How Do Absolute Real Estate Auctions Work, and What Can I Expect at 98 Raven Cliff Lane?

On October 24, 2017, something special will be happening in the Asheville area: The luxury property at 98 Raven Cliff Lane in Arden will be sold in an absolute auction. Beverly-Hanks is excited to be working with the seller and auction house on this one-of-a-kind sale. If you have been keeping an eye on this home, an absolute auction could work strongly in your favor—depending on the amount of competition that comes to the table.

As we all gear up for the main event, it’s important to know just what absolute auctions are and how they work. Keep reading for the rundown on absolute auctions, and more about 98 Raven Cliff Lane.

How Do Absolute Real Estate Auctions Work, and What Can I Expect at 98 Raven Cliff Lane?

What is an Absolute Auction?

There are three main types of real estate auctions in North Carolina: absolute sales, minimum bid sales, and reserve sales. An absolute auction is a type of auction wherein the sale is awarded to the highest bidder. There is no minimum bid, nor is there a final price, so bidding continues until the auction time runs out. The seller has less control over the final price than in a reserve auction, when they can choose to accept or deny a final bid. Because the final bid wins the auction outright, absolute auctions are often employed when there is an immediate demand for the sale.

Why Should a Seller Consider an Absolute Real Estate Auction?

Because auctions only require a minimum amount of marketing time, auctions guarantee homeowners the ability to sell their home in 90 days or less. In a slowing market, this creates a sense of urgency among buyers and becomes a catalyst for your home sale process. You control the schedule of your home’s sale, including all the terms and conditions (e.g., earnest money deposits, closing time frames, etc.).

In addition, auctions offer a measure of exclusivity within the market. Instead of having your home shown among dozens of others in your market, a home up for auction will be exclusively showcased throughout the marketplace, providing maximum visibility among your target market. Since there are fewer “comparables” to your home, an auction establishes the fair market value of the property, eliminating the guesswork in determining an asking price. When working with J. P. King, which is managing the auction of 98 Raven Cliff Lane, you can rely on a media plan designed to maximize the value of your home and provide you the best results for your property type.

Why Should a Buyer Consider Bidding in an Absolute Real Estate Auction?

Since absolute auctions have no minimum bid, bidders may be able to purchase a property for a premium price, depending on the competition at each specific auction.

Auction houses like J. P. King are committed to helping buyers evaluate a property and become an informed, confident bidder. Their “best of class” service includes in-depth property information, including a variety of tools designed to help you get the information you require for your purchase. Digital tools include: specific property information, maps, photos, surveys, tax data, title reports, virtual tours, and video, as well as additional materials unique to each property.

In addition to comprehensive materials about the property, J. P. King provides information about the community, location, and auction process, including the buyer’s premium terms and cashier’s check requirements. Bidders who are unable to attend the auction in person can watch and listen, enter bids, and even chat with a bid assistant through J. P. King’s online bidding system, powered by NextLot®, the nation’s leading provider of systems for integrating live and internet bidding.

What are the Steps Involved in an Absolute Auction?

Two weeks before the sale: A broker event will allow local real estate agents with serious clients the opportunity to tour the home.

For 98 Raven Cliff Lane, the broker open event will be held Tuesday, October 10 from 4:00–6:00pm. If you are a broker and interesting in attending, contact the J. P. King auction information office at (800) 558-5464.

Between two weeks and the day before the sale: Brokers can schedule a showing for their serious bidders. During this time, auction house staff will be available full-time to provide property information and ensure that prospective bidders enjoy ample opportunities to tour and appreciate the property.

Auction Day: Bidders arrive at the property to begin their registration a few hours before the designated auction time. Bidders will be asked to show a cashier’s check, if required, and will receive an information package about the property. After you are registered, you can enjoy refreshments, listen to live music, and ask any questions you may have about the property or the J. P. King auction process.

J. P. King bid assistants will circulate among the bidders to answer questions before the auctioneer explains the terms of auction. Before the live auction begins, the auctioneer will provide an example of the bidding process to familiarize the audience with bid calling.

Once the live auction takes place and the winning bidder is recognized, J. P. King staff will meet with the seller and the successful bidder. The successful bidder will pay a 10% non-refundable deposit and sign a contingency-free contract agreeing to close within 30 days.

Want to Learn More about 98 Raven Cliff Lane in Arden?

The spectacular Raven Cliff Estate is located in the exclusive Cliffs at Walnut Cove, Asheville area’s only gated golf community. Custom-built by Architect Mark Sinsky, 98 Raven Cliff Lane is a must-see property with magnificent Blue Ridge Mountain views and elegant amenities.

Almost every room of this 4 bedroom, 4 full bath, and 3 half bath home offers breathtaking views of the surrounding mountain range through amazing floor-to-ceiling windows. A state-of-the-art kitchen with Viking appliances adds to the spacious living area, with an open floor plan that provides ample space for socializing and relaxing. A wine tasting cellar features a custom iron gate, two wine coolers, dishwasher, refrigerator, and beautiful details throughout. The downstairs contains a spacious pub room and a professional golf simulator for all of your entertainment needs.

Learn more about the absolute auction of 98 Raven Cliff Lane, including buyer’s premium and terms at jpking.com.

 

Image Copyright: garloon / 123RF Stock Photo

 

One Response to “How Do Absolute Real Estate Auctions Work, and What Can I Expect at 98 Raven Cliff Lane?”

  1. I have a friend who is thinking about turning the house over to an auctioneer to help sell. It is good to know that there are three kinds of auctions. I think that the reserve auction is what I would like so that I would have control over the final bid.

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