Sell on auction.com
Your Property. Your Terms. Your Advantage. 

Typically, marketing will begin once the seller onboarding items, such as property photos and documentation, have been gathered. It generally takes approximately 7 days to ensure all seller expectations have been discussed and Auction.com is ready to market and transact. The listing will then be made active in the MLS and prepared for auction on the platform. The onboarding timeline starts after the Property Marketing Agreement is executed.  

Typically, the marketing period is 10 to 14 days from onboarding completion to auction start, and bids cannot be placed during this period. This allows for proper exposure to the market and enables Auction.com to create demand using our user base and historical data. In addition, this period provides for proper due diligence from all interested parties to ensure they understand what they are bidding on and their expectations if they are the winning bidder.  

There is no predetermined number of auctions to determine marketability. Properties are often relisted multiple times if bids do not meet the reserve price. However, suppose a property consistently fails to attract interest. In that case, it may indicate a need for a pricing adjustment or withdrawal from the auction if the agreed-upon marketing period in the agreement has expired.  

If an agent receives an offer through the MLS, the offer must still be submitted through Auction.com. This ensures all offers are processed through a single platform, maintaining transparency, adhering to auction procedures, and maximizing competition.

If a buyer backs out in closing, the next step depends on whether there are backup bidders. The property can be relisted, or the seller can engage with the next highest offer. The earnest money deposit from the winning bidder can be retained or released in accordance with the purchase and sale agreement terms and local laws.

A deposit is often required to bid, especially in reserve auctions. If the buyer backs out, the deposit can be forfeited, depending on the reason for the fallout. In addition, there may be suspension consequences depending on the bidder’s history.

Listing in the MLS drives local buyer activity and increases overall competition. MLS listings supplement the nationwide exposure provided by Auction.com, creating a competitive environment that can lead to higher offers.

A listing agent maximizes property visibility, manages property showings, and ensures proper contract execution. The agent also handles property access and provides expertise in setting appropriate pricing strategies crucial for achieving the best possible outcome in an auction sale. Lastly, they ensure the transaction includes the proper local disclosures, which are included to protect both buyer and seller.

The list price is typically set approximately 5% above the reserve price. The reserve price is the minimum amount the seller will accept, which is not disclosed to bidders. This helps stimulate interest and create a competitive bidding environment while protecting the seller's bottom line.

The starting bid is intentionally set low to reduce barriers to entry and attract more auction participants. This strategy is based on historical data showing that lower starting bids help drive early interest and ultimately lead to higher final sale prices.

Suppose a property is withdrawn from auction before the stipulated period (typically 45 days). Depending on the specifics of the Property Marketing Agreement, there may be contractual penalties or forfeiture of certain fees. This withdrawal can disrupt the marketing process and may incur costs. Penalties will depend on the reason for the removal and the length of time allowed in the auction.

The seller fee structure varies based on agent involvement. Suppose a seller uses an agent referred by Auction.com. In that case, they may avoid listing fees, with the agent commission being taken from the buyer's premium. Sellers do not need to pay upfront fees when listing on Auction.com, which helps them retain more equity.

Sellers can review offers through Auction.com's platform, which provides real-time updates on buyer activity. Sellers can accept, reject, or counter any offer, maintaining control over the process and ensuring a transparent transaction. The platform ensures that all communication regarding offers is clear and consistent.