 Convert Frozen Listings to Closed Sales - Today. |
BROKERS |
AUCTIONFORCE™ works with Florida-licensed real estate licensees to take their listings to closings in +- 90 days by way of the real estate auction process. Here is how it works.
You, the real estate broker or associate, have a listing or represent an owner, either of which might be distressed. Whatever the reason, the property needs to be sold.
Your real estate company signs a co-listing agreement with AUCTIONFORCE, Inc. meaning that both of our companies can legally market the properties and be compensated. This co-listing creates a synergism between our two firms as we work together to achieve our common goal: Closing a Sale.
Unlike a traditional listing where properties are often on the market for a long time, the auction process is about speed and finality. With a traditional listing there is a listing period (in some cases quite long), a contract is signed, and then the “due diligence” period begins. Often, too, the buyer comes back after finding “property defects” and wants to lower the contract price or terminate the transaction.
Such is not the case with auction. Here the “due diligence” is done first.
Once the co-listing agreement is signed AUCTIONFORCE™ takes it from there. We do the marketing through a multitude of electronic and print methods resulting in a massive advertising campaign designed to bring in buyers. These buyers will become the bidders at the auction. Also, the buyers have the right to make offers before the auction which the seller can accept.
The “due diligence” period is approximately 40-60 days and then the auction takes place. Buyers have to put up a significant earnest money deposit in order to bid which is non-refundable for the successful bidder. The balance of the contract price is taken into escrow by way of a personal check before the end of the day of auction. The total of the escrowed funds by the end of auction day, therefore, is 10% of the contract price. This money is non-refundable.
Within approximately 30 more days the closing takes place.
AUCTIONFORCE, Inc. has a 15 minute presentation entitled “Convert Frozen Listing to Closed Sales” which explains in detail the entire process to include commission splits and the duties of AUCTIONFORCE™ and the original listing broker.
For information contact: Ray Princiotta at 305.494.4101 or rprinciotta@auctionforce.com