Kennedy's Auction Services

1. Auction Viability Assessment

The first step in the listing process is a free assessment by our staff to determine if an auction is a viable option for your property. Please note that in some cases Kennedy’s Auction Service may provide an estimate of value, however no estimate should be considered a guarantee unless so stated in writing. Please contact us to set up an appointment for us to see and review the details of your property.

2. The Listing Agreement

Once you have decided to list your property for auction, you will receive our straightforward agency and marketing agreement, also known as the listing contract or agreement. The auctioneers and sellers responsibilities are clearly spelled out in the contract so that each party understands their role in the process. The agreement also provides a detailed description of the terms and conditions under which the property is to be sold. Following the completion of the listing agreement we will initiate a title search with your designated attorney or title agent to ensure there are no issues with conveying the property. We will also make arrangements for them to hold the earnest money deposit and prepare closing documents after the auction.

3. Preparation for Auction

Exposure: We take great care to ensure each property has maximum visibility and appeal with large, high visibility signage, direct mail and in our newsprint and internet advertising.Research: Using our extensive experience and expertise in real estate and in depth research of each property, using all available tools, we seek to develop a detailed description and knowledge of your property in order to achieve the maximum price that the market will support.

Timing/Location: After consulting with you to understand your needs and schedules we will set a date and time for the auction to take place. In most case we sell real estate onsite; however, in some cases this is not suitable. If it is determined that an on-site auction is not the best avenue we will procure a venue such as a hotel ballroom or in some cases our auction gallery in downtown Selmer, TN.

Photography: Your property will be photographed for inclusion in both print and internet advertisement. These photographs highlight details that will build interest and instill confidence among prospective bidders.

Catalogs & Fliers: We produce high quality color and black & white brochures and circulars to build interest and provide information on the property to be offered in the upcoming auction.

4. Marketing for Worldwide Visibility

Direct marketing: Auction brochures or circulars are mailed to private buyers, investors and agents from our data base. Additionally, auction fliers are distributed to local businesses, malls and restaurants to draw attention to your auction.

Advertising: We place advertising in national, state, and local publications highlighting upcoming auctions.

Internet Posting: All auction listings are uploaded to our website as well as various third party websites, including the world’s largest auction directory. All electronic marketing is placed well in advance of the auction to broaden exposure of your property to millions of people worldwide.

5. Preparing the Property for Auction

Our staff will review the condition and appearance of your property and recommend the proper repairs, cleanup or inspections to make the property the most presentable and marketable.

6. Open House

In some cases we will recommend holding one or multiple open houses at designated and advertised times for prospective purchasers to view and inspect the property - at any such event, we will have professional staff on hand to answer questions and walk visitors through the auction process. We are always available to show the property at unscheduled times, if needed for a prospective buyer’s convenience. In many cases (especially when personal property will be sold as part of the same auction as your property) we will have staff onsite several days in advance and therefore there is no need to schedule a formal open house.

7. The Auction

Adequate auction staff will arrive at least two hours prior to the scheduled start of the auction including auctioneers, clerks, cashiers, bookkeepers, ring men and assistants who will be present to properly conduct your auction. In the event of possible parking problems, off duty Police, Deputies or security personnel will assist attendees with parking.

As bidders begin to arrive, the Auctioneers, Real Estate Brokers and ring men will distribute plats and brochures, answer questions, show property and welcome everyone.

The Auctioneer will then take the stand and explain the terms and conditions of the auction, the sale restrictions and the rights of the seller, the buyer, and the auction company. The auction begins and the ring men spread out through the crowd to see that there is no confusion, coax buyers to bid more and to make sure the auctioneer sees every bid. They will also answer any last minute bidder questions while the auction is in progress.

8. Post Auction

Immediately following the auction of the property, the winning bidder will be required to sign the “As Is, Where Is” purchase and sale agreement, and deposit the nonrefundable earnest money - typically in the amount of 10% - 20% of the sale price (the percentage is established with you at the time of listing and announced to buyers in advertising and at the start of the auction).

9. Closing and Settlement

After the auction we will deliver the earnest money deposit and a copy of the contract to the designated title company or attorney for them to hold in escrow until closing. Closing will be scheduled to occur within 35 days of the auction. Our staff will be in contact with buyer, seller and closing agent to ensure that the closing takes place smoothly and on time.

Learn about the auction advantage
| Learn how to sell personal property

Questions? Call Kennedy's Auction Service at 731.645.5001 now!

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