FAQ for Sellers
Q. Why should I sell my property using the auction method?
A. To sell your property quickly and receive a non-contingent contract usually with a 30-day settlement.
Q. What types of assets do you auction?
A. We auction all types of real estate from condominiums, co-ops, town homes, single-family homes, land, ranches, commercial & investment properties, and high-end trophy properties. Additionally, H&M auctions financial notes, equipment, wireless spectrum, memorabilia, and much more.
Q. Do I have to sell my property to the highest bidder?
A. The surest way to affect a sale is to auction the property "absolute bid". An absolute sale is the strongest signal a seller can send to the marketplace. It attracts purchasers from the broadest geographic region because buyers can justify their time and efforts to inspect, bid, and buy, knowing there is no question the property will be sold. However, most properties are sold with a reserve or subject to seller confirmation.
Q. How is the property marketed?
A. A marketing plan is developed by the Auctioneer subject to the seller's approval. The seller's asset can be featured in the H&M catalog, direct mail pieces, regional and targeted advertisements, the H&M website, and other marketing avenues.
Q. Does "As Is" mean I don't need to disclose any known defects?
A. Though we are selling "As Is", we must abide by all applicable state and federal laws (including inspection and disclosure regulations) relating to the type of asset transaction we are conducting.
Q. What if the property is priced below the market right now?
A. Often times we find that the price is not the reason why a property doesn't sell. The primary cause often is it has not been marketed effectively and, therefore, the property has experienced insufficient exposure. In other words, it has become "stale''. The auction process is the best way to revive interest in the property and obtain offers at current market value.
Q. I am not in financial trouble, should I be concerned about what people might think if I hold an auction?
A. You are not alone in your concerns. Many people are afraid of the old, outdated perception of auctions some people have. There are great differences in the marketing of a voluntary, "by choice" auction such as ours versus a distress auction. Our auctions are positive, enthusiastic events designed to generate competitive bidding, providing immediate results for both seller and buyer.
Q. I am concerned about the net amount I'll receive from the auction because I have a mortgage. What advice do you have to offer on this?
A. Hudson and Marshall will help you decide if the auction process is best for you. We understand your concerns and your need to cover an existing mortgage on your property. On auction day, the market will determine what value is acceptable for your property. The fact you are doing an auction does not change what the market value of your property is. In short, if the true market value is at a level below your existing mortgage, then that is the price you have to work with regardless of whether you use the traditional method or auction method.
Q. Where will the auction be held?
A. We hold all auctions on site or in a ballroom setting, depending on the needs of the seller and the concentration of assets.
Q. I have land and equipment to sell. Should I have separate auctions of each asset?
A. No. We can offer both in the same marketing campaign and auction. If the land lends itself to division, you can additionally offer the land divided and as a whole in the same day, increasing the price, and realizing the upside potential of a retail sale. The equipment can be sold piece by piece immediately following the sale of the land.
Q. What about the timber value on my land?
Hudson & Marshall will evaluate the timber value of the land and create detailed site maps showing the prospective buyer where the timber is located and in what volumes.