Real Estate Auction

[lund17]

Just thought I would throw this out there and see if anyone can has dealings in the past or recommend an auction company that handles commercial real estate sales. A search on Goggle shows a bunch here in Alberta but when you start looking into them, these companies really don't do it.

I am not interested in RB.

[Drewski Canuck]

Don't know what you are planning on selling, but right now any Edmonton or Calgary Real Estate sale IS an Auction.

Realtor friend did an offer $15K over list on a house. 8 other competing offers. Sold for $25 K over list.

So why go to a Auction? Just beat up the listing Realtor on Commission, and threaten to go to another Company if your Realtor won't deal, and don't accept the first Offer, or the 5th Offer for that matter.

Drewski

[lund17]

Originally Posted by Drewski Canuck

Don't know what you are planning on selling, but right now any Edmonton or Calgary Real Estate sale IS an Auction.

Realtor friend did an offer $15K over list on a house. 8 other competing offers. Sold for $25 K over list.

So why go to a Auction? Just beat up the listing Realtor on Commission, and threaten to go to another Company if your Realtor won't deal, and don't accept the first Offer, or the 5th Offer for that matter.

Drewski

I am looking for Commercial real estate not residential. Property is not located in Urban area. Already spent 12 months with 2 different commercial real estate companies in the last 2 years with no success.

[Drewski Canuck]

Problem with the facts you relay is that the Auction on such a property is a real risk of a fire Sale that you have no control over.

If it is a case of just taking your lumps and moving on, so be it. If there is a Mortgage that you have personally guaranteed on the property, you may be adding to the proceeds to clear the Mortgage.

Drewski

[Dewey Cox]

The laws that govern auctions don't govern online auctions.
There is no longer any risk, because it's not against the law for the auctioneer to bid your lot up to a higher price.
I wonder why auctions stayed online after covid...

[Dean2]

Contact CLH Bid - Real Estate. They were formed by Carter, Lock, and Horiggan law firm from Grande Priaire. They have sold a ton of farm land in Alberta and B.C. They may also do commercial rural real estate. Well worth checking out what they have to offer, and while I haven't dealt with the realty arm I had extensive dealings with the law firm. Very honourable, effective guys. I presume they run the realty arm the same way.

https://www.clhbid.com/

[Grizzly Adams1]

Originally Posted by Drewski Canuck

Problem with the facts you relay is that the Auction on such a property is a real risk of a fire Sale that you have no control over.

If it is a case of just taking your lumps and moving on, so be it. If there is a Mortgage that you have personally guaranteed on the property, you may be adding to the proceeds to clear the Mortgage.

Drewski

The local land auctions always note the seller has the right to refuse an offer.

[Trochu]

Originally Posted by Dewey Cox

I wonder why auctions stayed online after covid...

Because their bidding audience went from 300 to 30,000, turnout wasn't weather dependent, don't need multiple auctioneers, don't need large parking lots, etc.

[goatskin]

Originally Posted by Trochu

Because their bidding audience went from 300 to 30,000, turnout wasn't weather dependent, don't need multiple auctioneers, don't need large parking lots, etc.

I might add that they got away with adding up to a 15 percent buyers fee under the guise of it being the cost of the online auction. The actual cost is about 3.5% and that is mitigated by the fact that they no longer have to pay an auctioneer.

For some reason the auction companies seem to thik they should be entitled to a third of the value of the item being sold - the base commision and the buyers premium.

[Drewski Canuck]

Originally Posted by goatskin

I might add that they got away with adding up to a 15 percent buyers fee under the guise of it being the cost of the online auction. The actual cost is about 3.5% and that is mitigated by the fact that they no longer have to pay an auctioneer.

For some reason the auction companies seem to thik they should be entitled to a third of the value of the item being sold - the base commision and the buyers premium.

Um, Bud, you forgot the GST!!! You wonder why Ritchie Brothers has franchised to so many places around the world, and how come there are now so many other On Line Timed Auctions. Pure Profit. They do not own one cent of the equipment that they are selling, or the land for that matter.

Drewski

[esher]

CLH would be your best bet but don't think they do anything besides Ag.