How does the auction process work?

How does the auction process work?

A description of the auction process from start to finish.

Register to be a Buyer

  1. A US Auction representative will counsel with you and your real estate broker/agent (if your property is listed)
  2. Once we have reached an agreement we will schedule the date and time of the US Auction
  3. If your property is currenlty listed, the property can still remain on the market with the listing brokerage. However, in most cases, it is wise to pull the listing for 30 days. (See auction forms.)
  4. Once the auction has been agreed upon and scheduled, US Auctions will begin its advertising and marketing campaign.
  5. One or more open houses will be scheduled for potential buyers.
  6. Auctions are conducted either on-site at the property or at a designated auction site.
  7. At the auction, buyers are required to register (see terms and conditions (pdf), Buyer’s Registration Form) with the appropriate deposit required.
  8. Once the offer is accepted, US Auctions works with the other broker / agent / title company / buyer / lender to open the Escrow and get the transaction closed within the timeframe allotted.

Here are some additional links to learn more about real estate auctions:

Open Houses

All auction properties are open to walk through from 12pm-3pm for the two Saturdays right before the auction date.

Call 801.362.7700 to make an appointment outside of these two Open House days and times.

About Us

United Country is the largest integrated real estate & auction company in the U.S. with over 700 offices and 4,000 associates. We generated over $3 billion in annual sales in 2008, and are recognized as the auction “Industry Leader” (NAA: Auctioneer Magazine, January 2008). Our company was ranked the “Top Real Estate Franchise” by Dun & Bradstreet in July, 2009, and we are in the “Top 1%” of all franchises nationwide according to the Wall Street Journal. We currently have over $1 billion of controlled listings, and reach over 90 million homes each week through our nine owned, exclusive publications, third party trade publications magazines and catalogs.

US Auctions and Realty is an affiliate of United Country, providing property sellers, buyers, and agents an enhanced marketing solution. Our online system exposes property to a local and national network of over 300,000 buyers through publications, affiliate brokers and over 1,100 websites. Because of our technology, expertise and marketing strategies, we have over 1 million visitors on our websites each month, who spend an average of 24 minutes per visit.

Our local office beginning was in 1991, when we conducted a multiple-property auction for a large lender and successfully sold 133 properties in 3 months. We then went on to work with other lenders, developers, motivated sellers, and brokerages struggling to find an enhanced marketing solution for effectively selling real estate. Prior to joining the national network of United Country, we were known as “Utah Real Estate Auctions”, and “America Real Estate Auctions”. Since 1991 we have sold almost every type of property in almost every type of market condition: homes, raw land, condos, commercial and entire subdivisions.

Our recent history shows that nearly all of the property we have sold through our online/onsite auction has exceeded the expectations of both buyers and sellers.

The very nature of the auction process makes transactions smoother, with faster closings. Many buyers believe that all real estate auctions involve only distressed or foreclosed properties. This is not the case. Historically auctions have been utilized primarily by banks and other institutions, however, now we this tool is available to all homeowners as the wave of the future for selling homes.

Depending on the type of auction, whether a property is distressed or not, buyers can get a bargain. It's all about diligent investigation and planning. While sellers can retain some control over the final selling price, buyers can find a great deal in a win-win scenario. It's more about informed sellers and buyers being much more in control of the process than in the normal public listing and sale process.

Increasing Buyer Confidence
We have created a “Buyer Confidence Package” that includes four items done immediately after receiving an auction listing. These are made available to potential buyers on the web at the click of a button, enabling them to make an intelligent buying decision, with minimal risk:

  • Current Appraisal
  • Full Property Inspection
  • Preliminary Title Report
  • Home Warranty included with every home sold in the auction

Nobody but United Country - US Auctions & Realty is offering this type of information and coverage for buyers to help them feel confident about the property on which they are bidding.

The auction is the truest form of obtaining market price, as it exposes the property to a wide range of buyers who have an equal chance to bid with equal terms and conditions. With current market conditions and the challenges of selling real estate, property owners and lenders are being forced into short sales and foreclosures, sustaining large losses in capital and equity. United Country U.S. Auctions has brought an enhanced marketing solution to help both buyers and sellers achieve their objectives. To better understand real estate auctions, we provide free educational seminars and conduct daily conference call discussions with buyers, sellers, and realtors. Call in to our daily conference call at 12:00 noon Mountain time at: 712-432-0080, code: 317557#