Sellers FAQs

Sellers FAQ

Do we need to pay off the real estate taxes, mortgages, water bills, housing violations, etc.?

Often, all of these expenses can be paid off at settlement with no outlay from the seller before the auction. The auctioneer will provide you with the best options.

Can you sell properties in bad or poor condition?

We often sell real estate in less-than-perfect condition. Some have lead paint, structural issues, mold, etc. All properties that we auction are sold in “as is” condition. However, we offer full transparency; if we know of any defects, they are disclosed to the potential purchasers. We are proud of our direct approach and honest reputation.

Can you sell properties with tenants in them?

Yes, properties can be sold with tenants and are subject to existing leases.

Do only investors buy at auction?

Investors do typically attend auctions, as well as prospective owner-occupants. Many homebuyers prefer purchasing properties at auction because they know they are getting them at market value. Buyers are generally very comfortable with the sales price because they know that someone has placed a bid just below them.

Will I have to advance any money?

The advertising fee is usually paid before marketing the property. Alternative payment arrangements are possible on a case-by-case basis.

Where will the auction take place?

The auction may take place at the property, online or at the property with simulcast online bidding. In some instances, we may conduct the auction at an alternate location.

What if I put the property up for auction and it doesn’t reach the “reserve price”?

If the auction does not meet the reserve price, you have two basic options. The first is to withdraw the property from sale. In this case, your only expense will be the actual advertising costs. The second is to accept the highest offer and continue the process of selling the property.

Can we set a minimum price if we put the property up for auction?

Yes. Before auctioning your property, a principal of A.J. Billig Auctioneers will speak with you, conduct thorough market research, and provide you with a target range for which your property should sell. We will set up an appointment to meet at the site of the property. We will go over the auction procedure in detail and suggest a baseline minimum reserve price. Our goal is to obtain the highest price possible. We will give you a realistic opinion of what to expect.

What do we do with all of the personal property in the home?

A.J. Billig Auctioneers can arrange to have the personal property sold and/or moved.

The property is a mess, who is responsible for cleaning it up?

A.J. Billig Auctioneers can arrange to have properties cleaned and debris hauled away. We will also make suggestions to further enhance the property’s value.

Will an auction generate a better price for my property than listing it with a non-auction Realtor?

There is no perfect formula to use to discern whether a property is better off listed with a Realtor-driven traditional listing process or offered at a public auction. A.J. Billig Auctioneers will evaluate each property on a case-by-case basis and will provide you with honest advice on whether an auction is appropriate for your situation. If it is, we will help you get the best price possible for your property.

Why not just use a Realtor?

We are Realtors that market properties at auction. A custom web page for your property will be highlighted on our web site and the property will be multiple listed. We do extensive social media marketing, print media advertising and direct mail and email marketing to our lists of more than 30,000 past and prospective buyers. We subscribe to residential and commercial e-commerce sites to further promote your property auction.

What are the auctioneer’s duties at an auction?

A. J. Billig Auctioneers regularly provides the following services:

Inspects the property to evaluate its sales potential at auction
Provides an employment agreement outlining commissions and costs
Prepares a marketing plan with cost estimates
Prepares and places advertising – digital marketing, listing services, print media, direct mail, signs
Conducts inspections for purchasers and provides buyer education
Arranges for financing options
Provides for broker cooperation
Gives client periodic updates
Prepares contract of sale
Conducts the auction
Has contract executed and collects earnest money deposit
Provides statement of accounting and after sale follow-up

Why should I consider an auction for the sale of my residential or commercial property?

We can sell the property quickly (3-4 weeks) at true market value. Selling a property at auction is not necessarily exclusive to receiving direct buyer offers, with some properties sold in advance of the auction.
The property is sold in “as is” condition with no contingencies. The auction does not depend on study periods, home inspections, financing, the sale of the purchaser’s home, appraisals, etc.
The purchaser pays all settlement and transfer costs, saving you 1-1.5%. Typically, the recording costs are split between the purchaser and seller, which are 2.5% in Baltimore County and 3% in Baltimore City.
A.J. Billig Auctioneers will take care of the transaction from beginning to end.
The typical settlement time is within 45 days. Some properties close within one week.
Buyer showings are scheduled, meaning less disruption for you.

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