emails to our extensive Buyer database that is positioned to bring qualified Buyer activity and premium bids on the timed online auction day.
- Let us handle the rest! We take care of the entire process including educating potential bidders about the timed online auction, facilitating registrations, scheduling showings and facilitating Buyer inspections as requested. (Any inspection costs are at the Buyer’s expense). The terms and conditions of the sale, purchase contracts and any available property documents are made available on our website for each timed online auction.
- Timed Online Auction goes Live!
- Once the timed online auction bidding is complete, all purchase contracts and supplementary paperwork are signed and completed by the Seller and Buyer. Deposit collected and held `In Trust’ at CIR Realty. Then CIR Realty conveyances the paperwork to the conveyancing lawyers for both the Buyer and Seller.
- Property is legally SOLD! Sellers’ proceeds will be available from their lawyer on the closing date.