Understand the Real Estate Auction Process

Learn the fundamentals of real estate auctions and the important role real estate professionals play in auction transactions. This course covers auction terminology, auction types, bidding procedures, property due diligence, buyer and seller considerations, financing, risks, and best practices for working with auction properties.

    1. AUCTIONS 101

    2. Course Objectives

    3. What Is an Auction?

    4. Auctions Are Nothing New

    5. Why Sell Real Estate at Auction?

    6. Major Types of Auctions

    7. Absolute Auction

    8. Reserve Auction

    9. Minimum-Bid Auction

    10. Auction Price vs. Market Value

    11. Dutch / High-Low Auction

    12. Sealed-Bid Auction

    13. Online Real Estate Auctions

    14. Auction Terms Control the Process

    15. Real Estate License vs. Auctioneer License

    16. Massachusetts Auctioneer Requirements

    17. Why a $10,000 Surety Bond?

    18. Realtor® / Licensee Participation

    19. Two Broad Categories

    20. Distressed Property Auctions

    21. Massachusetts Foreclosure Auctions

    22. Massachusetts Notice of Foreclosure Sale

    23. Foreclosure Auction Terms

    24. Foreclosure Does Not Mean “Cheap”

    25. Can the Buyer Inspect the Property?

    26. Financing an Auction Purchase

    27. Multiple-Property Auctions

    28. Not Every Auction Is a Foreclosure

    29. Potential Benefits to the Seller

    30. Potential Disadvantages to the Seller

    31. The Real Estate Licensee's Role

    32. Cooperating With the Auctioneer

    33. Representing the Auction Seller

    34. Why Buyers Like Auctions

    35. Buyer Risks

    36. What Does “As-Is” Mean?

    37. Understanding the Buyer's Premium

    38. Calculate the Real Cost BEFORE Bidding

    39. Beware of “Auction Fever”

    40. Classroom Scenario: When Winning Costs Too Much

    41. The Bidder Information Package

    42. Terms and Conditions

    43. Buyer Registration

    44. The Deposit

    45. Proof of Funds and Financing

    46. Purchase and Sale Agreement

    47. What Happens if the Buyer Defaults?

    48. Buyer's Agent Due-Diligence Checklist

    49. Auction Day Checklist

    50. Case Study: Before You Bid

    51. Auction Terminology

    52. Opening Bid vs. Minimum Bid vs. Reserve

    53. Winning Bid vs. Total Purchase Cost

    54. Common Buyer Mistakes

    55. Common Agent Mistakes

    56. Seller Case Study

    57. Buyer Case Study

    58. Knowledge Check

    59. The 10 Rules of Auction Representation

    60. Course Conclusion

RE58RC09 2-Hour Massachusetts CE Course $25.00