Auction

Cowley Auction is both a Local and a National Real Estate Auction Company that combines the benefits of local market knowledge and the resources of a national company to realize the highest possible value for Real Estate and Business Assets…in the shortest possible time.

Q: What is an Auction?

Answer: An auction is an innovative and effective method of selling items and real estate. It is an intense, accelerated marketing process that involves the public sale of any property through competitive bidding.

Q: How will auction benefit me?

BENEFITS TO THE SELLER:

  • Buyers come prepared to buy
  • Quick disposal reduces long-term carrying costs
  • Assurance that property will be sold at true market value
  • Exposes the property to a large number of pre-qualified prospects
  • Accelerates the sale- Real Estate can often be sold in as little as 4-6 weeks from the Auction date.
  • Creates competition among buyers
  • Requires potential buyers to pre-qualify for financing or show proof of funds.
  • The seller knows exactly when the property will sell
  • Eliminates numerous and unscheduled showings
  • Takes the seller out of the negotiation process
  • Ensures an aggressive marketing program that increases interest and visibility
  • Auctions bring interested buyers to a point of decision. Act now or lose the purchase.
  • Deposits are required for large purchases. This creates a commitment on behalf of the buyer.
  • Fast way to sell!
  • AUCTION IS THE TRUE MARKET FORUM FOR VALUE.

BENEFITS TO THE BUYER:

  • The buyer knows the seller is committed to sell
  • Buyers determine the purchase price
  • Auctions eliminate long negotiation periods
  • Auctions reduce time to purchase property
  • Purchasing and closing dates are known in Real Estate transactions.
  • Buyers know they are competing fairly and on the same terms as all other buyers
  • Buyers receive comprehensive information on Real Estate Auctions via due diligence packet
  • Gain confidence as they compete in bidding realizing others are also interested

THE PROCESS:

  • The whole process takes about six weeks for the auction to take place. Real estate will take another 4-6 weeks to close.
  • Marketing: We have developed a targeted database of local, regional and national buyers. Auctions are featured and advertised on Online Portals, social media, local media and print ads and email blasts.
  • To develop competitive bidding and to give the buyers confidence, previews are scheduled prior to Auctions. These short time slots allow buyers to come and look around and inspect the items or Real Estate. A member of the Auction team will be on hand to answer any questions they may have.
  • The aim of an auction is to generate interest from two or more prospective buyers, which will lead them to bid against each other and will achieve the best price. Sometimes those buyers are so keen to acquire the property that they put in a pre-auction offer, and if this figure is higher than we would expect to reach in the auction room, we may recommend accepting the offer under standard auction rules, with contracts needing to be exchanged prior to the auction day.
  • After contracts are signed, we begin the advertising stage. We list and photograph your property, place auction signs and all other means of marketing. As the auction date draws closer, our knowledgeable auction set up staff will come do all the setup work for you. We will sort and display your items in a way that makes them most appealing to potential bidders. We provide all the tables, show cases and anything else needed to display your items properly. We will handle ordering a port-o-let, setting a tent if needed and food service if necessary. On auction day, we bring all the staff we need to conduct your auction!

AUCTION VENUES:

  • Live Auctions are held on-site. Requires Attendance to the Auction. Has a live Auctioneer.
  • Online Only Bidding is an auction held online only with no live auctioneer. You can bid from a computer or laptop. Bids can be placed prior to the auction with max bids/absentee bids if you cannot be on your computer for the auction countdown. At a given date and time, every item will be auctioned off and you can bid online against other bidders from across the country in a live, computer generated auction.
  • Live with Online Absentee Bidding is a live auction as stated above however Absentee bids can be placed online prior to the start of the live bidding. All online absentee bids are taken to the live auction where a representative from the Auction Company will bid for you.
  • Live Webcast Auction is a live auction as stated above with the addition of online bidding. Bidders can watch and hear the live auction as it is taken place. Online bidders can bid against live bidders with their computers.

TYPES OF AUCTIONS:

  • Estate Auction is where someone has passed away and their items, possessions and property is being sold.
  • Liquidation Auction is usually where a business, because of various reasons, needs to sell off their inventory.
  • Consignment Auction is where a seller consigns the items with the auctioneer for a designated auction date for a quick sale of personal property.

TERMINOLOGY:

  • Absolute Auction: Type of auction where the highest bidder acquires the item being auctioned (irrespective of the bid amount), and where the item does not have a reserve price below which it will not be sold.
  • Reserve/Minimum Bid: Type of auction where the owner of an item has set a minimum dollar amount that prevents the auctioneer from selling that item lower than that reserve amount. The starting bid can be less, however, if a reserve is on the item, the item cannot sell until that reserve is met.

Suggested/Starting/Opening Bid: This is an amount established by the seller as an amount for which the bidding should start. If no bidders come forward, auctioneer can lower the bid to get interest.