For Sellers

Welcome to Wardlow Auctions Inc., where we specialize in providing exceptional auction services for sellers seeking a streamlined and effective approach to selling real estate and personal property. Our professional team is dedicated to maximizing the value of your assets while ensuring a transparent and efficient process. Here's a detailed overview of our services for sellers:

Auction Process Overview:

For sellers considering the online auction method, our website offers valuable insights into the process and its advantages. We prioritize clear communication and encourage potential sellers to reach out to our experienced auction professionals for personalized discussions.

Advantages of Selling by Auctions:

1. Certainty of Sale Date: Sellers benefit from a known sale date, providing financial advantages by ending ongoing expenses promptly.
2. Competitive Bidding: Auctions create opportunities to exceed expected property values through competitive bidding.
3. No Conditions or Contingencies: Properties sold at auction have no conditions or contingencies, streamlining the sales process.
4. Aggressive Marketing: Auctioned properties receive aggressive marketing in a shorter timeframe compared to other selling methods.
5. Seller-Centric Terms: Sellers set terms to meet their specific needs, ensuring their objectives are prioritized.

Estate Situations:

In estate situations, the auction method facilitates timely and trouble-free closure, aiding executors and heirs in achieving efficient estate settlement.

Why Choose Wardlow Auctions:

1. Eyes on Your Auction: Our large and growing database of more than 19,000 people means more people to bid on your items. Most auctions have between 600-1,000 registered bidders, all competing against each other to win, resulting in higher selling prices for our clients.
2. Empty House: We can handle it! We’ll sell everything valuable and know the right third parties who can come do final cleanouts if needed.
3. Expert Connections: we have a team with years of experience, and they know how to find the hidden treasures. If we don’t know the answer, we know who to ask among our industry contacts.
4. Online Only: All bidding happens online, meaning the number of people traipsing through a home is much lower than with an estate sale or live auction. Buyers shop online and only need to briefly come to the property for pickups and open houses.
5. Worldwide Reach: We aren’t just limited to people based in Louisville who are available on the weekend of your sale. It’s online for at least a week and can be purchased by anyone, anywhere.
6. Presentation Is Everything: We stage the home in an orderly fashion and take crisp and detailed photos of items so that everything is attractive to bidders and encourages them to bid again and again.
7. Bidding Wars: On the night the auction starts closing, we like to keep the momentum going. If someone places a new bid in the final 3 minutes of closing, our system adds 3 minutes to the item. This will continue until all bidding has ended, and creates a competitive environment to squeeze out every dollar the buyers are willing to spend. 
8. Transparent Reporting: We report a final financial settlement to the seller along with a list of all items sold, advertising run, invoices, etc.

Selling Real Estate

Simply put, the auction method is an alternative method for marketing and selling property. Based on the amount of property sold via the conventional listing route versus the auction route, the auction method is certainly not a competitor to the conventional listing method. The auction method gives both, realtors and sellers, another option to consider when trying to select the marketing and sales method that is best suited to meeting the Seller’s objectives.

Selling Personal Property:

We specialize in personal property auctions for clients settling estates, downsizing, relocating, or liquidating businesses. Our auctions include detailed reports for sellers, providing transparency in the selling process.

Types of Auctions:

• Absolute Auction: An auction where the property is sold to the highest bidder regardless of price. The advantage of an Absolute auction is that bidders know the property is going to sell without reservation of price. Thus, it tends to generate more interest among potential buyers. In an Absolute auction the Seller cannot bid on the property, nor can anyone bid on the Seller’s behalf.
• Reserve Auction: An auction where the Seller can put a minimum, or reserve price, on the property. The advantage of the Reserve auction is that if the property doesn’t bring what the Seller needs, it does not have to be sold. The disadvantage of a Reserve auction is that it is usually not as effective in generating interest and attendance among potential buyers.

Buyer’s Premium:

• A percentage added to the bid, determining the final selling price.
• Does not oblige buyers to pay more than intended; they can adjust bidding accordingly.
• 10% buyer's premium is charged on all our auctions.
• For example, with a 10% buyer’s premium and the final bid is $100,000, the final selling price is $110,000.

Inspections:

• Real Estate: Prescheduled open houses for property viewing or upon inquiry. In nearly all real estate auctions, the property is sold “as is” with no condition or contingency. That includes inspections such as home, termites, radon, lead-based paint, etc. We want potential buyers to be as knowledgeable about the property as they care to be. Thus, potential buyers are welcome to get any kind of inspection they want but it should be done prior to the auction; it cannot be used as a negotiating item with the Seller; and the potential buyer must pay for the inspection.
• Personal Property: Prescheduled open houses are held for the majority of our personal property auctions; inspection times provided in advertising or upon inquiry.

Advantages of Choosing the Auction Method for Sellers

When considering a sale by auction, many sellers opt for the auction method due to a range of compelling advantages that streamline the selling process and enhance financial outcomes:

1. Sales with No Conditions, No Contingencies: Properties at auction are typically sold "as is" with no conditions or contingencies to the contract. While buyers are welcome to conduct inspections prior to the auction, these factors are not subject to negotiation in the contract.
2. Seller-Centric Sale Terms and Conditions: Sellers have the authority to set the terms and conditions of the sale. All potential buyers must bid in accordance with the parameters established by the seller, providing a level of control not often found in traditional real estate transactions.
3. Seller-Determined Sale Date: Sellers have the flexibility to determine the sale date based on their specific objectives. Whether aiming to minimize carrying costs, transition to another property, or efficiently utilize asset funds, the seller can set a timeframe that aligns with their desired goals.
4. Assurance of Sale Closure: Auction terms typically necessitate a down payment of 10% to 15% from the successful bidder, creating a commitment to the sale. In the event of non-closure, the bidder forfeits their down payment, instilling confidence in serious bidders and discouraging default on the contract.
5. Aggressive and Intense Marketing Period: Auctioned properties benefit from a concentrated marketing effort, with an intense promotional period spanning 2-3 weeks leading up to the auction. This strategic approach places the property at the forefront of the market, generating urgency and excitement among potential buyers.
6. Increased Price Potential: The competitive bidding process inherent in auctions often results in the property achieving the highest price among potential buyers on the auction day. Particularly for desirable and high-demand properties, auctions have the potential to yield a sales price above conventional expectation.

Choosing the auction method offers sellers a unique blend of control, efficiency, and financial benefits. From setting favorable sale conditions to determining the sale date and maximizing marketing efforts, auctions provide a dynamic platform for achieving optimal results in transactions.

Process to Auction Your Property

We guide sellers through the process of auctioning their property, from initial contact to property inspection, marketing program development, and contract signing.

At Wardlow Auctions Inc., we are committed to providing sellers with a transparent, efficient, and lucrative auction experience. Contact us today to discuss how our auction services can meet your unique objectives.