As the seller, you pay ZERO commission to sell your property. The compensation to the Chaffin Light Auction Specialist and Real Estate Brokers are paid by the buyer through a Buyers Premium.  In a traditional listing, sellers usually pay 5-6% in real estate commissions to sell a property. Your expense is limited to the marketing costs necessary to expose your property. Every dollar we spend is spent to advertise and promote your property.

It’s been our experience that marketing campaigns are most effective over a 45-60-day period.  The first two weeks are spent gathering pertinent information on your property and creating all marketing materials necessary.  The following four weeks are devoted to mass marketing, open houses and previews of your property creating a sense of urgency to buyers and their brokers.

Closings usually take place about 30 days after the auction, however in some instances can occur in as little as one week.  Remember that a successful bidder on your property has completed all due diligence prior to the auction, so there are no contingencies in the contract.   Buyers come prepared to buy!

There are two types of auctions we recommend, Reserve and Absolute.

Reserve Auction

In a reserve auction, our Auction Specialist will meet with you to determine the minimum value of your property. If the bidding does not reach or exceed the pre-set price, then you have no obligation to sell your property. A reserve auction allows the seller the comfort of a reserve price combined with the opportunity of highly competitive bidding.

Absolute Auction

In an absolute auction, there is no reserve. The highest bidder secures the property at the final price. And because of a perceived “opportunity” by the buyer to get a good deal, more buyers will show up. It’s a proven fact that this method also offers the greatest possibilities of generating more bidding and more money than any other option available to sellers today.

6. What if the highest bid is not satisfactory to me?
In a reserve auction, the seller has the sole discretion to sell or not to sell his or her property. In an absolute auction, you may be surprised by the large number of bidders, and in turn, by the higher selling price.

We strongly encourage and welcome cooperation with real estate brokers. Your property will be listed in the Aspen/Glenwood Springs Multiple List Service.  If a broker brings a buyer to the auction, they will be fully compensated if their buyer is the successful high bidder. Chaffin Light pays the “buyer’s broker” commission directly from the Buyers Premium. The seller pays nothing.

Step 1:  By Auction date, you will have received a copy of all pertinent property information required to make a confident bid. We suggest that you arrive at the property at least 30 minutes prior to the auction time so you can ask any questions you may have. You will register to bid by filling out a bidder card at the registration table. By registering to bid, the buyer acknowledges that they have reviewed and understand the information in the bid packet and the Contract of Sale agreement. The bidder also acknowledges that immediately following the auction, they are prepared to execute the Contract of Sale agreement and pay the appropriate deposit at that time in a form that has previously been deemed acceptable to Chaffin Light Auction Specialists.
Step 2: Determine how much you are willing to pay for a piece of property. Keep in mind that your final price will be increased by the Buyers Premium that is disclosed in your information packet
Step 3: As the auctioneer progresses in his call for bids, simply raise your hand when you want to bid.  If you’re not sure if you’re in or out, raise your hand again and the auctioneer will keep you in. He will not let you bid against yourself. The auction will be conducted under the total control of the auctioneer.
Step 4: If you have any questions, motion for one of our Auction Company's team members. Our associates are here to help you understand the process completely.
Step 5. If you are the successful bidder, you will sign the purchase agreement and proceed to closing per the terms of the sale!

A buyer’s premium is a percentage that is added to the final bid price to determine the total purchase price. In most auctions there will be a 10% buyer’s premium added to the successful bid amount to create the total purchase price.

The earnest money deposit is required in form of a Cashiers or Certified Check made payable to you, the buyer and is non-refundable and due on the date of auction.  The amount required will be disclosed in the Buyers Information Packet, as well as any additional Earnest Money due. The balance of the contract purchase price shall be due at closing.

Absolutely not!  When a Picasso painting or a Ferrari is sold at auction, the sellers are not in duress-rather they have chosen an accelerated method of marketing to procure qualified buyers ready to buy. Properties sold at foreclosure auctions, held at the county courthouse, involve owners who are in financial distress. Our auctions, on the other hand, are heavily marketed to the general public, and Realtors. We create urgency and inspire competitive bidding.

The best candidates for an auction are sellers who understand the time value of money and also want their real estate sold quickly. These people want to move on with their lives, without the burden of an unsold property. They also realize that competition can drive the price higher than a listed property.

There are usually one or two open houses (previews) in the 3-4 week marketing period. This creates urgency. The prospective bidders receive a "bidder’s package" that explains all the details of the auction.   Included in the package are copies of the preliminary title report, surveys if applicable, disclosures, copies of the purchase agreement and terms of the auction. The bidders must bring a cashier's or certified check for a pre-determined amount. This upfront money helps qualify the buyers. Closings typically occur in 10 to 30 days after the auction. The actual auction event is usually conducted at the property using experienced auctioneers who are trained to get the buyers relaxed and emotionally charged up, so the best results and highest price for the seller is obtained. Licensed Brokers and legally binding contracts are used that conforms with Colorado law for real estate transactions.

Most of our auctions are held on-site, where bidders are constantly reminded of the positive features of your home.  At the same time, the energy and excitement of competitive bidding will drive the price up.

Yes.  Although we are selling your property “as-is”, we must abide by applicable Colorado and Federal laws.  We will provide full disclosures of the property through a Bidders Information Package to all interested parties.

Yes, only if:

• You need to sell your property NOW
• You want to obtain a TRUE market price 
• You want a NON-CONTINGENT / AS-IS sale
• You don't like to pay COMMISSIONS
• You want to significantly REDUCE HOLDING COSTS
• You have a DEADLINE to sell your property
• You want to sell QUICKLY
• You want to receive CASH for your equity