How Does a Curran Miller Auction Realty Auction Work?
FREQUENTLY ASKED QUESTIONS FROM SELLERS
Q: Is there really a difference between auction companies and auctioneers?
A: As with any professional service provider; such as a Doctor, Attorney, or Accountant, there is a huge difference in the quality of service you receive. Many people think an auctioneer…. is an auctioneer…. is an auctioneer. This is simply not true. Our experience really sets us apart from other auction companies. We strongly believe that the expertise and skill level of our auctioneers result in higher sale prices for our clients. When selecting an auction company, we encourage you to consider the experience, integrity, and competency of the firm representing you in the sale of your valuable assets.
Q: Are real estate auctions a last resort?
A: No, the majority of real estate auctions are not the last resort - they are a smart decision by a seller who is looking for a quick and easy way to sell his property under his desired terms and conditions. As the seller, you set the time and date your property will sell. Auctions are the perfect tool for sellers who prefer to take an active approach to market their assets.
Q: If I put my property up for auction, do I have the right to refuse the bid?
A: Yes, there are two types of auctions: reserve auctions and absolute auctions. Reserve auctions mean that the seller has reserved his right to accept or reject the high bid. Absolute auctions mean that the property will sell to the highest bidder regardless of the price. As the seller, you can choose to sell your property with a reserve auction, therefore "reserving" your right to accept or reject the high bid.
Q: Why should I sell my property using the auction method of marketing?
A: Curran Miller Auction/Realty works hard to generate the highest number of potential bidders with our aggressive marketing tactics. This offers you a quick and easy way to sell your property at the highest possible price.
Q: When will I receive my payment for the sale?
A: For real estate auctions, sellers will be paid at closing, which is typically conducted at a title company 30 to 45 days after the date of the auction.
For personal property, sellers will receive a payment within seven to ten business days.
FREQUENTLY ASKED QUESTIONS FROM BUYERS
Q: Do you need any experience to bid at the auction?
A: Anyone can bid at our auctions - no experience needed. And, the CMAR team is available to help you with the entire process including registering, explaining how the bidding works, and assisting you during the auction.
Q: How do I bid for an item?
A: First you need to register and get a bidder number. Registration is held during the inspection period, generally the hour before the auction starts. As the auctioneer calls bids, simply raise your hand or bid card when you are comfortable with the amount being requested by the auctioneer. If you are the winning bidder, hold your card up high so the auctioneer can acknowledge your bid number.
Q: How do I pay for an item...Can I finance?
A: At personal property auctions, items can be paid for with cash or check. At some auctions, we will accept credit cards. Payment options for each auction will be listed under Terms in all advertising.
At real estate auctions, we ask for a 10% deposit, which can be in the form of a personal check. Typically, the balance is due within 30 to 45 days, depending on the terms of the auction. You can certainly finance the balance, but the transaction is not subject to financing. We suggest you have your financial arrangements at least preliminarily in order prior to the auction.
Q: Is there a fee for attending an auction?
A: No, there is never a fee for attending a Curran Miller Auction/Realty auction.
Q: Is there any warranty on the property purchased?
A: With personal property, all items are sold AS-IS, WHERE-IS with no warranty expressed or implied. As members of the National Auctioneers Association, we are bound by a code of ethics that protects consumers against unfair auction practices, and all descriptions of items are believed to be correct.
With real estate, the seller typically provides title insurance showing he/she is providing clear title -meaning the property is free and clear of any liens or encumbrances. Real estate does sell AS IS, WHERE IS, but a potential buyer is welcome to have a home inspection at his/her expense.
Q: What is the difference between Reserve and Absolute Auctions?
A: Reserve auctions mean that the seller has reserved his right to accept or reject the high bid. Absolute auctions mean that the property will sell to the highest bidder regardless of the price.
Online Auction Bid Increments
$0 to $25 - $1 increments
$26 to $50 - $2 increments
$51 to $100 - $5 increments
$101 to $500 - $10 increments
$501 to $1,000 - $25 increments
$1,001 to $5,000 - $100 increments
$5,001 to $10,000 - $250 increments
$10,001 to $50,000 - $500 increments
$50,001 to $100,000 - $1,000 increments
$100,001 to $500,000 - $2,500 increments
$500,001 & up - $5,000 increments
The Curran Miller Auctioneers and Realtors, help determine the best process for marketing homes, land, business assets, equipment, antiques, furniture, & collectibles. Based in Evansville, IN, Curran Miller Auction and Realty provides auction services in Indiana, Illinois and Kentucky.