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SELLERS FREQUENTLY ASKED QUESTIONS

q.Why should I sell my property using the auction method?

a.to accelerate the sale of your property by generating additional consumer interest and activity. Advertising a property for auction creates a sense of urgency, bringing all interested parties together on one specified day & time. An AUCTION provides multiple bidders competing to buy bringing higher revenues than negotiating with a single buyer. Non-contingent contracts and 30 day escrows are required of the buyer. This means a quicker transaction for you and it allows the seller to move to something new or move on.

q. Can I attend an auction before agreeing to sell my home through the Auction methods?

A. Certainly, in fact, we encourage your attendance so you can experience a live example of the auction process first hand. Remember each and every auction is different so you cannot necessarily assume that your auction will be like any other auction you may have attended. Auctions handled by Realtors have proven to be the most reliable with the fewest problems as they sell at Auction just like they would sell any other property except it is by the Auction process. Auctions provide time certain facts like no other listing.

Q.I is not in financial trouble, and I am concerned about what people may think if I should Auction my property. Can you give me any insight on this?

A. You are not alone in your concerns. Many people are afraid of the old outdated perception of Auctions that some people have. There are great differences in the marketing and the public image of a voluntary, by choice Auction, such as ours, versus a distress auction. For example, some owners may offer financing on certain Auctioned properties. Our auctions are positive, enthusiastic events designed to generate competitive bidding to secure the highest and best possible market price for the property.

Q. I am concerned that the amount I will realize from the Auction might not be enough to cover my existing mortgage. What advise do you have to offer on this?

We understand your concerns and your need to cover an existing mortgage on your property. Auctions are designed to accelerate the sale of your property by determining what the market is willing to bear. On auction day, the market will determine what valuation is acceptable for your property. The concept of an Auction is to start the price below market to attract the buyers and then by the bidding process bring it back to the actual market value. A Ready Willing and Able Buyer. If you owe more than the market value we cannot perform miracles, we may even advise you to give it back to the lender for a “deed in Lieu of Foreclosure” or to negotiate some sort of loan modification i.e. short sale etc. We along with your Realtor can help you find out just where you are at, in this picture but you need to be honest with the information you provide.

Q. Will we still have to consider contingent contracts?

A.Watch this factor. Some Auction companies say that you can sell properties “AS IS” but that is not totally true. There is a liability in California where if an issue on the sale of a property has a problem with 1.Health 2.Safety 3.Code, you could be in for a legal problem. We do not sell property at our Auctions in this manner. We offer everything that a California Association of Realtors Purchase Agreement Requires. We provide Termite Clearance, Full disclosure, and give the potential buyer the opportunity to inspect the property with their own inspector. We Make sure that everything we know and the seller knows is provided for in the disclosure agreement. We encourage the sellers to include a “home Warranty” just to protect all parties. The “AS IS”factor is for cosmetic or individual preference motives. Make sure you check this out. This will separate the real Auction Companies from those that try to slide by on problems that can come back to hurt and haunt you for a long time. Remember if they are not REALTORS they are not required to do business with a code of ethics and a Board that oversees their business practices. The State can go after them but with the Realtor designation you have added protection for what is generally the most expensive component of your net worth.

Q. Where will the Auction of my home be held?

A. The Auction for single family properties is best done on site. We try to hold them in the garage of subject property or if there is something spectacular about the home such as an ocean view, Hillside view or a special kitchen, dining or living room area or spectacular pool, library, home theater lounge, equestrian stable, waterfall, tennis court, etc. we can go where we can showcase the best feature(s) of the property. This can help encourage bidders if they are looking right at a special feature.

When we do multiple properties we still travel from one property to the next.

Q. How do I list with you?

A. We handle our Auctions ourselves by we also coach other realtors. We want the listing Realtor to stay in Charge of the listing just we do ourselves if it is ours. If a Realtor wants our assistance they only need to add an addendum to the listing agreement stating our commission etc. and have the seller sign and approve it.

One major factor in selling by the Auction method is it works.

THE BENEFITS ARE:

· High Exposure to prospects.

· Frequently higher sales prices than traditional brokerages.

· Pre Qualified Buyers

· Sense of Urgency Created. (they have to make up their minds immediately or the property is gone)

· Temporarily stops everything around it.

· Deal killing contingencies are eliminated by disclosures up front and the special statement “NON REFUNDABLE AUCTION OPTION FEE” creates a situation whereby they must do everything prior to the AUCTION or they lose their “NON REFUNDABLE AUCTION OPTION FEE”.

· How does title come into this?

· Title must be provided prior to advertising the Auction. Make sure you are working with a good title representative. They must become a part of your family. If they are not, you are missing out on one of the most important assets available today. There is a world of information that you can ask for and receive if you have a good working relationship with your title rep. Remember they are in business too so if your including them in the title business they will go out of their way to assist you.

Please feel free to ask us any questions!

List with us for the Auction Option
Call 714 717-1728

Cheryl Coleman

REALTOR, OCAR, NAR, CAR, WCR

cherylsellsoc@yahoo.com www.cherylsellsoc.com

Rev 8-2008

Auction Questions and Answers
Confused about how Auctions sell homes?

Auction Terms & Conditions

The Seller(s) of the property in this brochure agree to convey the listed property to the successful bidder under the following terms and conditions, subject to the minimum bid requirements:

1. THE EVENT: Property will be offered for public auction on the date indicated on the property flyer. A description of the property is contained in this brochure; however additional information will be available by the Title Company upon request.

2. VIEWING DATES: The property will be available for inspection between now and the time of the Auction. Call Cheryl Coleman at 714-717-1728 for available inspection times.

3. HOW TO REGISTER: Auction open to registered bidders only. To register call Pam Johnson at 949-836-4353. Registered bidders must present a cashier’s check for 5% of the minimum bid at the auction. Check should be made payable to themselves number.

4. EXECUTION OF ESCROW INSTRUCTIONS: The successful high bidder on the property must go to the signing table to present his/her cashier’s check and endorse the 5% non-refundable auction option fee as well as open escrow immediately upon confirmation of the highest bid price.

5. FINANCING: All financing arrangements are the sole responsibility of the buyer. Bidders must be approved for financing with Pam Johnson of Countrywide in order to register however the buyer is not required to use Countrywide for their loan. Financing shall not be a contingency of the purchase.

6. CLOSING: Closing must occur within 30 days or sooner; or the option fee will be forfeited as liquidated damages, the exact amount for damages being unable to be determined in advance. Time may be extended if required with seller’s approval.

7. AUCTION DAY ANNOUNCEMENTS: Announcements made by auctioneer on auction day will take precedence over all previous oral assertions and printed material. Auction conduct and bidding increments are solely at the discretion of the Auctioneer.

8. AS IS, WHERE IS: The property will be sold in an “AS IS, WHERE IS” condition. All information contained in this brochure and other verbal and printed material is obtained from sources deemed reliable, and the sellers, brokers, and auctioneer assumer material relating to the auction. The auctioneer and its representatives assume no responsibility for accuracy, errors or omissions.

9. VOLUNTARY SALE; MINIMUM METHOD: The property is being sold voluntarily by the seller(s) who choose the auction method as the best sales tool. The property will be sold absolutely, provided the highest bid received is at or in excess of the minimum acceptable bid; if no bid at or in excess of the minimum is received, the property is removed from the auction.

10. BROKER PARTICIPATION: A fee equal to 2.5% of the bid price will be paid by the seller to the Licensed Real Estate Broker whose prospect successfully pays and closes on the property. To qualify for a commission, the Licensed Real Estate Broker or Licensed Salesperson must first register the prospect with Star Real Estate (Contact Cheryl Coleman at 714 –717-1728) In addition the Broker or Salesperson must attend with and register their prospect at the Auction. Brokers acting as principals are excluded unless they announce they are doing so by registering with Star Real Estate.

Star Real Estate
• Huntington Beach, CA 92649
Phone: (714)717-1728 •
Helping People Live Happily Ever After
DRE# 1428040