Prudential Connecticut Realty Launches Auction Services Partnership with Thomas Industries

 

Rocky Hill, CT – Prudential Connecticut Realty will now offer auction services to its clients through its partnership with Thomas Industries, according to Gregg Wagner, Prudential’s Vice President of the Shoreline Region.

 

“Now we can provide our clients and our agents with an alternative method of selling real estate,” Mr. Wagner said. “Using the strength of Prudential Connecticut Realty combined with Thomas Industries Worldwide Auction Service's innovative and sophisticated marketing program; we can bring buyers and sellers together in a more productive way.”

 

Unlike a traditionally marketed property that is subject to market conditions, Prudential’s auction process generates buyer urgency and ensures that a home is sold in at most 90 days. Auctions can work well for homes such as highly-desirable “trophy” properties, unique homes that are difficult to appraise, or for owners who have special circumstances, like needing to relocate quickly or avoiding a pending foreclosure. Auctions can also work favorably when there are an excess of similar houses on the market.

 

Selling a home though an auction, can be done three ways; with a published minimum bid, which is the price at which bidding will begin; an undisclosed reserve, which is the price at which bidding must reach in order for the house to be sold; or absolute, meaning the highest bidder wins, no matter how low the bidding stops.

 

Typically, a home sold at auction will close in 90 days during which time the home is first prepared for sale, marketed, auctioned and then the transaction is completed. The auction is often done “live” at the property and all sales are final, with no contingencies. The properties are sold in “as is” condition, meaning the seller won’t make any repairs. However, the seller does usually have a property inspection done prior to marketing the home and that information is readily available to potential bidders.

Bidders must register and pay a fee prior to participating in the auction. Pre-bids are accepted and the winning bidder is expected to make a deposit at the close of bidding.

 

Founded in 1947, Thomas Industries, Inc. is a third generation auction house located in Guilford, Connecticut. The company provides auction services and infrastructure to a variety of industries throughout the world.