For Auction

February 21, 2024 8:00 am

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Jake Vincent

Auctioneer

After graduating from World Wide College of Auctioneering in Mason City, Iowa. I returned home and went to work pursuing my auction career, farming with my family at Vincent Farms and buying and selling farm equipment.

I am also an advocate for community involvement and support. Over the past 11 years, I have volunteered my time to civic clubs, organizations and schools for many benefit auctions that have raised thousands of dollars for families in the KenTenn area.

We specialize in real estate, estate contents, farm & heavy machinery, agriculture – and anything in between – Vincent Auction is a company that you can depend on. Our goal as Vincent Auction Company is to be the go to Auction Company that you can trust! We at Vincent Auction Company look forward to doing business with you and serving you for many years to come.

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Real Estate Auctions – How to Buy Real Estate at Auction

Identify the Property of Interest

There are many properties to pick from with hundreds of auctions held every day. Look through the auction calendar for homes that meet your criteria and read the thorough descriptions to be sure the property is perfect for you.

Research the Property

Buyers should learn everything they can about the property. Learn everything there is to know about the features, including the advantages and disadvantages. The Auctioneer should provide you with a Property Information Package (PIP). Photos, full descriptions, auction terms and conditions, a sample Purchase and Sale Contract, property taxes and assessments, maps, plans, and a variety of other papers are included in the PIP.

Perform a Physical Inspection

Buyers can examine the property during a planned Open House or organize a private preview with the Auctioneer. Buyers at auction take the property as-is, where-is, with all flaws, so seeing the property is essential to determining value and allowing the buyer to bid confidently.

Make Your Financial Arrangements in Advance

Buyers in real estate auctions must be able to close within 30 days on cash terms. Buyers must prequalify with a lender, inform them of the Auction rules, and secure financing prior to bidding because there are no financing contingencies. If monies must be shifted in order to have accessible capital for the sale, call your financial counselor as soon as possible to make the funds ready for deposit and closing.

Observe another Auction Hosted by the same Auctioneer

Check the auction calendar for an auction that will be held before the sale for the property of interest. Become familiar with the auction process and ask questions afterwards to clarify and understand the process and expectation of that auctioneer.

Get Registered to Bid

On the day of the auction, buyers can register to bid online or in person. The earlier you register, the better, because it informs the auctioneer of your interest and allows you to receive information and updates right away. If the auction will be held onsite, show up early.

Prepare Questions about the Sale/Property

Although the Auctioneer will allow you to ask questions during the sale, it is advisable to prepare your queries ahead of time. This will give you the chance to double-check are prepared to bid with sound understanding.

Determine Your Maximum Bid

Set a bidding limit after researching and evaluating the property and determining your financial capabilities. Keep in mind the buyer's premium, necessary deposit, and closing charges. A Buyer may seek professional guidance from a building constructor or a real estate agent if they prefer.

Bid to Win

Buyers who put their best foot forward are usually the ones that win. Each property has just one winning bidder, and that bidder is the one who submits the highest bid the quickest. Continue bidding until the auctioneer ends the sale or you reach your maximum bid.

Let us get your property sold!

Why continue to wait? We can get your home or property sold in an afternoon for the maximum price, netting you a fair market value.

The Auction Strategy

Is your property not receiving enough attention? Tired of looking for a buyer? Not interested in another price reduction? The term "auction" derives from the Latin augere, which means "to grow." The auction method of sales relies on competitive bidding rather than establishing a price cap, which sometimes attracts bargaining. Auctions are straightforward; the seller and auctioneer establish the date of sale. Buyers do pre-contract inspections and due diligence and sign non-contingent contracts backed by non-refundable deposits. Closings and property transfers are often completed within 30 days, at which point the seller recoups funds from an asset and is free to pursue other opportunities.

You enjoy a simple sales process that requires no negotiating on your end.
Auctions can reduce the costs associated with putting a home on the market and maximize returns.
The auction deadline creates buyer urgency.
Auctions attract qualified and serious buyers.
The typical timeline is 30-days or less which eliminates carrying costs faster.
You set the terms and day of your auction so that you can plan your life accordingly.
The sale isn’t contingent on inspections and appraisals.
Reserve auctions provide sellers with price protection.
Buyers can’t ask you to do additional work or pay additional expenses since properties sell as is.
The competitive bidding process helps you receive the true market value for your house.
Experienced professionals handle all the marketing, promotion, paperwork, and the auction event.