BUYING AT AUCTION
Multi-PAR TRACT Method
In the Fowler Multi-Par Method of auction, most properties are offered in individual tracts, any combination of tracts and as a total property. There will be open bidding on the individual tracts, tract combinations and the whole property as determined by the Auctioneer. Bids on the tracts and the total property may compete. If you have never purchased real estate at auction, simply follow some brief guidelines we have prepared to help you get ready.
Auctioneers will hold inspection day and open house on the property during the marketing period. This will give you the opportunity to get questions answered, and determine what the home, ranch, farm tract or combinations best fit your needs and desires. The actual auction is simply the time to offer the price you are willing to pay for those properties.
In most cases, a 10% down payment will be required on the day of auction for individual tracts or the total property. The down payment may be made in the form of cashier’s check, personal check, or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.
On auction day, prospective buyers register for a bidder number by showing a valid driver’s license and filling out some simple information. The registration period usually begins from 30 minutes to 2 hours before the scheduled auction time. There is no fee to register at a Fowler Auction. You can also get all last minute questions answered by our helpful staff of auctioneers and bid assistants.
The auction begins promptly at the appointed time with opening remarks summarizing, for the record, the terms of sale, the methods of bidding and any last minute changes or disclosures. These comments usually take only a few minutes and the bidding is ready to begin!
Assisting the auctioneer will be trained bid assistants, to make sure anyone trying to bid is recognized and that all bids are recorded with the Auctioneer and clerk. Ring staff may also assist with questions during the auction. If you intend to bid, simply raise your hand or inform one of the ring staff or the auctioneer. Any tie bids or other issues regarding who has the high bid are always resolved by the auctioneer, who has complete and final authority.
All successful bidders will be required to sign Real Estate Contract Agreement at the auction site immediately following the close of the auction. The balance of the purchase price is due at closing, which normally takes place within 15 to 30 days some of which can close the in a few only a few days.
SELLING AT AUCTION
1031 Tax-Deferred Exchange: a tool for buyers and sellers
1031 tax-deferred real estate exchanges have long been a tax-saving selling tool. With the ability to “swap” like-kind properties, property owners can avoid excessive capital gains taxes.
You might think such seemingly complicated transactions would be difficult to integrate with the auction marketing process, especially Fowler’s multi-tract bidding system. With many years of experience combining these two advantageous marketing tools, we know how to make it work for all parties involved.
Our agents can help you find an exchange partner best suited for your goals and investment portfolio. Call to speak with one of our trained professionals at 870-356-4848.
Understanding the Fowler Auctioneers Advantage versus Traditional Listings
In many cases, the auction marketing method is becoming the preferred means of selling and buying real estate. It’s no surprise with all of the advantages auctions have over traditional listings, such as:
- Guaranteed sale date with shorter marketing period
- Simultaneous competition among buyers, and ability to force buyers into action
- Local, regional and national exposure, and custom marketing solutions
- Direct mail campaign with nationally-known proprietary buyer and purchased mailing lists
- Exclusive website information for each property
- Timely press releases, telemarketing and public relations
- Lender/broker luncheons and multiple interactive inspection dates
- Contingency-free contracts and non-refundable deposits
- Intense focus on the properties to be marketed
- Day of sale competition and excitement generates a sense of urgency for the buyer
We have successfully conducted hundreds of auctions throughout Arkansas and the surrounding states closing auction after auction 100% SOLD.
We listen to you and set our sights on your goals. If you are considering the sale of your home, ranch, farm, business, estate or other properties including livestock and equipment, we have the experience and professional to turn your auction into a success!
CONTACT FOWLER AUCTIONEERS INC. TODAY AND LET US PUT YOUR PROPERTY OUT FRONT OF POTENTIAL BUYERS!