Has anyone ever held an event for a seller where there is a preview period and bids are accepted after a certain time?

If so, is this considered an auction and should be held by a licensed auctioneer?

Thanks!

Some foreclosure clients require a property to have a specific minimum number of days of MLS exposure before they will consider any offers on a property. Certainly you could host an open house, and with the sellers permission, indicate that no offers will be considered prior to a certain date thereafter.

I don't know a lot about the auction business but it would seem like one of the distinquishing factors is that a buyer has the opportunity keep increasing their bid based on what other buyers are also bidding. Typically a real estate buyer is making an offer without the benefit of knowing if there are other offers let alone if they are higher or lower. When there are multiple offers the seller is typically advised to request each buyer to make their "highest and best" offer, again without knowing the relative positions of other buyers. In this scenario I remind buyers that "highest" is not always "best" and cite an example where the highest may only be $1000 above the next offer but carries a load of contingencies (sale of another house, financing, every inspection and test known to man) and won't close for a year versus the one at $1000 less, no contingencies, cash and close in 30 days or less.

Please note the terminology difference of "bidding" in an auction while on real estate an "offer" is submitted. If you do go the auction route make sure you establish a minimum ("reserve") that the seller is not obligated to if the price is too low.

Greg I would call GREC on that.Liscense law for Ga requires a seperate auctioneers liscense to conduct auctions.

I personally don't believe having a day when people submit offers constitutes what an auction or auctioneer does.The GREC will have the definitive answer,since liscense law varies by state I would call.

In certain states that would be considered a "sealed bid" auction and you would need a licensed auctioneer to perform the sale. I would call the GA board of auctioneers and they will tell you, they will be the ones you would have to deal with if there is something wrong with it anyways.

In Florida, we do not need an auctioneers license to auction a property.

After all, what's the difference in an auction and presenting multiple offers? And besides, isn't an asking price considered and invitation to bid?

The difference is--
Auction--you know what other offers are and have the opportunity to bid above it

multiple offers---buyer does not know what other offers are.

Having been a licensed auctioneer, there is one fundamental difference that keeps real estate brokersa from having an auction like environment:

The auctioneer is empowered to accept a contract on behalf of the owner.

A real estate broker can only present offers to the owner for their acceptence, rejection or counter.

Now not all states license auctioneers, but don't have an auction like event in a state that does have licensing.

The original scenario if done as a sealed bid sale and would be legal for a real estate agent.

Authority to accept an affer can be obtained by a power of attorney. Besides, there are several types of auctions such as an absolute where the seller must take the highest bid regardless of price. This would be a clause in the listing agreement between the seller and the broker.

Anyway, I cannot see why a broker or agent would need an auctioneers license. However, I do see where the auctioneer must be required to have a real estate license.

But to answer the origonal posters question, check your states license law. I will be getting my Georgia License next year so I am interested to know. Keep us posted.

I have saw agents price properties and create a multiple offer auction type situations.

I know one agent who does this pretty often.