Mel Foster Real Estate Auctions Serving Eastern Iowa and Western Illinois

Sellers' Benefits

Real estate auctions offer a definite sale date and closing date with a shorter marketing period.
We evaluate the property to determine if it is suitable for auction. Most but not all properties can be sold at auction.
We discuss in detail the different types of auctions available to our prospective clients.
Once the auction type is selected, a marketing plan is outlined.
The contract is signed. It emphasizes that we work exclusively for the seller. All the details of the transaction are included.
A date and time is selected for the auction to take place. Usually this is scheduled just 3-4 weeks after the contract is signed. Open houses ((previews) are normally planned prior to the auction.
A transfer disclosure statement and a preliminary title report may be completed. These would be included in the bidder’s packet.
The terms of the auction are established by the seller. All buyers are bidding based on a common set of terms and conditions. The seller stays in the driver’s seat throughout the process.
When the auction is over, the purchase contract is signed by the high bidder and escrow is opened with a non-refundable deposit from the buyer.
Escrow usually closes in 30 days or less. If it doesn’t close, the buyer’s deposit is declared forfeited.
Our programs address the needs of clients through innovative marketing ideas merged with proven sale techniques.
In addition, real estate professionals are invited to participate and assist or represent their clients at the auction.