Frequently Asked Questions

No, most of our auctions do not result from repossessed properties but are the result of what we like to think is a smart seller! These sellers choose the cost-effective, accelerated method of selling property at auction, rather than listing the property for an undetermined length of time.

Traditional listings require complicated negotiation periods with multiple unscheduled showings and creative contingency offers. The auction method sets the date the property will sell and eliminates these hassles.

Yes, you have the right to choose a reserve or minimum sell price. This figure is discussed with the auction professional in the beginning of our process and is not disclosed to any potential buyer, under any circumstances.

You have the right to accept or decline the highest bid if it falls below the established reserve price. Our goal is always to exceed your minimum price.

Yes, you always have the right to sell the property at the highest bid price you are comfortable with.

To allow our intense marketing saturation process to attract the most bidders, ideally, the contract must be signed at least 3-4 weeks prior to the auction day, and the closing will take place approximately 30 days after the auction date. Quick sale options are also available.

The auction typically takes place on-site of the property. For multi-parcel properties or vacant land auctions an offsite conference center is typically more appropriate. Every auction will also be available online worldwide.

Closing is typically 30 days after the auction, sometimes less. At closing, funds transfer and you will turnover possession to the new buyer. The closing is conducted with a closing attorney or licensed settlement agent.

Many factors contribute to a successful auction, the desirability of the property being sold, such as the location, condition, upgrades, and surrounding properties.

Secondly, and most important, realistic expectations on the part of the seller. Every property has a value, and with a properly advertised and promoted auction event, having two or more approved bidders in attendance, the high bid achieved is the true market value.

The terms and conditions are devised to protect the seller and the process of the auction method. Properties are sold “as is, where is” with all faults. The purchase agreement is produced with no contingencies, including those for inspections and financing. Often, we provide a complete property inspection, in advance, so all property conditions are clearly shared with bidders.

Absolutely! Blue Box Auction Gallery is a licensed full-service auction house but can also sell your property using the traditional method, if that is what you choose, utilizing our partnership with RE/MAX, a leading traditional real estate brokerage firm.

Regardless of auction or traditional method, we will list your property in the Multiple Listing Service (MLS). So, whether you choose the auction or a traditional real estate sale method, your property will be professionally marketed and will be listed on our website as well as top sites like Zillow, Trulia, Realtor.com and more.

One factor is auctions have a deadline. That’s right, a deadline. The deadline creates urgency. A FOR SALE sign does not have a timeline for potential buyers to submit offers. The deadline (or auction date and time) means that if a buyer has any interest in purchasing your property they must do so at the designated date, time, and place that the sellers choose. The seller is in control of these variables.

Secondly, online, worldwide, transparent, live, competitive bidding. No other solution can offer this benefit than a live auction.

There are many! We successfully help determine the true market value using your desired time frame and terms. The winning buyer can use the same financing and closing options as with a traditional sale. It’s the best of both worlds and provides a fully transparent sale process for all parties involved.

Zero seller commission. Usually the most popular benefit for the seller. Typically real estate transactions require the seller to pay a 6% commission. Selling by auction removes that fee. Save $6,000 for every $100,000 in sell price – example: save $27,000 in seller commission for a $450,000 home being sold.

The costs of maintaining real estate, labor costs for maintenance, insurance, debt service, taxes and time and travel to the property and other expenses will have a conclusive time frame using the auction method.

With the auction method, our team will manage all competing offers at the event. Each bid is simply an offer to purchase or offer to buy. The sales price is determined by competing bids that go up, not negotiated down, as with a traditional real estate sales method.

Using this process, a well promoted real estate auction will often result in the best price. The price bidders pay at auction is solely at their discretion and on what buyers will pay in a competitive bidding format at that specific time, under the terms of the auction, and a host of other influences on the bidder.

Sometimes external economic conditions (such as mortgage rates) favor buyers, sometimes sellers.

The seller’s responsibilities will be similar to those in any real estate transaction. Examples are:

• Provide the auction company with information such as existing mortgages and liens
• Provide information about previous attempts of marketing and the results
• Make the property available for showings or previews
• Refer all inquiries to your auction professional
• Be realistic about the value of the property

Often you must sell in whatever type of market conditions that exist currently. The good news is that auctions work well in a broad spectrum of market environment.

• Slow markets – auctions create focused attention on your property, on your schedule
• Hot markets – auctions can prevent you from selling your property under maximum value
• Changing markets – new developments, shifts in the economy, leave uncertainty that an auction can solve

Auctions are a well-orchestrated event. A lot happens behind the scenes prior to auction day. Below are some of the tasks the auction professionals will do on your behalf:

• Uses our internally developed automated tasks management system for quality assurance
• Determines the objectives of the auction sale
• Auction professionals inspect the assets for auction and strategize accordingly
• Meets, as needed, with planning and development offices, planning boards, surveyors, attorneys, and potential buyers to prepare for a real estate auction
• Tours the local community and neighborhood to help determine the marketing strategy
• Works with you to identify and develop your property selling features
• Works with an advertising team to create a unique marketing plan that may include local, regional, national, or international media, radio, brochures for direct mail, trade journals, signs, open house tours or previews, websites, social media, and email campaigns
• Provides the seller with leads, inquiries, and other marketing results, as needed
• Provides the seller with proof of auction marketing including all electronic medias
• Photographs and videos of the real estate for auction
• Handles all inquiries and responds accordingly to free up the seller’s time
• Works with the seller to determine what is the best auction day location, time, and process
• Conducts the auction with a Virginia State licensed auctioneer, with live, online bidding or both options
• Assist in follow-up and closing the transaction
• Works with the closing attorney or title company