Auction Properties

Brad Tertell

General Manager

Midwest Real Estate Data LLC

Background/Criteria

Users have had the ability to enter auction properties into the database dating back to 1996

All exclusively listed properties that are subject to auction and have a list price (reserve price or minimum price) that the seller is willing to accept may be placed in the service

Auction listings which do not have a listed price may not be placed in the service

Properties must be entered into the proper property type

Current Auction Inventory

Active Auction Listings by Property Type

229 Detached Single Family

58 Attached Single Family

11 Commercial & Land

137,136 Total Active Listing Inventory

Current Procedures

We do not have a separate Auction Property Type

Must use the remarks field to input details of the auction and to search for active Auction Properties

List price must be the minimum acceptable bid or higher

Compensation is Required

Can’t be sold prior to the auction

CC: 1.5 SEE AGENT REMARKS

CC: 2-150

Suggestions/Recommendations

Have a check box added to each existing property type (except rental) where an agent can identify the listing as an auction property.

Create a non-required Yes/No field. If “Y” in this field is selected, an auction date would be required

The system can be programmed to flag the property as “For Auction”. You create a new status “AUCT” which would remain unchanged until the property has been sold or taken off the market

Suggestions/Recommendations

If you wanted you could program your system not to require List Price

Consideration could be given to adding a Market Value range if the property was flagged for auction. However, this may negate the purpose of listing these properties in the MLS since most auction agents do not want to reveal their minimum bid

AUCT would be added to an MLS’s status list so that these properties can be included with any search criteria, searched separately or excluded from a search if desired

Suggestions/Recommendations

For market statistics reports, when an auction listing sells the Sold Price should be required to be reported on the MLS listing.

Footnote: We see no value in having a separate property type for auction properties as this would unnecessarily duplicate property types and their fields already in the MLS. Most MLS systems are very sophisticated and the type of programming described should be able to be done by most if not all MLS vendors.