The CAPS real estate team has provided auction services to our clients for over 15 years, in association with Curran Miller Auction Company. CAPS can now provide complete auction services through our on-staff licensed auctioneer, Tim Harris.
CAPS’ live auctions are tailored to meet the needs of the client. A few of the most popular auction methods available include:
- Single Parcel
- Multi Parcel
- Buyer’s Choice and Privilege
The Single Parcel method is typically used for land that is not easily divided due to location or other physical characteristics.
Auctions using the Multi Parcel method permit properties to be divided into smaller tracts, allowing more buyers to participate in the sale, and still give the Seller a specific date for the sale of all tracts to occur. All bidders have an equal opportunity to bid on any combination of parcels, allowing for more competition which can be advantageous for the Seller.
With the Buyer’s Choice and Privilege method, the property is divided into two or more tracts, and the bids are made on a per acre basis. The winning bidder can take one or all tracts at the winning price per acre. Tracts not taken by the winning bidder are offered with another round of bidding.
Advantages of Real Estate Auctions
- Fair market value is achieved in a competitive, fair, open and transparent atmosphere
- Quick and effective
- Auctions accelerate marketing time, insure prompt closure and reduce seller’s carrying cost
- Competitive bidding between buyers
- Seller dictates terms and conditions, selling and closing date
- Auction does not allow buyer to place property in a holding pattern with contingencies
- Property sells on sellers schedule
- Creates a sense of urgency and brings interested parties to a point of decision