Welcome to the exciting world of timed on-line real estate auctions presented by SMITH & GRIFFITH REAL ESTATE TEAM WITH CIR REALTY. Our timed on-line auction method of selling farm and ranch land, residential and recreational property, and commercial real estate is a powerful tool for both sellers and buyers in the market for Alberta real estate. This method brings together the power of the MLS system (auction listing will be posted to the MLS – REALTOR.ca) for marketing exposure and the anticipation, energy, and transparency of a live on-line bidding auction process with a set end date and no conditions to the sale. We are excited to offer this method of selling and buying. We welcome you to make plans to attend one of our upcoming auctions.
Currently we do not have any properties selling by Timed Online Auctions. Watch for some great properties coming soon!
Thinking of Selling Your Property Via Online Timed Auction?
Online Timed Auctions are an accelerated way to sell your property through competitive bidding to a group of qualified buyers.
Benefits of Selling at Auction
There are many exclusive benefits of auction including:
- Sellers are in control of the terms of their auction – the date, time, location, and terms of the sale.
- Property is sold “as is” with no contingencies, which means less stress for you.
- For a seller of land, online auctions sometimes generate a higher return because emotions take over. Two or three buyers might compete for a parcel of land and will pay a premium, to prevent someone else, perhaps a competitive farmer, neighbour or developer, from getting it.
- The problem of setting a list price is gone. There is no better way to determine the highest market value.
- An unreserved real estate auction puts a time limit on the negotiations. You know exactly when the money will be in your bank.
- Buyers coming to the auction have already been pre-qualified and have done their due diligence on the property and thus, have already taken mental ownership to some extent. Buyers are prepared with what they are able to spend and are not willing to “lose” the property over one bid. Buyers know the property is selling that day and there are no chances to buy it tomorrow.
- With rural properties, the Seller often has neighbours who would like to buy the property. The Seller does not want to choose which neighbour gets to buy the property nor offend their other neighbours. The unreserved auction lets the buyers decide whose name is going on title.
Here’s how it works
- Select an auction date, we recommend 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 auction end date & time. All the terms regarding amount of deposit, goods included, closing date, crop allocation, lease agreements and surface lease revenue are set by the Seller. We recommend 10% down Auction Day upon entry into Real Estate contracts with balance due and possession given at closing, preferably within 30 days.
- Sign all Brokerage Listing Paperwork
- Review our recommended marketing strategy to promote your specific property which includes full MLS listing on Realtor.ca; professional video, our Auction Website and software for bidding; digital, traditional & social advertising, direct email announcing the auction; prominent signage.
- Let us handle the rest!
- Once the auction is complete, all purchase contracts and supplementary paperwork is completed. Deposit collected and held `In Trust’ at CIR Realty and conveyancing to the lawyers is completed by CIR Realty.
- Property is SOLD!
Thinking of Buying a Property Via Timed Online Auction
Auctions are an easy and exciting way to buy real estate.
Before the Auction
Real estate properties can be viewed through private showings and inspected prior to the auction. Real estate auctions just like traditional “For Sale” properties are listed on our website and MLS/Realtor.ca for each auction. Dates and times are advertised. All purchases at auction are sold “As-Is,” meaning the properties are selling without warranties as to condition. Buyers are solely responsible for viewing and doing their due diligence prior to bidding and purchasing.
We do our best to disclose any information known about the properties such as Seller disclosures, surveys, zoning, taxes, title registrations, easements , leases, revenue and other reports. All information is provided to give you confidence in the purchasing process of an “As-Is” property.
If you have additional questions, ask Realtors® Rees Smith or Kari Griffith. Our experienced team can explain how auctions work and answer questions on any specific property we have for sale.
To buy at auction, you must first register for a bidder’s number. A Driver’s License or other government issued idenitifcation is required.
Please review the terms and conditions and bidding instructions carefully for the specific auction that you are interested in. This will ensure your registration goes smoothly. The auction will begin promptly at the advertised time with announcements and terms of the sale. Any last-minute changes or disclosures will be made at this time.
During The Auction
Auctions are fast paced and exciting! And usually last over 2-3 days. Be prepared with your maximum bid price in mind so you are ready to participate.
After The Auction
The winning bidder on real estate will meet with Rees Smith and Kari Griffith to finalize the purchase agreement and make the required deposit.
Real estate closings typically occur 30-45 days from the date of the auction. Bidding on a real estate auction is a legally binding agreement to purchase the real estate for the bid amount. Closings are not contingent on financing, appraisals, inspections, or any other factors. Please be sure of your decision before you place a bid as it cannot be retracted.