Estate Auctions by Geno's Keystone Real Estate
What is a Real Estate Auction?
A Real Estate Auction is the actual sale of a property (selling your home) through an auction bidding process. There are many circumstances in which a great deal of the owner's personal property is auctioned as well as the home itself. In other situations ONLY the home is auctioned or vice versa only the personal property is auctioned. Auctioning of the home is growing, becoming a common choice for the way sellers choose to sell their homes.
Why do people need to have an Estate Auction?
By definition it is an auction to dispose of a substantial portion of the personal property owned by a person who is recently deceased or who must dispose of his or her personal property to facilitate a move.
An estate auction may occur because the property owner will be moving or has moved into a new residence where they will be unable to keep larger amounts of personal property, such as an assisted living facility, a retirement community, a rest home, or the home of a family member.
An estate auction may also take place because of divorce, foreclosure, or relocation. In some cases one spouse passes away and the other spouse is ready to make a life change and relocate.
The most common reason for an estate auction is the death of the property owner, and the consequent need to quickly liquidate the deceased's belongings for any number of reasons:
- The survivors/heirs may have no interest in the bulk of the personal belongings left by the deceased
- The survivors/heirs may simply lack space to keep the belongings
- The survivors/heirs cannot agree to the disposition of tangible property, and thus a court has ordered the goods to be sold in an estate sale with the proceeds to be divided among the survivors (after payment of the estate's debts)
- The will of the deceased may have mandated a sale of assets
3 very different ways to conduct a Real Estate Auction
One of three types of auctions may be used to sell real estate.
1: The absolute auction sells to the bidder offering the highest offer. The sale is guaranteed at an absolute auction, so crowds are usually larger and more enthusiastic.
2: The second type of auction uses the minimum bid, which sets an established and published price. This amount is publicized through advertising and at the event. Because the minimum bid is already set, the seller assumes less risk and will accept only a bid that is equal to or greater than the set minimum.
3. The third type is the reserve auction which allows the seller to be more in control of the final price by setting the minimum amount he prefers to obtain for his property and this ensures that a fair market value is reached. The reserve amount is usually not disclosed and there is no set beginning bid. In a situation where the highest bid comes in under the set reserve price the seller has the right to accept, reject or counter offer the bid. The time frame may be within a set number of hours or days following the auction.
Sellers have distinct advantages when it comes to real estate auctions. When the property is sold, the buyer has committed to buy. In fact, those attending real estate auctions generally are interested in buying the property, so the audience of bidders can be seen as an audience of buyers. In order to bid, these potential buyers must have proof of pre-qualification or pre-approval for financing. Selling by auction results in a quick sale which can reduce many financial obligations including, maintenance and taxes. And finally, the seller eliminates the need for showings and appointments, which will free up valuable time for the seller.
Please call us today at 563-880-3044 if you are interested in auctioning your estate!
Fortsch Estate Auction - SOLD
903 Lansing Harpers Rd.
Harpers Ferry, Iowa
Real Estate and Personal Property
1.97 Acres M/L, 3 bedroom home, 3 baths, living room, family room office/ mud room, 4 car attached garage. This will be a nice clean sale. AS IS: Chevy pickup w/topper, John Deere lawn mower, guns, boat & motor, Ford 3000. Accessories. Many more items, too numerous to mention.
Call Lynn Geno at 563-880-3044 for more information.
Geno's Keystone Real Estate can assist you with buying or selling property in Northeast and East Central Iowa Including the counties of Clayton, Allamakee, Winneshiek, Fayette, Linn and the communities of Waukon, Decorah, Calmar, Harpers Ferry, Lansing, Farmersburg, St. Olaf, Fayette, Clermont, Postville, McGregor, Marquette, Elkader, Monona, Luana, Marion, Cedar Rapids, Hiawatha, Robins, Toddville, Mt. Vernon, Palo, Bertram and Springville.
We can assist you in all of your Real Estate needs whether you are buying or selling Residential, Commercial, Mobile Homes, Acreages/Farms, Lots/Land or you have a need for an Estate Auction. Yes, we can show you properties listed with other companies too.
For more information about a specific property listed with us or another Real Estate Company, please contact Lynn Geno at 563-880-3044.