How apply a Absolute auction? How much is agency price?

liaoyu03 · Joined: 09 Sep 2007 Posts: 177 4.80 Dollars($)

How and Where to apply a Absolute auction? How much is agency price from the auction by bidder offering the highest price? Thanks advance.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Liaoyu,

Welcome to the forum.

To apply for a real estate absolute auction, you will have to contact a real estate agent. He will help you to prepare the documents of the auction and submit them to the attorney. You will have to pay a certain amount of price for the service of the real estate agent. Moreover, you will have to spend an average of 1-3% of your property value for advertising campaign to create the auction.

There are certain requirements that must be fulfilled for an absolute auction:

(a) Except for current tax obligations or easements of the seller, there should not be any lien on the property by other persons.
(b) At the time of the absolute auction, the seller of the property must have a bona fide intention to transfer his ownership of the property to the highest bidder regardless of the highest amount of the bid.
(c) The advertisement of the auction should not be misleading and should clearly mention the property that is to be sold by absolute auction.

Apart from these three points, there are other conditions that need to be fulfilled before the auction. Though the conditions may vary from state to state, yet you can view them at http://codes.ohio.gov/orc/4707.023 which is applicable for the state of Ohio.

liaoyu03 · Joined: 09 Sep 2007 Posts: 177 4.80 Dollars($)

HI,larry.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi liaoyu,

I don't know which auction department you are talking about. But it is true that if you appoint a realtor, he will charge you a fee for his service.

Moreover, I guess nobody can offer their services at free of cost.

liaoyu03 · Joined: 09 Sep 2007 Posts: 177 4.80 Dollars($)

ok, thanks larry. i also think there is no free for any service.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

It's my pleasure Liaoyu to help you.

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