How selling at auction works
Five steps from the first conversation to closing, on a timeline you choose. You pay 0% commission, you approve a confidential minimum, and nothing is left open-ended.
The five steps at a glance
Most sales close in about two months from the first conversation. You set the auction date, so you always know where you stand.
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Plan
Week 1
A free consultation at your kitchen table or by phone. We look at the property, your timeline and your goals, and recommend an auction date.
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Prepare
Weeks 1–2
You sign the auction agreement (usually 3–4 weeks before auction day) and approve a confidential minimum. We handle photos, video, and any contents or cleanout.
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Promote
Weeks 2–4
Marketing beyond the MLS: listed through our local Realtor partnerships, promoted online and on social media, with scheduled preview days for buyers.
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Auction day
About week 4
A Virginia-licensed auctioneer runs the sale live and online. Bidders compete in the open. If bidding meets your minimum, the home is sold.
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Close
About 30 days later
The buyer closes with the closing attorney. There are no financing, inspection or appraisal contingencies to fall through.
Step 1, Plan: A plan built around your date
We start with a free consultation about the property, your timeline and your goals. We recommend an auction date and explain exactly how the sale will run.
- Free, no-obligation consultation
- Recommended auction date and timeline
- Review of the property and recent local sales
Step 2, Prepare: We get the property ready, not you
You sign the auction agreement, usually three to four weeks before auction day, and approve a confidential minimum. We handle professional photography and video, and coordinate with attorneys when an estate is involved.
- Professional photos and video
- Contents, downsizing and cleanout through Blue Box Auction Gallery
- No repairs required
Step 3, Promote: Marketing beyond the MLS
Your property is listed on the MLS through our local Realtor partnerships, promoted online and on social media, and opened for scheduled previews so buyers can see it in person.
- MLS exposure through our local Realtor partnerships
- Online and social media marketing
- Scheduled preview days and private showings
Step 4, Auction day: Going once, going twice
A Virginia-licensed auctioneer runs the sale, usually live and always online, so bidders can compete from anywhere. Everyone sees the bidding. If it reaches your minimum, the property is sold.
- Transparent, competitive bidding
- Bid online or live in person
- Never sells below the minimum you approve
Step 5, Close: Closing about 30 days later
After the auction, the sale closes with the closing attorney or settlement agent, typically about 30 days later. There are no financing, inspection or appraisal contingencies to fall through.
- Sold as-is, where-is
- Buyers can use any financing
- You pay 0% commission
Who pays what
No commission comes out of your proceeds. The buyer pays a 10% buyer’s premium on top of the winning bid.
- Seller commission
- 0%
- Buyer’s premium (paid by the buyer)
- 10%
- Repairs before the sale
- None required
Questions about the process
Why should I sell my real estate by auction method?
The auction method uses a competitive bidding process to determine the final selling price and is an efficient way to determine real market value. The value to a seller is cost savings and efficiency.
You will not be required to pay for repairs before or after the sale of the property. You will not pay a seller commission fees (typically 6% of the selling price). We also work together to set a date for the auction so you know exactly when your real estate deal will go to closing, removing even more uncertainty from the sales process.
Are real estate auctions only for distressed properties?
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.
Can I set a “minimum” on my property? I don’t want to give it away!
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.
If the high bid is less than my predetermined minimum value, can I accept it?
Yes, you always have the right to sell the property at the highest bid price you are comfortable with.
How long will the entire process take?
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.
Where will the auction take place?
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.
How long after the auction occurs will I get paid?
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.
What factors determine the success at an auction?
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.
What would your home bring at auction?
Get a free auction analysis for your property. No cost, no obligation, and no pressure to list.
Or call 757-656-6531