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I am often asked is it true that auctions can do this or will auctions do that for me? It seems only natural that I take a few moments or postings to begin to speak and disspell some of the myths of the auction world.

I am often asked is it true that auctions can do this or will auctions do that for me? It seems only natural that I take a few moments or postings to begin to speak and dispel some of the myths of the auction world.

Over the next few weeks, I will address the following thoughts, questions of myths…

Is it true that auctions can have a reputation of transacting sight unseen?

Yes, I have seen several transactions that have been conducted sight unseen.  In equipment and content auctions that is a very common practice where the buyers will only view the property in the photos and descriptions that are placed online.

In real estate transactions I have had several buyers that will purchase real property based only on the photos and description that we place online.  These buyers generally have had previous experience with the auctioneer or know the auctioneers reputation.  Some of these buyers are “EDUCATED” meaning that they are investors and buy many different classes of property.  However, I have had retail buyers (end user) that will purchase sight unseen as well.  It all comes down to the auctioneer that is conducting the sale.  This being said, I always recommend that any buyer do their due diligence before purchasing any item.

Here are the next few questions I will speak to:

• Are auctions are a last resort and are only for distressed properties?
• Do you find that some buyers fear that they are bidding against the house or are rigged?
• Are there hidden fees and non-refundable deposits in your auctions?
• Do you need to be tech savvy to bid in an online auction?

Did I miss one? Is there one I can shed some light on so that you will have a greater level of comfort and be ready to buy or sell your property at a Brooks Auction Services?

Call or Contact Me today.