We will list your property on MLS just the same as any other brokerage would list your property, and the transaction will all be handled by myself a Realtor and a Real Estate Brokerage. In this way you will have all of the safeguards in place as in a normal Real Estate transaction. YOU WILL ALWAYS BE DEALING WITH A REALTOR AND ONTARIO BROKERAGE.
The difference from the normal process and auctioning is that instead of offers coming in blind and people not knowing what to offer, your price will be a starting price and people will bid up from there until the highest bid is received then they will be the winning bidder for your home. It also allows people to increase their offers on your property instead of current method where once they put in their offer it is final. If you were a buyer and had the opportunity to see what the highest bid was and could afford to bid more wouldn’t you?
Offers will be drawn up by you the day we list your property. Unlike current wait and see what we get, we will draw up the offer with all the items you want to include, make sure the items you want to keep are not in the deal, closing day or range (60-90 days), and if you would allow any conditions in the offer. (Although through auction most of our sales are all cash no conditions.) The whole process is also handled by a Realtor as it is in any other Real Estate transaction so you have all the safeguards in place.
North American Auctioneers has been marketing Real Estate throughout Canada since 1999 and knows what they are doing. We do not simply put your property on MLS and wait to see who calls. The $1899 will get you the largest sign possible so we attract the most attention to your home, MLS of course, Kijiji, Ontario HiBid, North American Auctioneers web posting, Facebook, and whatever other marketing necessary to sell your home for as much possible. We will also include in this price an inspection of the property so the buyers will feel confident in their bidding and thereby feel more confident in offering more money for your home.
Just let us know when you would like your home open for showings and we will enter this into our showing calendar and salespeople from any brokerages can show their people through within those time slots. In this way you know when they will be going through and you don’t have to worry about that phone call that someone wants to see your house at 6 on Sunday evening. We do advise that we schedule as much time for showings as possible as the more people we get through the more potential bidders and higher final sale price we will have.
You say the buyer pays the commission but you have the commission listed in the listing saying I pay for it. Why am I paying for it when you say I only have to pay $1,899?
In Real Estate there is something called agency law which basically states whoever pays us is the person we represent. We are going to enter into the auction the net price you want for your home and go up from there and after the bidding has stopped the commission will be added on top of the final bid price and that will become the final sale price. Your lawyer will then deduct the commission and pay us. In this way since your lawyer is sending us the cheque for the buyers commission we are always working in your best interest not the buyers. It is simply that your lawyer is paying us the buyers commission and the buyers can now include the commission into their mortgage payment as it is rolled in in the sale price of the house.