For all of your Real Estate Needs give me a call at 501-590-9755

I can List with Key Realty or I can Auction your property for a quick sale.

Auction vs. Ordinary

AUCTION METHOD VS. ORDINARY SALE

IS AN AUCTION THE RIGHT CHOICE FOR YOU?


Learn More

Auction

  • Focus is on your Property alone                              
  • Auction conducted in 45 to 60 days or less – Holding costs are contained
  • Auction creates a sense of urgency to promote buyer interest
  • Buyers act on your schedule
  • No limit on upside potential – price is bid upwards to realize maximum market value
  • Exclusively showcases your property throughout the marketplace
  • All conditions of the sale are set by the seller in advance, thus eliminating negotiations
  • Property sold without contingencies                      
  • Auction contract calls for a cash sale – Buyers are ready, willing and able to close


Ordinary

  • Property is one of many being advertised and shown
  • May remain on the market for months or even years – Holding costs are ongoing
  • Price reduction encouraged to create buyer interest and activity
  •  Little motivation for buyers – you wait for them
  • Upside potential limited by asking price – Price is usually negotiated down
  • Minimal advertising – Heavy reliance on multiple listing type of service
  • Seller must negotiate all aspects of the sale         
  • Contingencies are common and can eliminate a sale at any time
  • Contract is almost always contingent upon financing


PLEASE CLICK ON LINKS BELOW FOR

TERMS OF SALE

BROKER REGISTRATION

ABSENTEE BID FORM


Absentee Bidding

Individuals unable to physically attend this auction may still bid by placing an absentee bid with us. You must submit the Required Deposit in certified funds along with the completed Absentee Bid Form (below) and the signed Real Estate Sales Contract prior to the auction date. We will then arrange for you to bid via telephone or bids will be placed by the Auctioneer on your behalf at the auction, based on the instructions in the Absentee Bid Form.

Auction Tips

for first time Attendees

The following is a list of steps to follow when preparing to participate in an onsite auction. We hope they are helpful tips that make your participation in our auction successful and easy. If you are new to buying at auction, you will want to get familiar with a few of the basic terms.

 DO YOUR HOMEWORK

Find out as much as you can about the property.

 INSPECT THE PROPERTY

Take full advantage of any previews or special inspections conducted by Mike Nichols Auctions. This will allow you, or your representative, to see firsthand what you are bidding on and help determine value and desirability. A full inspection will allow you to bid with confidence.

 PRE-QUALIFY YOURSELF

Increase your comfort level by knowing your mortgage qualifications. Even before you decide on a property to buy, you should pre-qualify through your banker or mortgage company. There is never a mortgage contingency in a real estate auction, meaning the sale is not contingent on your ability to get financing. Generally, the terms call for the transaction to close 30 days after the auction. It is best to know what you can pay for the property before you bid. Now you can bid with confidence!

 ATTEND A LOCAL AUCTION

Attend and observe one or more auctions and familiarize yourself with the process before you attend an auction as a bidder. The auction process happens quickly and knowing what to expect is important when your time comes to buy. If you can’t find an auction, call us at 501-590-9755.

 REGISTER TO BID

On auction day, it is to your advantage to arrive at the auction site about 1 hour before the auction. By doing so, you will have more time to consult with on-site staff who are prepared to assist you with your last-minute questions regarding the property and the auction process. Upon completion of registration you will receive a Bid Packet containing your bid number, Terms of Sale, Purchase and Sale Agreement.

 BRING REQUIRED DEPOSIT

If you are the successful high bidder at an auction, you will be required to affirm your bid with a signature and earnest money deposit. All deposits must be in earnest money form, i.e. cash, certified or bank check. Deposit requirements and amounts are clearly listed in the “TERMS” section of all Mike Nichols Auctions. advertising.

 PREPARE FOR “Q & A”

Prior to the start of bidding, our auctioneers conduct a question and answer period. This is an opportunity for registered bidders to ask any last-minute questions before the auction begins.

 BID AGGRESSIVELY

…..until you have won or reached your limit. There can be only one winning bidder. You cannot BUY at your price unless you BID your price. Determine your bid limit after examination of the property and don’t be afraid to bid early. Most other bidders will be willing to pay just as much as you. GOOD LUCK!

 CONTACT US

The Real Estate Professionals at Mike Nichols Auctions are prepared to supply you with information, over the telephone at (501-590-9755), concerning specific properties as well as the auction process.



Buyer FAQ's / Terms
  • Q. What type of property is sold at auction?
  • A. All types of properties – residential properties, farms, crop land, commercial buildings, resort properties, undeveloped land & investment properties – all are effectively marketed and sold through the auction method. Today, most auctions are not the result of distress, but rather a seller choosing a cost-effective, accelerated method of selling their property now instead of waiting months or years for a sale by other means.
  • Q. Is the auction method successful?
  • A. Yes and its popularity is growing annually. Why the growth? Smart buyers now recognize that market-driven sale by auction is a cost-effective means to efficiently buy properties. The auction method puts the buyer in control of their time and resources locating and acquiring properties.
  • Q. What do I need to know before bidding?
  • A. Before you bid you should inspect the property to determine its conditions. You’ll want to check property records for relevant information. You should determine what is included in the sale. You may also want to obtain a pre-approved mortgage or line of credit because the purchase and sale agreement will not include any financing contingency. You should review all auction documents, the real estate contract and, if necessary, obtain professional advice.
  • Q. Is the physical condition of the property warranted?
  • A. No. Conditions of properties vary. Properties are sold “as is-where is”. You will want to evaluate the overall condition of the property and determine if there are any defects. While these may be acceptable to you, it may affect the amount you want to bid, so look before you bid. Mike Nichols Auctions encourages all bidders to inspect the property prior to the sale.
  • Q. How can I be assured of getting clear title if I am the high bidder?
  • A. Our real estate contract calls for the seller to give clear, marketable title and provide an owners policy of title insurance in the amount of the purchase price or provide an abstract of title. We can arrange for all transactions to close with a reputable title company who performs title searches, prepares all documents to transfer title and sends documents to be recorded in the public records of the county where the property is located.
  • Q. What are the Terms and Conditions of the sale?
  • A. The Terms and Conditions govern the particular sale. They include information such as the required earnest money deposit amount, when the transaction must close and other key facts. You should familiarize yourself with these prior to the auction. Summaries of the Terms and Conditions are available within the property listing are on our website. Terms and Conditions are available on our website. You should note that at an auction sale, any announcements made by the auctioneer on the day of sale take precedence over previously published or verbally conveyed terms and conditions. So, be attentive to the announcements at the sale!
  • Q. How do I bid at an auction?
  • A. In order to bid at an auction, you need to attract the auctioneer’s attention. You can hold up your bidder card, raise your hand or shout out “Yes”. Also there will be bid assistants circulating among the bidders who can also convey your bid to the auctioneer on your behalf. If you are ever unsure whether your bid is the high bid at any given time, feel free to ask a bid assistant or the auctioneer to confirm this. The auctioneer wants to provide you every opportunity to place your bid and will not allow you to bid against yourself.
  • AUCTION TERMINOLOGY
  • ABSOLUTE AUCTION – An auction without reserve. (See Auction Without Reserve) An auction in which property is sold to the highest bidder regardless of price. This typically generates a much greater interest among potential buyers resulting in greater attendance at the auction, and a higher final sale price for the property in question.
  • ABSENTEE BID – A procedure which allows a bidder to participate in the bidding process without being physically present. A bidder who cannot attend submits an offer prior to the auction. All arrangements for payment have been made in advance.
  • AS-IS – Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as “As Is, Where Is” and “In its Present Condition”.
  • AUCTION WITH RESERVE (Also called Auction Subject to Confirmation) – An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
  • AUCTION WITHOUT RESERVE – An Absolute Auction. (See Absolute Auction) An auction in which property is sold to the highest qualified bidder; where no minimum price will limit the bid; where the seller may not withdraw the property from the auction after the first bid has been received; and where the seller may not nullify the sale by bidding himself or through an agent. “Auction Without Reserve” is equivalent to the term “Absolute Auction”.
  • BIDDER’S CHOICE – A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. The winning bidder then has the choice to take one property or as many as were offered in that round. After the high bidder’s selection, the property is deleted from the group, and the second round of bidding commences, and so on, until all properties are sold.
  • BUYER’S PREMIUM – A percentage added on to your bid amount. In Real Estate it is an amount added to the high bid to determine the total contract price to be paid by the buyer. The use of the buyer’s premium benefits both buyers and sellers. Sellers benefit because it helps to defray many of the expenses associated with conducting an auction. The buyer benefits because without the use of this tool, there may not have been an auction. The competitive bidding process might not exist if the buyer’s premium were not used to offset some of the expenses. Check the terms and conditions of the auction to determine if there is a buyer’s premium.
  • BROKER PARTICIPATION (Also known as broker cooperation) – An arrangement for third-party brokers to register a prospective buyer with the auction company. The broker is paid a commission by the owner of the property or the auction firm only if his prospect is the high bidder and successfully closes on the property.
  • DUE DILIGENCE – process of gathering information about the condition and legal status of property to be sold.
  • MULTI-PARCEL AUCTION – A process used in real estate auctions where a bidder has the opportunity to combine several parcels of land previously selected by other bidders, thereby creating one larger parcel out of several smaller parcels. This process is often used in conjunction with bidder’s choice.
  • MULTIPLE PROPERTY AUCTION – A group of properties offered through a common promotional campaign. The properties to be auctioned may be owned by one seller or multiple sellers.
  • PREVIEW (Also called Special Inspection) – Pre-determined times made available for you to inspect the property offered for sale. You will want to evaluate the overall condition of the property and determine if there are any defects. While these may be acceptable to you, it may affect the amount you want to bid, so look before you bid. You will feel much more confident if you do this.
  • REGISTRATION – The process you must complete in order to be a qualified bidder. When you first get to the auction, you should ask to register and obtain a bid card. You will be asked to show proper identification to register. You may be required to verify that you have certified funds or cash in your possession. You must register at each auction event. This is essential before bidding.
  • TERMS & CONDITIONS – The legal terms that govern the rules for a specific auction. Each auction’s terms and conditions may vary and the bidder must understand them before participating in an auction. They include method of payment, buyer’s premiums, possession, reserves and other limiting factors. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.

Seller FAQs / Terms

  • Q. What type of property is best suited for an auction?
  • A. We auction all types of real estate – residential properties, farms, crop land, commercial buildings, resort properties, undeveloped land & investment properties. From single-family dwellings to high-end premier properties, auctions have been successful in all of these categories.
  • Q. Why would I choose to auction my property?
  • A. As a seller you will benefit the greatest by making an auction your first choice. Many people are afraid of the old, outdated perception of auctions being the last resort. But the fact is auctions are widely accepted as the first choice for many savvy sellers who understand the benefits of auction marketing. A smart seller chooses the cost effective, accelerated method of an auction to quickly speed up the sale of his or her property.
  • Q. My property is priced below market right now. What is this going to mean if I sell at auction?
  • A. We often find that price is not the issue in determining why a property has not sold. Many times the reason that a property has not sold is that there has not been adequate traffic to view the property, and therefore, not enough interest has been generated in order to sell the property. The auction process is the best way to create interest and instill the excitement that will result in a positive sale. Our auctions are positive, enthusiastic events designed to generate competitive bidding to secure the highest possible market price for your property.
  • Q. Where will the auction of my property take place?
  • A. We hold most auctions on site. By being on site, bidders are constantly reminded of the positives associated with that particular property, which in turn, can encourage a higher bid. We can also set up our large event tent for undeveloped land sales. If selling on site is not feasible we will arrange for the auction to be held nearby in a public or private meeting facility.
  • Q. I know my property will bring a better price if some clean up and necessary repairs were performed. I do not have the time to handle this project right now. Can you help me?
  • A. Absolutely! To realize maximum value your property should be in the best condition possible. We can arrange general premises clean up, yard work, brush hogging, painting and repairs with local contractors. You can literally send us the keys and let us take care of all the details from start to finish.
  • ABSOLUTE AUCTION – An auction without reserve. An auction in which property is sold to the highest bidder regardless of price. This typically generates a much greater interest among potential buyers resulting in greater attendance at the auction, and a higher final sale price for the property in question.
  • ABSENTEE BID – A procedure which allows a bidder to participate in the bidding process without being physically present. A bidder who cannot attend submits an offer prior to the auction. All arrangements for payment have been made in advance.
  • AS-IS – Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as “As Is, Where Is” and “In its Present Condition”.
  • AUCTION WITH RESERVE (Also called Auction Subject to Confirmation) – An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
  • AUCTION WITHOUT RESERVE – An Absolute Auction. An auction in which property is sold to the highest qualified bidder; where no minimum price will limit the bid; where the seller may not withdraw the property from the auction after the first bid has been received; and where the seller may not nullify the sale by bidding himself or through an agent. “Auction Without Reserve” is equivalent to the term “Absolute Auction”.
  • BIDDER’S CHOICE – A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. The winning bidder then has the choice to take one property or as many as were offered in that round. After the high bidder’s selection, the property is deleted from the group, and the second round of bidding commences, and so on, until all properties are sold.
  • BUYER’S PREMIUM – A percentage added on to your bid amount. In Real Estate it is an amount added to the high bid to determine the total contract price to be paid by the buyer. The use of the buyer’s premium benefits both buyers and sellers. Sellers benefit because it helps to defray many of the expenses associated with conducting an auction. The buyer benefits because without the use of this tool, there may not have been an auction. The competitive bidding process might not exist if the buyer’s premium were not used to offset some of the expenses. Check the terms and conditions of the auction to determine if there is a buyer’s premium.
  • BROKER PARTICIPATION (Also known as broker cooperation) – An arrangement for third-party brokers to register a prospective buyer with the auction company. The broker is paid a commission by the owner of the property or the auction firm only if his prospect is the high bidder and successfully closes on the property.
  • DUE DILIGENCE – The process of gathering information about the condition and legal status of property to be sold.
  • MULTI-PARCEL AUCTION – A process used in real estate auctions where a bidder has the opportunity to combine several parcels of land previously selected by other bidders, thereby creating one larger parcel out of several smaller parcels. This process is often used in conjunction with bidder’s choice.
  • MULTIPLE PROPERTY AUCTION – A group of properties offered through a common promotional campaign. The properties to be auctioned may be owned by one seller or multiple sellers.
  • PREVIEW (Also called Special Inspection) – Pre-determined times made available for you to inspect the property offered for sale. You will want to evaluate the overall condition of the property and determine if there are any defects. While these may be acceptable to you, it may affect the amount you want to bid, so look before you bid. You will feel much more confident if you do this.
  • REGISTRATION – The process you must complete in order to be a qualified bidder. When you first get to the auction, you should ask to register and obtain a bid card. You will be asked to show proper identification to register. You may be required to verify that you have certified funds or cash in your possession. You must register at each auction event. This is essential before bidding.
  • TERMS & CONDITIONS – The legal terms that govern the rules for a specific auction. Each auction’s terms and conditions may vary and the bidder must understand them before participating in an auction. They include method of payment, buyer’s premiums, possession, reserves and other limiting factors. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.

AUCTION MARKETING IS FOR INNOVATIVE BROKERS…..

LET US WORK WITH YOU!


Auctions offer clients and customers new options and they enhance an agent’s image as a full-service professional. You will be adding a new and powerful marketing tool to your reserves of professional techniques. This is especially important as more and more property owners become increasingly interested in selling at auctions – and often as their first choice to sell their property. Selling real estate at auction is our specialty and we can set you apart from other brokers and give you a powerful and profitable competitive edge.

At Mike Nichols Auctions, you will be working with a firm that has a proven track record in real estate auctions. Our professionals are dedicated to marketing excellence and selling your property for the highest price possible. More & more real estate will be auctioned every year! Work with Mike Nichols Auctions and get your share of the commissions!

HOW DOES IT WORK? SIMPLE . . . REFER YOUR CLIENT TO US

We want you and your clients to continue to feel the comfort of a solid relationship. We’ll take care of all the auction details and you maintain a relationship while earning a referral fee.

LESS WORK . . . MORE MONEY

You don’t have to be an auctioneer to earn commissions. You can benefit from Mike Nichols Auctions extensive experience and promotional skills through increased sales and commissions. We do the marketing and conduct the auction event. You earn outstanding referral fees. Across America, Auctions enjoy a 95%+ closing rate.

WE WORK WITH YOU . . . NOT IN PLACE OF YOU

We will make you and your clients comfortable with the AUCTION METHOD. Don’t let unfamiliarity with the process stop you. Mike Nichols Auctions can make your auction simple and profitable, quickly.

Thousands of real estate professionals are earning millions using the Auction Method of selling real estate through affiliations with experienced, knowledgeable firms such as Mike Nichols Auctions.

CONTACT US TODAY AT 501-590-9755 AND LET US WORK WITH YOU AND

GET YOUR CLIENT’S PROPERTY SOLD NOW!