The best way to sell real estate is through the auction process. The terms of the sale are set before the auction; all buyers are in one place at the same time to bid the price up. The buyer gives a nonrefundable cashier check (usually $20,000 to $50,000) so the sale is likely to go smoothly. There can be financial penalties if, due to buyer, the escrow does not close on time.

You, the seller, do not have to bargain with the buyers. You have a specific date when the property will sell and a specific date when escrow will close.

It typically takes about 40 days from sign-up to auction, but it can be done sooner if need be. Before an auction, money is spent on advertising. We have had the best results using regional and local newspapers, mailers sent to local residents and real estate offices, flyers distributed in the immediate area, web advertising, and posting a sign on the property. Radio and TV are also effective when the advertising budget allows. At auction, if you get one million dollars, you keep one million dollars, minus escrow expenses. The Auctioneer gets paid by the buyer.

Rich Wasser has been an auctioneer for over 35 years. He is the secretary and a trustee of the Southern California Auctioneers’ Association. He has been a real estate broker for over 30 years. He has vast experience in auctioning real estate. He is a member of the local real estate board of realtors and the multiple listing service. He is personally involved in each auction from beginning to end.