Along with traditional real estate sales, we offer you the opporunity to explore selling your property at auction.
Real Estate at Auction
Selling your property at auction has many advantages –
- Quickly sell property
- Eliminate the ongoing expenses of ownership (taxes, insurance, homeowner fees, utilities)
- Establish a market price on a property that has few comparables
- Divide assets in the event of a death, divorce, or other change
- Free-up funds for other purposes, such as purchase of another property
Auction contracts are contingency free. Property evaluation and financing arrangements are finalized before the sale. Closing is normally accomplished in 30 days or less.
Getting Started . . . how does it work?
If you are considering Menger Enterprises to sell your property at auction, begin by calling us at (360) 754-7720 or e-mail us at MengerEnterprises@comcast.net.
One of our experienced auctioneers will meet with you at the property and learn about your needs and expectations. This consultation allows us to begin preparing marketing strategies to sell your property and is provided at no cost to you.
After the consultation, we will develop a proposal specifically designed with your property in mind. The proposal will include marketing and advertising strategies to maximize the value of your property. Once you have approved the plan, we will begin putting the auction together. Signs, brochures, advertisements, and Internet marketing will begin.
Showing your property typically begins several weeks before the sale. Our staff will ensure prospective bidders have ample time to tour and appreciate the property and arrange for inspections and financing.
On the day of the sale, bidders will register before the designated auction time. Assistance will be provided to answer questions before the auctioneer explains the terms of the auction. The auctioneer will familiarize the audience with the bid calling procedure. Once the winning bidder is recognized, a contingency-free sales contract will be signed, the deposit secured, and arrangements made for closing.
By specifying a date on which you intend to sell your property, you create a sense of urgency in potential buyers. In a slow market, it is possible your property might remain on the market for months, even years, leading to price reductions.
Focusing on your property alone provides maximum visibility to the target audience. Our professionals will bring our property to the attention of interested, qualified prospects.
By auctioning your property, you are in control of when it sells. Buyers act on your schedule because you set the day and time of the sale and the terms and conditions such as earnest money deposits, closing time frames, and more, thus eliminating negotiations. Potential buyers know you are committed to selling on a specific day and will do their homework in advance and arrive ready to buy on the sale day.
Comparable properties. Sometimes there are few comparables on which to base a true appraisal. Auctions establish the fair market value and eliminate guesswork in determining an asking price. There is no limit on the potential price realized!
Property auctions are contingency free, allowing you to make plans for an on-time closing of your property.
Types of auction sales
Absolute auction. An absolute auction is an auction without any reserve price. The property is sold to the highest bidder, regardless of price. Since a sale is guaranteed, buyer excitement and anticipation is high. Absolute auctions generate the maximum response from the marketplace, causing many sellers, such as government agencies, to use this method.
Minimum bid auction. A minimum bid auction is an auction where bids will be accepted at or above a published minimum price. This minimum price is stated in the advertising and announced at the auction. Having a minimum bid reduces the risk for the seller, as the sales price must be above a minimum acceptable level. Buyers know they will be able to buy the property at or above the minimum. Of course, this may limit interest in the auction to only those buyers willing to pay the minimum bid price, so the minimum price must be low enough to act as an inducement to participation.
Reserve auction. A reserve auction is an auction where the minimum acceptable bid is not published in advance and the seller reserves the right to accept or reject the highest bid within a specified time (usually 72 hours or less after the auction concludes). Sellers predetermine a price at which the property will be sold and are not obligated to confirm a sale at a price that is less than entirely acceptable to them. The disadvantage of a reserve auction is prospective buyers may not invest the time and expense of due diligence when there is no certainty they will be able to buy the property even if they are the highest bidder.
Menger Enterprises adheres to the National Auctioneer’s Code of Ethics. We are committed to providing a clear and concise understanding of the property being sold, the terms of the auction, and the auction process to all parties.
Buyer information
Place of sale. Real estate auctions are usually held at the property being sold.
Registering to bid. Staff will register bidders beginning an hour or more before the scheduled auction time.
Earnest money. You will need to bring a cashier’s check made out to yourself in the advertised amount required.
Buyer’s premium. A buyer’s premium of ten percent (10%) will be added to the actual sales price.
Broker representation. If you wish to be represented by a broker, he or she must complete the broker registration form. A broker must be registered at least 48 hours prior to the auction to be entitled to a commission.
What if I am the successful bidder? Immediately after the event, you will pay a non-refundable deposit and sign a contingency-free contract to close within 30 days.
We invite all interested parties to participate in our auctions and take advantage of the benefits available only at auction!
Menger Enterprises dba
Menger Auctions & Appraisals
5018 Lambskin St SW
Tumwater, WA 98512
(360) 754-7720
Lori Menger, C.A.G.A., Auctioneer #2655 – (360) 486-4361 (cell)
Jeff Menger, Real Estate Associate, Auctioneer #2653 - (360) 464-3235 (cell)
