Info and FAQ's
Information about Glenworth Auction and Real Estate as well as some common questions for those not familiar with the auction process.
Common Auction Questions
What to Expect and Tips for Sale Day
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Where are we going? Take a look at the directions on the site, in the newspaper ad, or on the sale flyer. Get a good idea of where you're headed. If you aren't familiar with the area, print out a map using the Google Maps© link from the auction detail page. As many of our sales can be rurally located, sometimes roads are poorly marked or unfamiliar, so keep an eye out for the Glenworth Auction signs marking the way! |
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When should we get there? Our auctions will start right on time, (if the crowd has gathered, we might even jump the gun a little bit!), so arrive early to have time to look over the items and get a close parking spot. The auction is not in a fixed order, and we are unable to give you a specific time that an item will be up for bid, so don't be late! |
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Do items have a guarantee? All items are sold "AS IS / WHERE IS" and with no guarantees. However, you are completely free to inspect the items on sale day and make your own judgements. This is one more reason to arrive early and get a chance to look everything over. We will do our best to announce any obvious flaws in items, but it is the responsibility of the buyer to inspect the items prior to purchase. |
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How do I register? No, you don't really need to be fingerprinted! But we do require a PHOTO ID (preferrably state issued, as in Drivers License or Non-Driver ID) with the necessary information. We will also ask for a current phone number, just in case we need to contact you for a specific reason following the sale. You information will never be shared and you will never receive any type of cold sales calls from us. Buyer registration is free and required before items can be purchased at auction. |
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Do I pay just my bid amount? What forms of payment are accepted? Your total amount due will be the sum of your purchased items...that's it. Some auctioneers charge a commision to the buyer called a buyers premium to pad their bottom lines, meaning you pay more than what you bid. We do not make it a normal practice to charge a buyers premium on items purchased, nor is it necessary to collect tax on pre-owned merchandise. (Business liquidations or other circumstances where items were originally purchased for resale do require the collection of sales tax. This will be announced and posted clearly.) Standard terms for payment are Cash or Check. We do not accept credit / debit cards for payment at this time. |
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The weather isn't good. Is the sale postponed? Not likely. With the exception of life-threatening weather, our auctions kick off right on schedule, rain or shine. You might find the best bargains when the weather doesn't cooperate, so don't be shy...grab that umbrella and c'mon. |
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Remember that any announcement made by the Auctioneer on sale day will always take precedence over any printed material or information received from any other sources. So listen carefully and have fun.
Purchasing Real Estate at Auction
Purchasing real estate at auction is very easy, and preferred by many over conventional real estate transactions. Its actually very similar in process, without the pages and pages of tedious paperwork and the anxiety that many face in offer / counteroffer negotiations. Buying real estate at auction is straightforward and quick. Auction sets the price, the transaction closes, you own it...done.
Properties are typically available to preview before sale date. Please contact us (417.767.4345) to learn of the next available time.
The standard terms of a real estate auction conducted by Glenworth are 10% down the day of the sale, with balance due at closing in 30 days or less. Title search fees are typically paid by the seller, title insurance by the buyer, and the closing fee charged by the title company is divided evenly. Property taxes are pro-rated to the date of closing. In many cases, if the home will be vacant following the auction, closing can be completed in just a few days. The terms for each particular auction are announced before the sale of the property and if there is any deviation, these announcements will always take precedence over "standard terms."
Buyers premiums are not a standard practice of Glenworth Auction and Real Estate. The high bid plus closing costs as listed in the terms of sale are what you are responsible for. There is no assessment on this price imposed by Glenworth.
Please visit with a Glenworth Auction representative with any specific questions you may have on any property or the process of purchasing real estate at auction.
Glossary of Terms
- Auctioneer — The person who conducts an auction, accepting bids from the audience and is the only person that has the authority to declare an item SOLD!
- Ringman (Bid Assistant) — A person who assists the bidder. Calls out bidders’ bids and answers questions
- Clerk — A person who records the item selling and the amount the item sold. The clerk must be very aware with what the auctioneer is selling at all times.
- Cashier — A person who handles the registration process of buyers onsite day of sale as well as handles monetary transactions throughout the sale.
- Estate Auction — The sale of assets when a person has passed away and the auctioneer is hired to disperse real estate and/or personal property. In most states, an administrator has the authority to sell personal property and real estate with the consent of all the heirs that have an interest.
- Absolute Auction — The property sells to the highest bidder regardless of price. This typically generates a much greater interest among potential buyers resulting in greater attendance at the auction, and a higher final sale price for the item in question.
- Reserve Auction — The seller establishes a confidential reserve price and has the right to accept or decline the highest bid if it falls below the established reserve. If the reserve auction method is chosen, it is imperative that the reserve price be realistic.
- Buyer’s Premium — An amount (usually a percentage) that is added to the winning bid to determine the contract selling price which the buyer pays for the property being sold.
I Might Want to Have an Auction
Why Sell My Real Estate at Auction?
Auction Advantages
Sell your property quicker
Buyers come together for one big showdown. Our professional team of Auctioneers excite the crowd and motivate the buyers.
Urgency to buy is created
Buy this property now or it will not be available later. When the ads start and the signs go up, people know the property is going to be sold on Auction Day.
Auctions Draw Attention
You create a market for your property. Exposure is enormous compared to conventional efforts. Many times more people are exposed to the property during the “Auction Promotion.” It is concentrated and intense and can be compared to shooting off fireworks vs. turning on a light bulb.
Value can be demonstrated
Traditional sales set the price and bargain down. The auction process demonstrates the value and then “bargains up”.
Auctions freeze the market
It is almost impossible for properties being conventionally marketed to compete with one being auctioned.
High holding cost avoided
15%-20% per year, with 8% or more loss every month from non-performing loan. Thousands of dollars paid in taxes, insurance and maintenance. Liability is an important factor. The sooner the property sells the greater the bottom line dollar.
In today’s ever changing markets, auctions are not only for distressed and foreclosed properties. They are considered “a tool of first choice” by the knowledgeable seller, not an avenue of last resort.
Auction Advantages
Sell your property quicker
Buyers come together for one big showdown. Our professional team of Auctioneers excite the crowd and motivate the buyers.
Urgency to buy is created
Buy this property now or it will not be available later. When the ads start and the signs go up, people know the property is going to be sold on Auction Day.
Auctions Draw Attention
You create a market for your property. Exposure is enormous compared to conventional efforts. Many times more people are exposed to the property during the “Auction Promotion.” It is concentrated and intense and can be compared to shooting off fireworks vs. turning on a light bulb.
Value can be demonstrated
Traditional sales set the price and bargain down. The auction process demonstrates the value and then “bargains up”.
Auctions freeze the market
It is almost impossible for properties being conventionally marketed to compete with one being auctioned.
High holding cost avoided
15%-20% per year, with 8% or more loss every month from non-performing loan. Thousands of dollars paid in taxes, insurance and maintenance. Liability is an important factor. The sooner the property sells the greater the bottom line dollar.
In today’s ever changing markets, auctions are not only for distressed and foreclosed properties. They are considered “a tool of first choice” by the knowledgeable seller, not an avenue of last resort.