Real Estate / Property Auction
Information Guide

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Tampa Auctioned Property Information and Guide

Real Estate Auction Types

Absolute Real Estate Auction (auction without reserve)

Regardless of price, the property, home, or real estate is sold to the highest bidder.
Property sale is guaranteed.
Many sellers, including institutions and government agencies, have begun to use an absolute real estate auction more frequently.
Generates maximum buyer / seller response and exposure from the real estate market place

Minimum Bid Real Estate Auction

The real estate auctioneer accepts bids at or above a published minimum price. This minimum price is disclosed in the brochure and advertisements and announced at the onsite auction.
Buyers know they will buy at or above the minimum.
This limits interest in the auction to only those buyers willing to pay the minimum price and therefore it must be low enough to attract interest.
Reduced risk for the seller as the property sales price must be above a minimum acceptable level.

Reserve Real Estate Auction

In this scenario, the high bid is an offer not a sale. A minimum bid is selected by the seller but is not published and the seller reserves the right to accept or reject the highest bid within a specified time – usually roughly 72 hours after the auction. Sellers predetermine the price at which the property will be sold and are not obligated to confirm a sale other than at a price that is entirely acceptable to them. The main disadvantage of a Reserve Auction is that 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!

Real Estate Auction Benefits

Property Auction Benefits to the Seller

Home and Property Buyers come prepared to buy
Quick real estate and property sale
Assurance that real estate property will be sold at TMV (true market value).
Exposes property or home to a large number of pre-approved buyers
Creates competition – auction price can potentially exceed the price of the negotiated sale or listing price.
The seller knows when the property will sell
Ensures aggressive marketing campaign increasing interest and visibility.
Eliminates numerous and unscheduled showing(s)

Property Auction Benefits to the Buyer

Property purchased at TMV(True Market Value).
Buyer knows the seller's commitment to sale.
In multi-property auctions the buyer sees many offerings in the same place at the same time
Buyer determines the Home or Property purchase price
Reduction of time to purchase property
Eliminates long negotiations
Known Purchase & closing dates
Buyers know they are competing fairly and on the same terms as all other buyers

How we can help?

We have experience in working with real estate auctioneers to sell your home/property. We have been involved with many absolute, minimum bid, and reserve property auctions. Being part of People's Choice Realty Services gives us the education and know-how to assist you with this process as well as ensuring that your buy/sale goes well. We will help negotiate with the auctioneer for its sale. If you are considering buying or selling with an auction or if you have any questions about auctions, please contact us at 813-841-2000.