Home Selling in Cameron>Question Details

Ricky, Home Seller in Cameron, NC

round robin auctions

Asked by Ricky, Cameron, NC Sun Nov 16, 2008

When doing a round robin auction do you leave the bid sheet out for everyone to see with their names on it and their bids?

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It is uncommon to leave the bid sheet out
[WRONG: No. It is very common and a MUST to leave the bid sheet out. If you read the book by Bill Efros "How to Sell Your House in 5 Days."] .

Round Robin auctions MUSt be completed by a Licensed auctioneer,
[WRONG: again. It is not required if you are doing for your property which you own. It is only required if you charge an auction fee to OTHERS and make a living. Don't use a license auctioneer, they will charge you 6% + 4% marketing fee or 10% fee called the buyer's premium which is paid by the buyer but he or she will bid low on your house.]

not just anyone can do them, it is the law.
[YES. Anyone can do them, it is the law if you don't charge a fee and market yourself as a auction house. Furthermore, this Round-Robin is qualified as a Silent Auction. Any Silent Auction conductor is NOT required for a license.]

In a tru round robin auction everyone submits a sealed bid on a standard purchase and sales agreement with a deposit.
[WRONG: AGAIN. I GUESS THIS DUDE DOES NOT FOLLOW WHAT BILL EFFRO TEACHES. True R-r Auction do not submit a sealed bid on a standard purchase and sale agreement with a deposit. I DONE more than 25 round robin auction, No Purchase and Sale agreement is needed, everyone just submit on a bid sheet and NO DEPOSIT IS NEEDED OR REQUIRED. If you required deposit, one that is ilegal and two NO BODY WILL BID. Deposit is required AFTER winner is announced. If you want to submit Purcashe Agreement for the bid then you are serious and that will put you into the same catagory as ANYONE who does put a bid on the bid sheet. Everyone is treated equally it is just that the other is MORE seriously and will be taken seriouly by the auctioneer.]


The auction terms are given up front such as if there can be any contingincies,
[YES. Auction terms must given up front. If there is any CONTINGENCY. WRONG: The contingency is 10 days for FREE look and inspection after that a deposit of .5% must be made or NON-refundable and you have 30-45 days to close. If no close, the deposit is the liquidated damage for the sellr.]



how liong they have to close and how much additional deposit the winning bidder will have to pay at teh end of teh auction and if the deposit is help in escrow by the auctioneer or an attorney

[yes, but this is done AFTER bidder is announced and AFTER 10 days of Contingency. No deposit is required before THAT.]

. After all teh bids are in. the auctioneer will call all the top bidder depending how close to gether they are and ask them for their highest and best bid, he will then take the top bidders and do it again and again until only 1 high bidder remains or no one goes up any more. Each time a bid is given it needs to be in writing to be binding.

[Yes this is completed on Sunday Night but without Any deposit to escrow]
0 votes Thank Flag Link Fri Nov 14, 2014
It is uncommon to leave the bid sheet out. Round Robin auctions MUSt be completed by a Licensed auctioneer, not just anyone can do them, it is the law. In a tru round robin auction everyone submits a sealed bid on a standard purchase and sales agreement with a deposit. The auction terms are given up front such as if there can be any contingincies, how liong they have to close and how much additional deposit the winning bidder will have to pay at teh end of teh auction and if the deposit is help in escrow by the auctioneer or an attorney. After all teh bids are in. the auctioneer will call all the top bidder depending how close to gether they are and ask them for their highest and best bid, he will then take the top bidders and do it again and again until only 1 high bidder remains or no one goes up any more. Each time a bid is given it needs to be in writing to be binding. good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Nov 16, 2008
Ricky -
We're not doing those kinds of auctions on houses here yet but are on property IN the houses. They are handled differently by different people but I agree with Dale there must be some sort of urgency built in to get the highest price. Live auctions seem to be getting better results but the items must be large and pricey enough to warrant the work. Auctioneers have been bundling smaller things and you have to bid on the entire package to get what you want. The big key seems to be making sure people have to bid up in large enough denominations to make the endeavor worthwhile. Use your best judgement given your circumstances and it should work out okay. Good luck.
Trisha Lee REMAX Boone Realty, Columbia, MO
573-999-1000 TrishaLee@Remax.net
Web Reference: http://www.TalkToTrisha.com
0 votes Thank Flag Link Sun Nov 16, 2008
sorry, I didn't complete your answer, if you are talking about some type of house auction, you need to get back with the person running the auction and ask them how they are doing it
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Sun Nov 16, 2008
Are you talking about a house auction? Those are normally done by an auctioneer.

If you are talking about a silent auction, the way they seem to be handled in the st louis are is putting out a sheet and having everyone able to see the bid before them - less work for the volunteers, but less money overall. YOu have a minimum starting point and say what the increments are that poeple must bid in. With the silent auctions that I was use to in other areas, we put our bids on pieces of peper and dropped them in the box. because you didn't know what others were going to bid, you gave it your best bid up front and the end result was higher bids, but the volunteers had more work going through all the bids to determine who the winners were.
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Sun Nov 16, 2008
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