"Welcome to T’d of Tuesday’s. This will be a weekly blog post that will focused on myths about the auction industry. This post will include both how and why these myth’s “T” me off. I will include what exactly causes people to assume these myths and also why these myths are indeed myths. I will also include and prove each myth to be indeed be false. To find out more about the myths of the auction method log on every Tuesday."

Myth #1 All Auctions Are Distress Situations.

By Justin Croy
Culver, IN
colcroy@gmail.com

(Image credit: alternet.org)

Many people in the world believe that real estate auctions and auctions in general are “distress sales.” This means that the seller is only selling at auction because they are under some kind of distress, such as foreclosure, divorce etc. This idea is completely false. The auction method of marketing is the most; Fun, Fast and Transparent way to sell assets and through many year of strong advocacy the National Auctioneers Association has reviled to people all across the world that using the auction method can be very profitable vs. the private sale.

This idea has come about because of the wide “like” of distress auctions. Many times people cannot pay their mortgage and their house becomes foreclosed. A lot of home owners build large immaculate homes then realize that they cannot afford due to unforeseen circumstances. Then, as the law states, the house is repossessed by the Mortgage Company or bank and gets sold at auction. These foreclosure auctions a lot of times are absolute. This means that the auction is sold to the highest bidder without reserve or minimum price. Several times due to the terms and conditions of the auction, these properties will sell for a value that is well under “market value.” This means that buyers have the opportunity to score a great deal on a home. This associates low price and distress with the auction method and in return creates a Pavlovian Effect when people hear that something is going to auction.  

This “T’s” me off as an auctioneer because many times, homes are sold for more than market value and are not sold because of a contingent circumstance. Many people bring real property to auction because they know that the auction method will create a competitive bidding atmosphere that will result in higher prices.

In conclusion not all auctions are “distress sales.” People across the world are selling their real property at auction not because they have to but because they want the highest price for their assets. For more information about this topic check out other articles by clicking here. For personal questions respond in the comments or email me at colcroy@gmail.com

To visit additional blog about auctions, click here

Becoming a Champion

(photo credit: "TJ" Frieje's facebook)

A True Champion

by: Justin Croy

Nope, that’s not me. The man in this photo is Mr. Richard Freije, better known as TJ. In this photo, TJ looks calm, collected and professional, well....that’s because he is. TJ is the 2016 International Auctioneer Champion. He won this award by competing in the International Auctioneers Championship, which is hosted every July by the National AuctioneerAssociation. This photo may not look inspirational but if you look close, you can see that TJ has one eyebrow raised slightly higher than the other. This is because TJ has a very common disease, Bells Palsy. Bell’s palsy is a disease in which you lose muscle control over one side of your face, including your mouth. As auctioneers, our mouths are our most useful tool, calling bids rapidly and smoothly requires the full use of your mouth…or at least that’s what we use to think. In July TJ took the stage and won the 2016 IAC with Bell’s palsy after not being able to move his mouth six months earlier.

I connect with this photo because it shows that even after you have lost your greatest asset, you can climb to the top and become a champion. This photo of TJ was taken about two months after he was crowned the IAC champion. This is about that time that the interviews have slowed down and he is coming of the high of being champion. And even though TJ can’t fully use the one side of his face, He continues to show everyone that you can be strong and be a champion no matter what you have gone through. 

To learn more about Bell's Palsey and how you can help, click here. 

With questions about the International Auctioneers Championship, please comment below. 

"About This Blog"

"About This Blog"

By: Justin J. Croy

colcroy@gmail.com

The auction method of marketing is the most fun, fast and transparent way to liquidate any asset. Weather that asset be a car, a piece of furniture or even the clock on your wall, the auction method of marketing will work. This blog will be center around selling one particular asset and that is real estate.

In this blog real estate will be considered any piece of the earth. From bare land to land with millions dollar homes or crops, for the sake of this blog it will all be considered real estate. We will explore in each advantage to selling real estate via the auction method and examine how is compares and contrasts to selling real estate traditionally or by owner.

This topic is an interest to me as a professional auctioneer and I hope to share with you my thoughts and opinions on real estate auctions. Working for Oak Crest Auctions since 2013, I have learned and developed the skills necessary that are needed to conduct a successful real estate auction.

In addition to being a professional auctioneer, I am a member of the National Auctioneers Association who are the preferred auction professionals used in the market place. This further supports my credentials to write on this topic.

This topic is interesting to me because I personally know and have seen the advantages of selling real estate via the auction method of marketing work numerous times for families and those who are not in distress and I am interested in sharing my thoughts with readers. 

If you have any questions please feel free to contact me via email at colcroy@gmail.com