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Types of Auctions

What happens if I am the successful bidder?

Can I make the contract contingent upon financing or inspections?

What are the advantages of an Alliance Auction as opposed to a traditional listing?

What’s the difference between an absolute and reserved auction?

If somebody didn’t make an offer on a property when it was offered through a
traditional listing, why would he or she bid at auction?

Is this a foreclosure?

Some of the properties we offer are foreclosures, but most properties are owned by individuals who want to take advantage of this excellent way of selling.

Should you need any contingencies or terms not outlined in the auction terms and
conditions, please speak to our auction staff for prior approval. Most sellers are open to
inspections, but these must be done prior to the auction. In some cases, inspections have
already been done by the sellers.

Most all sellers have a desire to get their property sold quickly. However, we have heard many other reasons, including these:

• Getting a true market value on property with few comparable
• Dividing assets in the event of a death, divorce, or other major life changes
• To free up funds for other purposes, such as to purchase another property non-contingent.

The reserve auction allows the seller to retain the right not to sell the property if the high bid is deemed too low. The reserve is not communicated to the bidders. This type of auction may also be referred to as “subject to seller confirmation” auction. An absolute auction means the property will be sold - there is no minimum bid, and no reserve.

Most commonly the buyer did not know about the property.The time period for promoting auctions allows Alliance to bring the property to the attention of many more people than possible in the traditional listing campaign. The property may also have had an unrealistically high asking price, and the buyer typically feels no reason to make an offer when the asking price is out of line with the true market value. With the auction process, there is no asking price, so we don’t have that problem.

You will be contacted by an Alliance Bid representative within one business day of auction close. You will then make arrangements to pay the non-refundable deposit and sign a purchase agreement to close within 30 to 45 days. Please remember as you bid a buyer’s premium will be added to the highest bid. The buyer's premium will be disclosed in the terms & conditions of the auction