All Consignments Welcome

Caroline Nordyke, Broker

JCPB Estate Liquidators offers combined Estate and Real Estate auctions as well as Real Estate only auctions. We can customize your auction to best suit your property and needs. We also follow the guidelines in the Colorado Real Estate Commission position on Auctioning Real Estate. (click here to see CP-26).

Selling Real Estate at Auction

Subject to Seller Confirmation: In an auction which is Subject to Seller Confirmation (aka Reserve Auction), the Seller has the option of accepting the highest bid, or rejecting it and not selling the property. The Seller takes less risk with an auction which is Subject to Seller Confirmation, but is less likely to drum up excitement about the auction and attract the investors looking for a “steal” that will compete and bid up the price for the auctioned property.

Hybrid: In a Hybrid or Minimum Bid auction the Seller is obligated to accept the highest bid, so long as the highest bid equals or exceeds the minimum bid published. The risk for a Seller with a Hybrid auction is generally somewhere between the risk of an Absolute and an auction Subject to Seller Confirmation. With a Hybrid auction, however, the minimum bid amount may discourage buyers from attending or from bidding above the minimum bid. The lower the minimum bid, the more the dynamics of a Hybrid auction mimic the dynamics of an Absolute auction.These terms (Subject to Seller Confirmation, Hybrid, and Absolute) are not defined under Colorado law. The terms do, however, have a uniform meaning within the auction community.

Absolute Auction: An auction where property is sold to the highest qualified bidder and the Seller is obligated to accept the bid regardless of its amount. In theory, if the highest bid is one dollar, the Seller if obligated to sell the property for one dollar. The Seller accepts the risk of low bids in an Absolute Auction. In exchange, the Seller hopes that an Absolute Auction attracts more buyers. An Absolute Auction conveys, to the Buyer, a sense of urgency for Seller to sell the property.

Buying Real Estate at Auction

Study the information available on the property, visit the property during the Open House and ask questions. Make arrangements for financing ahead of the sale.
Decide whether you wish to be represented by a Real Estate Broker. If you do, be sure to have your Broker review the information and register with our Broker as soon as possible.
Request a Property Information Packet. This packet may contain detailed information about the property such as property disclosures, plats, pictures, survey reports, title information, auction terms and conditions, demographics, zoning information and floor plans.
Visit the property on preview dates. Open houses are held approximately 1-2 weeks prior to the auction date. During property previews you are encouraged to ask questions and become familiar with all aspects of the property. Properties are sold “AS IS/WHERE IS” without contingencies other than clear title. You are strongly encouraged to inspect the property and become familiar with the property prior to auction day.
Review all auction documents. You should know exactly what you are bidding on and what terms and conditions you will be signing and agreeing to.
Arrange financing prior to auction day if financing is needed. This determines how much you personally can pay for the property, and establishes your comfort zone in the bidding process.

Seller Benefits for Real Estate

Creates competition among buyers – auction price can exceed the price of a negotiated sale with the excitement and heightened buyer interest.
Auctions represent the sellers.
Auction is an aggressive, advanced marketing program that increases potential interest in and awareness of a property.
Accelerates sales – the property can sometimes be sold within weeks of listing, seller knows exactly when the property will sell.
The seller sets the terms and conditions of the sale, maintains control of the property and actively participates in the sale process.
Exposes the property to a large number of pre-qualified prospects
Requires that potential buyers pre-qualify for loans
Quick disposal reduces long-term carrying cost, including taxes and maintenance.
Auctions bring interested buyers to a point of decision. They must act now or lose an opportunity to purchase.
The seller knows exactly when the property will sell.
Competition between other similar properties in your area are eliminated.
Quick, easy closing