Through our partnership with Thomas Industries, Prudential Connecticut Realty offers auction services. Unlike a traditionally marketed property that is subject to market conditions, Prudential Connecticut Realty’s auction process generates buyer urgency and ensures that a home is sold quickly.

 

Target Properties
Prudential Connecticut Realty’s auctions can work well for these types of homes:

• Highly-desirable “trophy” properties
• Unique homes that are difficult to appraise
• An excess of similar houses on the market
• Some types of housing developments

 It can also assist owners who have special circumstances:

• Quick relocations
• Avoiding pending foreclosures

Process

• Selling a home though an auction, can be done three ways:
• Published minimum bid - the price at which bidding will begin
• Undisclosed reserve - the price at which bidding must reach in order for the house to be sold
• Absolute - the highest bidder wins, no matter how low the bidding stops

Terms

• Auctions are often done “live” on site and all sales are final
• Properties are sold in “as is” condition
• Property inspection information is available to potential bidders
• Bidders must register and pay a refundable fee prior to the auction
  
• Pre-bids are accepted
  
• The winning bidder makes a deposit at the close of bidding

Benefits

• Home sells quickly
  
• Property stands out in the market
  
• Terms of the sale are in the seller’s hands
  
• No cap on the sales price

For more information, contact Rick Ross at rickross@westmountmail.com