Frequently Asked Questions
1. Why Sell by the Auction Method?
The Auction Method provides a transparent bidding platform where every bidder knows the purchase price and the amount to bid to become the highest bidder.
2.How will Open Houses or showings of my auction listing happen?
There will be less showings and more controlled by scheduled open houses on specific days. During Covid-19 the Auctioneer will book showings at specific times on the dates of Open Houses. Only registered bidders will be scheduled. Showings will occur on those designated dates only.
3. Do I have to sell by Auction or am I able to list my home with the traditional listing through the Multiple Listings?
Yes, Realty-One Santa Fe offers a traditional listing as well as the Auction listing. Please call Marcy Pompei at 505-670-2705 or email marcypompei@comcast.net to discuss a traditional listing or a listing by auction.
4.How do I sign up to list my Real Estate by either method?
Please call Marcy at 505-670-2705 or marcypompei@comcast.net
5.What determines if my property is a good property to sell by Auction?
Your motivation to sell and the marketability of the property are the biggest assets to a good Auction. It is ideal if the Seller owes less than the property’s current value and factors such as location, condition and amenities are a consideration.
6.How much does it cost to sell by Auction?
The costs are dependent upon the factors you the seller select when signing the listing agreement. It can cost the same amount as a traditional listing with a 3% commission to the Buyer’s Broker and another 3% to the Seller’s Broker, most often the Auctioneer. It is possible bidders may not have a Buyer's Broker and in those cases the Auctioneer, Marcy Pompei will negiotate terms approved by the Buyer and the Seller. Please call Marcy Pompei at 505-670-2705 for more information.
7. What is a Buyer’s Premium?
This is a fee added to the sale at Auction closing that the buyer pays. This fee assists the Auctioneer with marketing the Property, pays for the bidding platform and other auction related costs.
8.What is a Reserve?
The “Reserve” is the lowest possible price the seller is willing to sell for an often is set as the beginning bid.
9. Do All Auctions have a “Reserve Price?”
This is a decision to be made when listing your property by Auction. Typically, the Seller selects a price point for which the property must sell, lowest and best price point. The Seller and the Auctioneer determine this price point to accept the 1st Bid. Please contact Marcy Pompei at 505-670-2705 or marcypompei@comcast.net to discuss a reserve price for your listings and to consider selling by using this competitive biddig platform.
