Seller FAQs

Accelerated Auction Marketing Seller Benefits

• Exposes the property to a large number of pre-qualified prospects.
• Leverages seller's advertising investment-10 to 20 times in a multi-property event.
• 40,000 compiled regional database of prospects with a propensity to buy at public auction.
• 30-45 day unconditional all cash closing.
• Target marketing-direct mail, brochures, display ads, proactive telemarketing, site signage.
• Instant access to property information on the Internet (www.gilmoreauction.com).
• Quick sale reduces carrying costs, including taxes and maintenance.
• Accelerates the sale. The seller knows exactly when the property will sell.
• Properties sold "as is, where is".
• Creates urgency to buy and competition among informed buyers.
• Auction price can exceed the price of a negotiated sale.
• Requires potential buyers to pre-qualify for financing.
• All due diligence, inspections and testing performed prior to sale.
• The seller sets terms and conditions of the sale.
• Ensures an aggressive marketing program that increases interest and visibility.
• Assurance that property will be sold at true market value.

Why Accelerated Marketing?

1. It's the fastest way to convert any type property into immediate CASH! No long listing periods hoping for a buyer. We can have your property sold in less than 45 days, guaranteed!
2. You get top price because Gilmore Auction & Realty finds the right buyers through our proven advertising and promotion campaigns.
3. You often end up with more net cash after a professionally handled Gilmore Auction than if you would have sold any other way.
4. Our method will stop holding costs and negative cash flows that drain investors. If you're considering holding your property with hopes of a higher price, consider the following:
   
   
   • What is the PRESENT value of the cash you could have TODAY...compared to receiving an unknown amount at an uncertain time in the future?
   • Mortgage payments, taxes, insurance and maintenance costs continually build.
   • Economic "uncertainties" could cause a decline in value.
     
     
5. Personal property such as inventories, equipment, furnishings, etc., can also be sold the same day.
6. With accelerated marketing, careful planning insures a successful sale. This includes a complete analysis of your property, the prospective market, advertising, and promotion.

Who can benefit from an auction?

1. Estates/successions...quick and easy, turnkey estate settlement. Real estate, antiques, furniture, collectibles and other assets can be sold in one day relieving the family of these tasks.
2. REALTORS and ATTORNEYS...representing clients with properties that aren't selling, clients who need to name an exact date of sale, or court ordered sales.
3. DEVELOPERS...with properties remaining. They like to "Cash-Out" and move on to new projects. Our company has successfully sold condominium projects and subdivisions for many area developers.
4. BANKS (REO'S)...Vacant REO properties can be very costly if not sold quickly. Statistics show that it costs an owner approximately 2% of a property's value each month to maintain these assets. Gilmore Auction & Realty Company has represented regional and national banks and S&L's throughout the United States utilizing proven auction marketing techniques.
5. COMPANIES QUITTING BUSINESS...who want to sell their real estate, equipment, and inventory. They want a clean "Cash-in-a-day" sale with no collection problems.
6. TRUSTEES...who want to eliminate any suspicions of impropriety, stop holding costs and be assured of the highest selling price.
7. GOVERNMENT AGENCIES...including the RTC, FDIC, U.S. Marshals Service, and the U.S. Small Business Administration.
8. HOMEOWNERS...wanting to sell one home or an investment property.

Can I set a minimum on my property?

Yes. We will analyze your property and consult with you on a minimum or reserve price prior to the sale. This price is not advertised or disclosed to the bidders.

How am I protected if the final bid is no where near the price I am looking for?

You can reject the final bid and we will continue to market the property for a short listing period.

What does absolute or unreserved auction mean?

The term "absolute" or unreserved means the property will sell to the highest bidder regardless of price. More bidders will attend an absolute sale and typically bid a higher price.

What advertising and promotion is used in accelerated marketing?

Effective advertising and promotion is absolutely the key to a successful Accelerated Marketing Program. The Gilmore Auction Team's "crash" advertising will focus the attention of the entire area on your property. We target the market utilizing direct mail brochures, newspaper display ads, trade journals, periodicals, radio and television advertising. In addition, we notify top buyers and realtors by broadcast fax and e-mail. Ad campaigns are expanded regionally, when warranted nationally or even internationally depending on the property. This method "smokes out" prospects who would never present themselves under the conventional method. Good sales don't just happen - they are planned. Our expertise and know-how in advertising assures you of getting the highest dollar value for your property.

Isn't this method usually a distressed sale?

Absolutely Not! In recent years the popularity of competitive bidding has exploded to an estimated $28 billion in annual sales. Fortune 500 companies including McDonald's, K-Mart, Chevron and Exxon utilize competitive bidding because they know it is the best way to achieve the highest price in the shortest time. Estimates show that over 30% of all real estate in the U.S. will be sold using accelerated marketing by the turn of the century. Government agencies such as the RTC, FDIC, U.S. Customs, U.S. Marshals Service and the S.B.A. all use the accelerated marketing method.

Are the terms different from a standard real estate transaction?

Yes. Gilmore Auction & Realty Company with the assistance of our attorney has prepared a special contract which benefits the seller. Our contract is an unconditional all cash contract that calls for a non-refundable deposit and a 45 day closing.

All improved property is sold in "As is, Where is" condition. This relieves the seller of any and all liabilities concerning condition, including any possibility of redhibition. We have sold over 4,000 properties with no redhibition claims.

Under our system, the seller's closing costs are kept to a minimum. The seller is only responsible for the advertising investment. All other costs are paid by the purchaser.

Who are the Buyers at these sales?

Our sales attract a good mix of investors and end-users. Sometimes the next door neighbor who has "thought about it" for years...but absolutely won't act! "Maybe I'll wait till the price comes down." Our method of sale creates the urgency to buy or miss a golden opportunity. The buyer can no longer "think it over". He has to act now!

Our sales usually attract buyers from hundreds of miles away. These buyers may not be the final buyers...but their bidding forces the local buyer to pay top price.

Competitive bidding creates excitement! It's contagious! People like to buy this way. They get caught up in the bidding and enjoy it!

Once you have accepted my property to be sold, is there anything I can do to affect the selling price?

• Offer attractive terms, like short term financing.
• Clean it up...Plus many other "key" things we'll advise you of on an individual basis.
• Be sure not to discuss the price of the property you're selling with anyone prior to the auction. That's our job; let us do that. We know how.

Does it really matter which company I employ? YES!

• The auction company should be strong and well known.
  • Gilmore Auction & Realty Co. has sold over 4,000 properties throughout the Southeastern United States. Our name is synonymous with competitive bidding.
• The company's expertise in knowing exactly what to do "behind the scenes" is critical.
  • We know that 80% of the marketing is performed prior to the event. Our team understands the competitive bidding psychology that has made us successful.
• The company must have the ability to "creatively" promote.
  • Gilmore Auction & Realty Co. has marketed speciality properties such as: waterfront condominiums, shopping centers, acreage, timber, office buildings and industrial. Each property has a distinct target market that must be reached. We target prospects through direct mail, specialty trade journals, Wall St. Journal, USA Today, Investor's Business Daily and the Internet. We know how to promote your property.
• The company must have superb know-how in conducting powerful auctions.
  • From listing to Act of Sale we handle all of the details that produce a successful event. Whether your property is a single family home or a multi-million dollar commercial property, you benefit from our local expertise, national experience, and attention to detail.
• The Gilmore Auction & Realty Company professionals bring all of these benefits to your sale including 15 years of experience in accelerated marketing.
  • From one single family home to multi-property events of over 250 properties, the Gilmore Team stands ready to accommodate your needs.
  • Gilmore Auction & Realty Company sells:
    • Real Estate
    • Single Family Homes
    • Commercial/Industrial Property
    • Apartment Complexes
    • Condominiums
    • Acreage
    • Office Buildings
    • Marinas
    • Museums
    • Shopping Centers
    • Restaurants
    • Business Liquidations
    • Estate Liquidations

ACCELERATED MARKETING • SEALED BID SALES • ELECTRONIC BIDDING