Types of Auctions
There are two basic types of auctions: Absolute and Reserve.
Absolute Auction: The property will sell regardless of the sale price.
Reserve Auction: The property will sell if a pre-set reserve price is reached. The seller has the right to sell or not sell the property if the Reserve is not reached on auction day.
The Auction Process
Auction day is only a part of the overall process follow by the professional staff at Progressive Auctions / Oak Realty. The behind the scenes efforts that ensure a properly marketed asset are what set Progressive Auctions / Oak Realty apart from our competition. Our goal is to maximize the value of your property while making the process exciting but without stress for our sellers. Our team will set your mind at ease.
Contact us for further information, or to set up an appointment
- Initial consultation: During our initial consultation with you we will explain the auction process and answer any questions you may have.
- Property analysis: Our Professional staff will view your property and using their expertise will give you an approximate value the property should bring at auction.
- Marketing budget: The preparation of a marketing plan that will optimize the exposure and target potential buyers is developed and discussed with you.
- Signing contracts: Upon review and acceptance of the marketing plan you will enter into a contractual agreement with Progressive Auctions / Oak Realty. The contract will specify what type of auction and set a reserve price if desired. Upon signing the contract, the auction company will collect the marketing money, an auction date will be set and the marketing campaign will begin.
- Auction: The effects of the professional marketing plan will bring all potential buyers to the sale. The property is auctioned in a manner espousing professionalism and integrity with all the excitement an auction brings. It is customary to take a recess during the auction to address any questions. At the close of the bidding process the purchaser of the property will submit the predetermined non-refundable down payment and sign the purchase agreement and any other necessary legal documents.
- Closing: Our staff will accompany you to the closing of the property, usually within 30 days of the auction, once again making our clients feel at ease with the process as a whole.
- Post-auction report: Progressive Auctions / Oak Realty provides our clients with an extensive report detailing the marketing campaign and other related expenditures.