In this scenario, sellers may choose to list their property on the open market in the same way local and national real estate companies list homes, farms, cabins, businesses, and other property. Many sellers find it appealing as their property is widely advertised on Minnesota’s Northstar MLS (multiple listing service) which reaches out to thousands of potential buyers in Minnesota and beyond. Additionally, the MLS allows national real estate companies like realtor.com, zillow.com, trulia.com, and a host of other regional and national companies to advertise a seller’s property.
In this scenario, sellers choose a live public auction to sell their property on a specific date and time. The property may, or may not, be listed on the MLS, and the auction is generally scheduled within a few months after signing a contract. This is a quick and easy way to liquidate assets for sellers who are seeking closure in a timely manner. The auction is open to the public and may take place at the listed property, a government building, or a local business. After the auction the winning bidder shall enter into a purchase agreement and submit non-refundable earnest money.
Sealed Bid Auction:
In this scenario, like the live auction, the property may or may not be listed on the MLS, but only pre-registered bidders may attend the auction. The auction generally takes place in a real estate conference room or a law office. During this process, everyone’s bid is revealed and each bidder is allowed to increase his or her bid in a slow, methodical, and private setting. The excitement and drama of a live auction is absent from this process, yet it is still an auction. After the auction the winning bidder shall enter into a purchase agreement and submit non-refundable earnest money.
What is an Absolute Auction? In an Absolute Auction, the highest bidder walks away with the property regardless of the price.
What is a Reserve Auction? In a Reserve Auction, the seller retains the right not to sell his or her property if unacceptable bids make it unreasonable to allow the sale to go forward. In short, the seller retains the right to reject any and all bids.
How much will it cost me to sell my property? All commissions are negotiable. Call Mike for a free analysis of your property.
What is the MLS? The multiple listing service (MLS) is a marketing database set up by a group of cooperating real estate brokers to provide accurate and detailed information about properties for sale in Minnesota. It is best described as a priceless marketing tool which enables a seller to advertise his or her property to an unlimited number of potential buyers.
What is Proxibid? An international online bidding platform that allows buyers and sellers to connect via the internet. Proxibid specializes in farm auctions, heavy equipment auctions, real-estate auctions, and a wide variety of auctions in the United States and around the world. Proxibid is based out of Omaha, Nebraska.