AUCTION INFORMATION
Should we try an auction?
Posted By - Gregory Goff - 1 day ago 73 comments
Should we try an auction? As an auctioneer and real estate agent this is a question I hear on a regular basis at listing appointments. The answer actually depends on a number of factors. Some of the points I ask the homeowner to consider are: How quickly do you need to be out of your home? This is one of the most important considerations. If you need out quickly, auction may be your best option. The real estate market varies depending on location, style of home and condition of your home. Recently I viewed a home that had several major cracks in the brick and I recommended an auction because of the fact the home will sell as is and no repairs have to be made. Placing this home on the market may take several months to sell because buyers will not overlook those cracks. How much equity do you have in your home? If a homeowner doesn’t have equity, an auction probably won’t work. Too many times I’ve seen homeowners who have lived in a home for 5-10 years but still don’t have much equity because of market decline. How many homes are for sale in the immediate area? This is important because if someone is looking at the neighborhood, they have many choices if there are several homes on the market. If your home is the only home in the area being offered for sale, your chances for top dollar increase as do your chances for a successful auction. What are your expectations on selling price? In certain areas, prices have not rebounded as well as other areas. If you are wanting to realize maximum potential selling price, you may want to list your home because it might take several months for a potential buyer to come along willing to pay your expected price. Are you willing to complete extensive repairs or meet strict loan requirements if required by a particular lender or loan type? Lenders have tightened loan requirements and your home may have issues that will pose a threat to closing. Repairs or modifications could cost thousands of dollars to complete depending on your particular situation. Once again, with the auction method, the home sells as is and any potential buyers are notified the sale of the home is NOT CONTINGENT on financing, appraisal or inspections. These are just a few of the points to ponder when thinking about an auction. Everyone’s situation is going to be different and that is when you should consider calling a licensed and professional auctioneer. Greg Goff, AUCTIONEER EXIT Realty Bob Lamb Auction Division Firm # 5515 Ph: 615-896-5656 x 153


Buying a Home at a Public Real Estate Auction
Posted By - Gregory Goff - 1 day ago 10 comments
Buying a home at a public real estate auction... You just picked up the weekly newspaper and noticed what might be the perfect home you've been searching for, however it's going to be offered at auction within the next two weeks. What do you do? First and foremost, if you're buying using financing, make sure your lender understands the home you are looking at. Auctions are not contingent on financing, appraisal or inspections. In other words, if you buy, you normally close on or before 30 days from the date of auction. Second: Know what you're buying. You don't get to change your mind after you buy at auction. If you are paying cash and no financing is involved, you need to do your homework on the home and location to make sure before the auction this is the home for you. Once again, the sale is not contingent on anything and you must close on the home if you are the winning bidder. Auctions are just about always going to require larger down payments day of sale. This is to protect the auction company and seller from buyer default. For instance, if you are the winning bidder on a $100,000 home and the sale terms state 10% down payment day of sale, you must have $10,000 that day to put down. That money is held in escrow by the auction company until closing. When you close on the home, you are credited $10,000 toward the purchase price. However, if the buyer defaults, the $10,000 is usually dispersed to the seller minus any auction expenses. You can hire a real estate agent to represent you during the buying process, however most auction companies and sellers do not pay compensation to a buyer's agent. Some auctions will advertise buyer broker participation but special regulations will apply. Most buyer agents will want you to sign a buyer's agreement agreeing to pay them a commission if you buy a home. This agreement will also apply to "for sale by owner" or "auction" properties. One final note, homes at auction are offered "with reserve" or "absolute". Absolute means the home is selling to the highest bidder, where the seller may not withdraw the property from the auction after the auctioneer calls for bids unless no bid is made in a reasonable time, where the seller may not bid himself or through an agent, and where the seller will deliver marketable title. Absolute usually draws a larger crowd which in turn usually means a higher selling price. An auction with reserve is an auction at which the seller or his agent reserves the right to establish a minimum bid, to accept or reject any and all bids, and to withdraw the property at any time prior to the completion of the sale by the auctioneer. Also be aware if the auction includes a buyer's premium and the percentage. Buyer's Premium - Buyer pays an extra amount of money (usually a percentage) to the auctioneer. The amount and date must be advertised in advance. Auctions are a great way to purchase a home or investment property. Being an educated auction buyer will lead to an easy transaction with no surprises. Gregory Goff, AUCTIONEER EXIT Realty Bob Lamb Auction Division Firm #5515 www.TheAuctionDivision.com If you have other questions or concerns, you can contact me at: (615) 653-0080 or email: ExitRealty@GregoryGoff.com


Murfreesboro TN Auctions 1522 Bradyville Pike Murfreesboro
Posted By - Gregory Goff - 1 day ago 19 comments
Murfreesboro TN Auctions 1522 Bradyville Pike Murfreesboro TN Gregory Goff Auctioneer

Don't miss out on this great all brick home that is move-in ready!  Join us on Saturday August 18th at 10 a.m. for an exciting auction where we will be offering this home to the highest bidder.  This home has many great features including new roof, hardwood and tile floors, 3 bedrooms, 1.5 baths, shaded lot, neat landscaping and paved driveway. 
 
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If you've never been to an auction, visit our website to view helpful information and more auctions including upcoming personal property sales.

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Gregory Goff, AUCTIONEER

615-653-0080



2568 West Park Drive Murfreesboro TN Auctions EXIT Realty
Posted By - Greg Goff - 2 days ago 8 comments

2568 West Park Drive Murfreesboro TN Auctions EXIT Realty Greg Goff Auctioneer

Never been to an auction? Then here is your opportunity to join us at 2568 West Park Drive in Murfreesboro, TN. We will be there at 10 a.m. on Saturday February 4th to offer a beautiful home to the highest bidder. Opening announcements will start directly at 10 a.m. with the bidding to follow. Auctions are a great way to sell property with specialized and targeted advertising and competitive bidding. The process also benefits the seller, because the sale of the home is not contingent on financing, appraisal or inspections. Imagine selling your home through a traditional transaction. The buyer usually goes and finanlizes their finances after he/she finds a home, then the finance company sends out an appraiser and to top it off, the home must pass a home inspection satisfactory to the buyer. If the buyer finds something they don't like, (even though it may be minor issues) they can terminate the contract and have their earnest money refunded.

Now take a look at the auction process: First... instead of earnest money, auctions require a larger non-refundable down payment, usually $5,000 or more. Second... Sale of home is not contingent on financing, appraisal or inspection. That means when the winning bidder is announced, that person has 30 days to complete the transaction and the home is selling as is. If the buyer cannot close within the specified time frame, down payment is forfeited and retained as damages.

Now you decide... which would you prefer if you were selling a home?

Greg Goff, Auctioneer




Tis' the Season for Auctions - EXIT Realty Auction Division
Posted By - Gregory Goff - 2 days ago 21 comments

Normally during the dead of winter most people are just trying to stay warm and on the outlook for snow. As an auctioneer, we're on the outlook for new business. February through May is the best season for auctions. Many people have cabin fever and are looking for something to do. Also, tax returns are coming in and people have money to spend. Estate auctions do very well this time of year because they are attractive to people looking for bargains. However, the more people that attend an auction, the less bargains there are to be had. It's a simple concept really. Imagine going to a store and they only have one of the item you are wanting and there are 3 other people also wanting that same item. What happens? At the store, it's first come, first serve. At an auction, we allow those 4 people to submit their highest bid. When you allow competitive bidding on an item, price goes up! It's demand versus supply. Granted not every items is going to have 4 bidders. That's when the bargain comes into the equation. If only one person is interested in a particular item, then of course that item will bring less.

As a professional auction company with EXIT Realty, our primary goal is to attract as many people as possible to an auction through specialized advertising. We focus our marketing on past auction attendees and drawing the local residents. Auction advertising is extremely focused and targeted. With usually less than 30 days to market an auction, advertising has to be very effective. We reach the greatest number of people possible, in the shortest time.

If you've been wondering if an auction is right for you, give me a call at 615-653-0080 and I will be happy to meet and provide a free consultation with no obligations.

Gregory Goff

AUCTIONEER

EXIT Realty Bob Lamb Auction Division (Firm # 5515)




Exit Realty Auction Division Nashville TN Auctions
Posted - 2 days ago
Exit Realty Bob Lamb & Associates Auction Division Nashville TN Auctions 3428 Calais Circle Antioch, TN 

Auction

Saturday May 22nd, 10:00 A.M.
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· This nice property has had some recent upgrades such as hardwood floors, granite countertops in kitchen, new light fixtures, new paint, etc. It has a scenic back yard with mature trees. It is approx. 1900 sq. ft., 3 bedrooms, 2.5 baths with a 2 car garage and concrete drive. The sellers have purchased another home and are extremely motivated.

· Terms: $2500 non-refundable deposit day of sale, balance/closing within 30 days. Property sold as-is. Buyers Premium: 10% to be added to the winning bid to determine the final selling price.

Attn. Agents:  3% Realtor Participation Offered (Call office for more details)

All announcements made day of sale take precedence over any previous advertising.

 

CALL FOR MORE INFORMATION!

AUCTIONEERS:Darrell Huffman (615) 566-0842
                        Gregory Goff  (615) 653-0080

Exit Realty Bob Lamb & Associates Auction Division

615-896-5656

Firm # 5515

Referring Agent:  Glen Rickard - Exit Realty Bob Lamb & Associates

www.TheAuctionDivision.com

 

 

 

 

 




Auctions Making a Big Impact in Tennessee!
Posted - 2 days ago 45 comments

Auctions Making a Big Impact in Tennessee!

The auction business is booming and what better way to dispose of property.  Auctions bring buyers and sellers together for a common cause.  Competitive bidding moves the price higher instead of lower as in the negotiation of a conventional real estate sale.  Auction properties sell with no contingencies and almost always close within 30 days.  Larger down payments are common and promote more closings with hardly any defaults.  Auction advertising is the most concentrated advertising a property will ever receive.  With an auction advertising budget, the property is promoted far beyond any standard real estate listing.  Everyone involved knows when the property will sell and also the date of closing.  Whether you're a realtor, investor or consumer, the auction method can work for you.

Gregory Goff - REALTOR & Auctioneer

Exit Realty Bob Lamb & Associates Auction Division - Firm #5515




AUCTION! 603 N. Spring Street in Murfreesboro, TN
Posted - 2 days ago

Auction!  603 N. Spring St. in Murfreesboro, TN

SATURDAY, OCTOBER 31ST, 2009, 10:00 AM

HOME & PERSONAL PROPERTY

603 N. SPRING ST., MURFREESBORO, TN

Don't miss your opportunity to own this historic home.  Built in 1900, this home has been a staple of the downtown community and has been in the same family for the last 50 years.  The home boasts 12 ft. ceilings and 8 ft. doors.  It is situated on a corner lot with access from two streets.  This would be a great renovation project to save a part of Murfreesboro history.

Real Estate to sell at 12 noon

 

Personal Property includes:  Solid wood executive desk, metal desk, oil lamps, vintage furniture (chairs & sofas), wooden chair frames, vintage headboards and footboards, metal Mickey Mouse lunchboxes, Key an EE mini sewing machines, glassware, lamps, 1916-1918 Saturday Evening Post magazines, depression era armoires, chests & dressers, glass cookware, lots of cast iron,  green glass, milk glass, depression glass, vintage era electric kitchen appliances, doll furniture, artwork,  scales & tools, Waterbury clock, drop leaf tables, wooden barrel wringer washer, vintage metal toys, manual typewriter (Royal), Fire King cookware, Pyrex cookware, Hall pottery, McCoy planters, amber glass gallon jugs, lamp globes, Mickey Mouse items, vintage metal train set with track, 1959 Barbie Doll with box, many paper dolls in excellent condition, occupied Japan china pieces, red letter Japan pieces, Bavaria china, Polish & German china, doll strollers, doll cradles & beds, numerous dolls, JAMUP Mill cloth flour sack (100 lb.), hobnail lamp globes, wooden filing cabinet, victorian style sofas, Edison Blue Amberol Records and other items too numerous to mention.

 

VISIT www.EXITBOBLAMBAUCTIONS.com FOR UPDATED PHOTOS & ADDITIONAL INFORMATION

AUCTION AGENT:  GREGORY GOFF  (615) 653-0080

 

Directions:  From east side of downtown square, take E. Main St. to L on N. Spring St., home on L at 603.

Terms:  10%  non-refundable down payment day of sale, balance due on or before 30 days.  TAXES: Prorated.  POSSESSION:  With deed.

Personal Property:  Cash or good check day of sale.  Positive ID required.

All homes built prior to 1978 may contain lead based paint.  All inspections to be made at buyer's expense at least 10 days prior to sale.  All information contained  in this ad is believed to be true and correct, but not warranted.

 

ALL ANNOUNCEMENTS MADE DAY OF SALE TAKE PRECEDENCE OVER ANY PREVIOUS ADVERTISING

 

 Auctioneer:  Gregory Goff




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