Buyers
The Auction Process- Buying Advantages
Advantages
Thinking of buying property at auction? That’s great! You’ll find that an auction conducted by Lippard Real Estate & Auction offers you several advantages as a buyer:
- COMMITMENT TO SELL – When you attend a Lippard auction or buying at online auction, you’ll know that the seller is committed to selling the property on auction day. In the past 5 years 98% of all properties listed at Auction have sold and closed.
- SERVICE – Lippard Real Estate & Auction will work closely with you in the days leading up to the sale, by providing you the information you request to evaluate the property and are prepared to make sound decisions on the sale day.
- TRANSPARENCY – Watch the bidding unfold in real-time with instant notifications when you’re outbid and clear visibility into competing offers, putting you in complete control of your purchase decision.
- SPEED – Skip the lengthy traditional buying process – our streamlined auctions can move from SOLD to closing in 30 days or less, getting you into your new property faster.
- SERVICE – Lippard Real Estate & Auction will work closely with you in the days leading up to the sale, by providing you the information you request to evaluate the property and are prepared to make sound decisions on the sale day.
Integrity
As a Buyer, it is important for you to know that at an auction conducted by Lippard Real Estate & Auction, the Seller is committed to selling the property on auction day. Some auction companies have engaged in deceptive marketing practices, advertising an auction as ‘absolute or without reserve’, when in reality it is subject to the opening bids received by the auction company prior to the auction beginning. In these cases, if the opening bids are not acceptable, the auction is cancelled. This practice is illegal in many states and has been deemed unethical by the National Auctioneers Association (NAA).
As leaders in the auction industry and members of the NAA, we recognize and adhere to the their Code of Ethics, which spells out the auction company’s obligation to properly inform the buyers during the marketing campaign whether the auction is absolute or with reserve. Therefore, we are committed to providing you with a clear and concise understanding of the property being sold, the terms of the auction, and the auction process as it relates to that specific auction.
Lippard Real Estate & Auction has been successfully marketing real estate by auction for nearly a three decades. We understand that for us to continue successfully marketing real estate by auction, we must continue to market properties of sellers who are truly committed to sell. When you make the decision to attend a Lippard auction, you will know the seller is truly committed to selling the property on auction day.
Types of Auctions
Online Only – Bids are only placed online during a set timeframe.
Live Only – Bids are only placed in person at a live auction.
Live & Online – Bids can be placed in person at the live auction or online while watching and listening to the auction.
Absolute vs Reserve Auctions
Absolute – An absolute or “no minimum, no reserve” auction means your property will sell to the highest bidder. This type of auction tends to create the most buyer interest due to its sense of finality and heightened competition.
Reserve – A reserve auction means your property will sell if it meets a confidential minimum price.