FAQ Page

Click on the questions below to view their answers. Click on the "Back to Top" links on the left to return to the top of the page (here).

How do I determine if the auction process is the way for me to sell my property?
What are some of the benefits of the auction versus a traditional listing?
What are the chances that an auction purchase falls through or fails?
Is there an advantage to having all of the prospective buyers in one place at one time?
I'm looking to liquidate some personal property, other assets, or other items. Can Manitou Realty & Auction help?
How do I know I'm getting a fair price for my items or property?
Why does my page look strange? Why are there no graphics?

Q:	How do I determine if the auction process is the way for me to sell my property?
A:	Not all real estate situations are meant for the auction proces. However many situations are: this process is becoming the method of choice. Let our sales agents and auctioneers on staff evaluate your real estate situation and discuss your options with you. Give us a call!

Q:	What are some of the benefits of the auction versus a traditional listing?
A:	Unlike traditional listings, real estate auctions have no pre-set price. One important difference between the two methods is that potential buyers are pre-qualified prior to their participation in the bidding activity. That means unlike most traditional buying situations, you will not think your property is sold only to find out later the financing fell through and you're back to square one. Another point of difference between auctions and traditional listings is that the seller sets the terms, conditions, and date of the sale for all potential buyers. Compare that to the traditional listing method where you wait showings to be scheduled and for an acceptable offer, and the buyer stipulates the terms and conditions within the offer to purchase. The purchase is still contingent on the availability of acceptable financing.

Q:	What are the chances that an auction purchase falls through or fails?
A:	Very slim. In addition to being pre-qualified, the buyer is required to submit a substantial non-refundable deposit upon approval of his/her bid, typically 10%. In a traditional sale, an accepted offer may (or may not) require a modest "earnest money" deposit and may be subject to contingency's, which could cause delays in the sale - or the sale may not be consummated.

Q:	Is there an advantage to having all of the prospective buyers in one place at one time?
A:	YES ! It is said that competition brings out the best in us. It can also yield the best selling price. In the traditional listing method, one must make appointments and show the property, usually for a single interested buyer at a time. This can happen over and over. Once interested, the buyer will issue an offer for the property, which is usually less than the asking price. You'll reject this price and probably counter-offer with a higher price close to your asking price (you have made a concession). The interested party may accept, or may reject your counter-offer. If the counter-offer is rejected, hopefully, they will make a new offer higher than their first one so you can keep negotiations open. This can go on for days, or even weeks. Sounds a bit like an auction, doesn't it? Perhaps in your frustration with all of the hoo-ha of the selling process, you'll accept an offer and have a nagging feeling you have not received the highest value for your property. In the auction method however, all prospective buyers are gathered with the intent to purchase a property (yours). The process takes place on a date and time that you set, and under conditions that you establish, and is concluded with the scheduled auction. The time framework for a final closing date is also set at this time, usually within 30 days.

Q:	I'm looking to liquidate some personal property, other assets, or other items. Can Manitou Realty & Auction help?
A:	An auction is an ideal if not the preferred method. By offering the items to all prospective buyers at the same time and allowing them to compete (bid) against each other will typically yield the highest price.

Q:	How do I know I'm getting a fair price for my items or property?
A:	At Manitou Realty & Auction we offer real estate appraisals by Indiana Certified Residential Appraisers. Our appraisal staff performs appraisals for most local lending institutions. Having performed household auctions for many years, we have the experience necessary to conduct personal property appraisals with utmost consideration to current market values. Over the years we have worked with local attorneys and families to meet their needs of personal property worth.

Q:	Why does my page look strange? Why are there no graphics?
A:	The Manitou Realty & Auction web pages use JavaScript and CSS (Cascading Style Sheets) to format and display text and graphics to you're screen. If you cannot see the formatting or graphics, please make sure you have the options set in your browser to display Java, JavaScript, images and CSS. Another reason may be that your browser is a little out-of-date. These pages are best viewed with a version 4 or higher browser such as Netscape Navigator or Internet Explorer. Click their names to go to the manufacturer's website to download or update your browser. Click those links to open up a new window on their site to get the update or new browser.