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               Auction Questions


Where Seller and Buyers Meet
400 New Hope Road Buncombe, IL

    Office: 618-833-2227 or 618-996-2884  Toll Free: 800-272-9791

 

FAQ'S

How May We Help YOU?

Q.   I have been appointed executor of an estate. At what point do I need to contact Joe Ollis Auction?
A.   Joe Ollis Auction Service should be one of the first contacts. Settling an estate is a big responsibility and needs to be handled properly. If an attorney is involved, we will work hand in hand with that attorney to make the settlement process as easy as possible. Nothing should be boxed or thrown away. For many, this is a one time thing and are not educated in the marketing process or know what is sellable or what to discard.

Q.   Can I name Joe Ollis Auction Service in my will to do my auction?
A.  
Yes, and people do. Your wishes can be set up simply, with us working out the details with your attorney. This can also alleviate problems.

Q.   I have never been to a Real Estate Auction. Can I look at the property before the auction and how do I bid?
A.   A Real Estate is normally advertised 2-3 weeks in advance. A buyer may call our office for an  appointment to view these properties. Most properties are sold in as-is condition. Any desired inspection must be made before the auction. Bidding is conducted in an open and public setting. You may bid directly to the auctioneer or any of our bid assistants will be glad to help you or answer questions.

Q.   What is an Absolute Auction?
A.   Absolute means the property will sell to the last and highest bidder regardless of price. This is the best kind of auction that attracts more bidders, which usually translates into 10 to 20 percent more money for the seller.

Q.   What is a reserve auction?
A.   Reserve means that a minimum price has been established by the seller. If bidding does not reach the reserve, the auction of the property is canceled

 

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