- We look forward to working together. If you already are familiar
with real estate auctions,
please click on the Broker Participation form below.
Please print it, fill it out and fax it to us at 763-856-1453.
If this is your first experience with real estate auctions, here is
some info on how our auctions work.
First, we do two types of auctions, absolute (without reserve) and
reserve (auctions with a minimum selling price).
The majority of our auctions are done with a reserve. The most
frequently asked question is “what is the minimum bid”.
We can’t answer that for two reasons. First, it is our fiduciary
responsibility to the seller not to. Second,
sellers often accept less the day of the auction than they had
previously stated. Our sellers want bidding to
determine current market value. Most of our auctions are sold with an
8% buyers fee.
A bid price of $100,000 with the 8% buyers fee ($8,000)
will have a contract price of $108,000. Our commission splits are
based on the bid price not the contract price.
A 2.7% broker participation for our example would equal $2700 and
Hiller Auction and
Listing Company would split the remaining $5300.
Our usual buyer broker split is 2.7% (check the MLS for the auction
you are interested
in to see what we are offering on that property).
If you are representing a buyer, this is what we expect from you:
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