Typically when people hear about real estate being sold at auction the first thing that comes to mind are foreclosure sales and distress situations.  We  DO NOT do those types of auctions.  In fact, of the thousands of auctions that we have conducted, there was only one auction that was a distress/foreclosure, bank owned property.

The Auction method of marketing real estate is the most transparent and fairest way to sell a property.  The bidding is open for all to see, and the terms are set to create a level playing field for all parties.
 

We take great pride in our ability to get the best price for real estate at auction.   The VanDeRee Auction company was founded in 1934 by George VanDeRee and we have been serving Florida since 1970.  Year after year, our closing statistics fall in the 90% range, hitting 100% last year (all of the properties that we auctioned were sold and closed to the satisfaction of both the buyers and sellers).  There are two types of auctions available to you.
 

Subject to your Confirmation.  If you opt for this type of auction you have the right to accept or reject the high bid, and you can place a minimum bid on the house (this is an amount that the house has to bring, and it would not sell below this amount).  This is the more typical choice.

 

Absolute Auction.  At an absolute auction the property is sold to the highest bidder without any reserve. This type of auction will generally bring the highest bid for the seller.  This is because with an absolute auction, you will have more bidders and more bidding activity at your auction.  With more bidding, the bid will go higher.   Since this type of auction attracts more bidders, an absolute auction generally brings a higher price than an auction that is subject to seller confirmation.

 

As the seller, you would decide which type of auction to have, and together we would create the terms of sale that are most beneficial for your auction.

​

Marketing an Auction.  Once a property is scheduled for auction, we will create a special marketing strategy for that property and that auction.  We can do everything from using Artificial Intelligence in social marketing to strategic mailing campaigns, telemarketing and boots on the ground putting up signs for the open houses.  We like to have an open house at least once a week, every week prior to the auction.  4 to 6 weeks is usually optimal.

 

Auction Day.  Why are auctions for real estate so successful?  We compress 6 months of marketing into a short 45-60 marketing period, get the due diligence ‘questions about the property’ answered and available for the sellers, qualify all of the bidders to bid, create  the level “playing field for all participants and bring the auction to an online bidding platform where everyone can be part of the bidding and have a chance to win the property.  

Post Auction.  After we have secured the contract with the buyer, we will coordinate the closing with the title company, other Realtors, mortgage brokers or banks, surveyors, etc. as needed until the closing is ready.

 

Auction Fees.  Nearly every auction company uses a Buyer’s Premium.  We at the VanDeRee Auction Company use a 10% Buyer’s Premium in the sale of real estate.  A buyer's premium is a fee, to the bidder and added to the bid price.  So, if the property sells for $1,000,000, the buyer pays an additional $100,000 for a total purchase price of $1,100,000.  Naturally, the Buyer’s Premium is something that is explained to everyone in great detail and every bidder will be made aware of this during the bidding process.  It is common for a seller to pay an auction fee to cover the initial marketing expenses.  This fee is negotiated between the auction company and seller after a thorough analysis of the subject property and current market conditions.

 

If selling your property at auction make sense to you, please let us know.   We would be happy to explain the process in depth and answer any questions you might have.