Selling Real Estate at Auction

Learn about the process and advantages of selling real estate at auction. 

Selling real estate at auction can be an effective way to sell a property quickly and efficiently, often at prices that exceed the seller's expectations. It is important to work with a reputable auction company that specializes in real estate. The Chris Luther Real Estate Team is a top producing real estate team in the Southeastern NC market and Chris Luther is dually licensed in NC as an auctioneer (NCAL#10679) and real estate broker (NC#280267) which is required by the state to auction real estate property. There are several advantages to selling real estate at auction:

One of the biggest advantages of selling real estate at auction is the speed at which the sale can be completed. Unlike traditional real estate transactions, which can take months to finalize, auctions typically take place within a few weeks of the listing, allowing the seller to move on quickly.

Auctions create a sense of urgency among potential buyers, which often leads to more competitive bidding and higher sale prices. Buyers are typically required to provide a non-refundable deposit and sign a contract immediately after the auction, which reduces the risk of deals falling through.

The auction process is transparent and open, with all bidders having the opportunity to see and hear the other bids. This creates a fair and competitive environment that can lead to better prices for the seller.

We provide extensive marketing and advertising services to promote the auction and attract potential buyers. This can include online and print ads, direct mail campaigns, and other strategies to reach a targeted audience.

The seller has more control over the sale process in an auction, including setting the terms and conditions of the sale and choosing the auction company to work with. This can provide a sense of comfort and confidence throughout the process.

The listing process for selling real estate at auction can vary slightly, but typically involves the following steps:

The first step is to contact us and provide information about the property you want to sell such as the property address, size, and condition, as well as information about your goals for the sale.

We will evaluate the property to determine its value and potential sale price. This may involve a site visit to assess the property's condition and any improvements or upgrades that may be necessary to make it marketable.

Once we have evaluated the property, we will present you with a contract outlining the terms of the auction, including the auction date, commission fees, and any other fees associated with the sale.

We will create a marketing and advertising plan to promote the auction and attract potential buyers. 

We will prepare the property for the auction, including setting up the auction site if it will be a live auction. Note that in order to reach more potential buyers, most of our real estate auctions will be online to elevate the opportunity for more bids and a higher sales price.

Since we market to both buyers and agents, we typically offer certain days and times for potential buyers and agents to preview the property before auction if the property allows.

On the day(s) of the auction, interested buyers gather at the auction site or online to bid on the property. The bidding process begins, and interested buyers can bid on the property until the highest bid is reached.

Once the auction is complete, the winning bidder is required to make a non-refundable deposit and sign a contract. The closing process is typically completed within a few weeks of the auction, and the winning bidder takes possession of the property, and seller proceeds are then paid according to the closing attorney settlement statement.

Work With Us

The Chris Luther Real Estate Team will walk you through every step of the process from getting you pre-approved with a mortgage lender all the way through contract, inspections, and closing. Our team is committed to being your real estate advisory team for life.

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