Frequently Asked Questions
Can our agency sell a parcel of land only?
Yes. The property does not have to include a house or dwelling.
Can our agency sell commercially zoned real estate?
Yes. Include the same information about the property (legal description and description) as you would for a non-commercial property.
How long should the property remain at auction?
GovDeals recommends conducting a Real Estate auction for three to four weeks minimum. For higher valued commercial properties, we recommend six to eight weeks. This will allow substantial time for our Marketing team to advertise the property.
What type of marketing is done for real estate?
Marketing varies based on the type and value of the real estate being sold. It can include real estate ads, social media publications, press releases, email blasts to existing GovDeals bidders, and providing real estate signage for placement on location.
Will GovDeals assist in the creation of the auction for us?
Yes. GovDeals will train you and your staff on loading real estate auctions and can assist you with the process if needed. Typically, you would need to notify your account manager before you are ready to have the auctions go live. At that time, GovDeals will consult with you about what information is needed for a successful auction. We recommend providing all auction information in a spreadsheet with detailed legal description and pertinent information regarding the auctions. Include pictures, links, disclosures, etc. GovDeals can provide sample real estate auctions for you to view before preparing your own.
Can our agency set a reserve amount?
Yes. Both minimum bids and reserve amounts can be set on real estate auctions.
Can specific fees be added to the auction?
Yes. Fees can be added prior to or after the auction. These fees, like deed stamp fees and recording fees, must be disclosed in the description when the auction is sent live. Fees are added when the auction closes since they are based on the auction’s final sale price and the number of pages needed to record the deed. In the auction description, the seller must outline all of the fees that will be added upon the close of the auction, so buyers are aware.
Can a bid deposit be collected from bidders?
Yes. Bid deposits can be collected from bidders. GovDeals will give a recommendation on the appropriate amount based on the value of the property.
The final sale amount must be approved by our Commission/Board/Management; can we reserve the right to approve bids and/or reject them?
Yes. There are several options available to reserve the right to approve the final bid and reject any bids that might have been placed. Work with your account manager on what options work best for you.
I already have a GovDeals Account, but I do not want to use it for my Real Estate sales. Can I setup a second account for these auctions?
Yes. Work with your account manager on setting up another account.