Your Step-By-Step Guide to a Successful Auction

Online and Live Auctions

Auctions are a great choice to sell property and possessions when other means of selling are not ideal. At Bid Fink Auction and Appraisal, we offer both online and live auctions. While each type of auction is unique in its execution, the process leading up to the auction is relatively the same. Let’s walk through the process.

Consultation

Once you’ve contacted us, we will set up an appointment to meet with you. During the consultation, we will discuss your needs and goals for the sale. This will include everything from what you want to sell, to what you are anticipating selling it for, what kind of auction, and more. During this time, Derek Fink will give you his professional advice on the best approach to liquidate your assets.

Proposal

Once the consultation is complete, a proposal will be put together for you to review. This will include the type of auction, what is being auctioned, associated fees with the auction, marketing plan, etc.

Sign Contract

If you agree to the proposal, then the contract will be signed, and we will proceed with preparing the auction!

Create a Listing

Creating a proper listing requires gathering information. This will include listing relevant details of the property and/or items, as well as taking photographs and videos for marketing purposes.

Market

Bid Fink Auction and Appraisal has a marketing team dedicated to promoting your auction. The official auction listing will be showcased on our website and up to four different MLS sites. Pictures and video will be posted on Facebook. If additional marketing strategies were discussed and agreed upon before signing the contract, then those will be executed as well. Examples of these additional strategies are newspaper listings, radio broadcasts, billboard advertisement, etc.

Get People in the Door!

Open houses, showings, and previews are excellent ways to draw customers in. We’ll discuss the best days and times to have them scheduled and will advertise accordingly.

Auction Day

The auction will begin at the designated time. If a live auction is agreed upon, then Derek will welcome everyone, summarize the terms of the sale, outline the way the auction will be conducted, inform everyone of any last-minute changes, and answer any questions from the crowd.

If an online auction is agreed upon, then potential buyers will have access to the terms and conditions at bidfink.com, and they will place bids on our website.

SOLD!

Once the auction is complete, the winning bidder will sign the purchase agreement. What happens after this depends on whether the auction was for personal property or for real estate. If the auction is for personal property, then funds are immediately collected, dispersed, and the buyer can take their property home. Real estate closings are a little more involved.

Real Estate Closing

When someone buys real estate in an auction, a nonrefundable deposit is due within 24 hours of the finished auction. This amount will vary depending on the price of the home. Closing will take up to 35 days. Once closed, funds will be dispersed.

Bid Fink Auction and Appraisal: A One-Stop Shop

Auctions have been around for a long time and rightly so! (Check out our blog on the History of Auctions!) While auctions are not a one-size-fits-all type of sale, they certainly have their benefits and can be more successful than traditional real estate selling or estate sales, given the right circumstances. Auctions are not all we offer, though. Whether you decide to auction, sell traditionally through the real estate market, an estate sale, or you opt for a cash offer, we have you covered. At Bid Fink Auction and Appraisal, we are transparent about all your options so that you can make the decision that is best for you.

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