Real estate auctions in Middle Tennessee
A real estate auction in Middle Tennessee is a public negotiation between more than one buyer, and the market sets the price on a house, farm, condo, lot or tract. Common Hour sets a reserve, pre-qualifies bidders and runs the sale online, live or both. Once bidding meets the reserve, the high bidder is bound with no financing contingency and closes within 30 days of the auction unless the sale's Special Terms say otherwise.
Is this the right fit?
Auction does not suit every property. It fits when the property is unique, when more than one buyer is likely to compete, when speed matters, or when an estate, a divorce or a court-ordered sale calls for transparency. It is the wrong method when very few qualified buyers exist, when comparable sales already set the price, or when you have a patient and quiet timeline. Choose it at the listing decision, not as a rescue: a property that has sat on the market for months is usually past the moment. If it is not a fit, we say so before accepting and refer you elsewhere.
How it works.
Call at the listing decision
Tell us what the property is, why you are selling and how soon it needs to happen. Realtors are welcome on this call. Together we look at who is likely to compete for it and whether auction is the right method.
Set the reserve and the terms
We set a reserve, and the property will not sell unless bidding meets it. Each sale's Special Terms disclose whether the reserve is published or confidential, and they can change the closing date and who pays which closing costs.
Catalogue and market the sale
The property gets a catalogue listing, a timed sale and national marketing. Bidding runs online, live or both, and most sales now run online.
Pre-qualify every bidder
Registration can require government ID, proof of funds, lender pre-approval or a card pre-authorization. A buyer's agent who wants to take part registers the client under the Realtor Co-Op Program at least 48 hours before the auction closes.
Close the bidding
Bids are irrevocable. Online, a bid near the end can extend the close so others can respond. Once bidding meets the reserve, the fall of the hammer or its online equivalent forms a binding contract with the high bidder.
Move through escrow to closing
The buyer pays earnest money to the escrow agent within 24 hours of the close and the balance at closing. Closing falls within 30 days of the auction unless the Special Terms say otherwise. Common Hour does not take direct payment.
Who handles what.
Common Hour handles
- Telling you before we accept whether auction fits the property
- Setting the reserve and preparing the Special Terms
- Cataloguing the property and marketing the sale nationally
- Pre-qualifying bidders before they can bid
- Running bidding online, live or both
- Registering buyer's agents under the Realtor Co-Op Program
You handle
- Signing the auction agreement and its written terms
- Giving bidders access to inspect the property
- Conveying marketable title by general warranty deed unless the Special Terms say otherwise
- Paying deed preparation, transfer tax and recording of lien releases at closing, unless the Special Terms change that
- Bringing any legal or tax question to your attorney or CPA
How fees work.
Common Hour's auction terms set a standard buyer's premium of twelve percent of the hammer price, added to the hammer price, unless modified in writing for a particular auction. On real estate that premium also serves as the non-refundable earnest money, due to the escrow agent within 24 hours of the close. The premium, the seller's commission and any agent commissions are all disclosed in writing.
Commissions and fees are not set by law and are fully negotiable.
Questions about real estate auctions.
How does a real estate auction work in Tennessee?
Every real estate auction in Tennessee we run follows the same path: we set a reserve, catalogue the property and market the sale nationally. Bidders register and are pre-qualified, then bid until the sale closes. Once bidding meets the reserve, the high bidder has a binding contract, pays earnest money within 24 hours and closes within 30 days of the auction unless the Special Terms say otherwise. A real estate auction in Nashville runs the same way as one on a Maury County farm.
How does an online real estate auction work?
An online sale runs on a clock instead of a gavel. You register on the online bidding platform, verify your phone and provide what the sale requires, such as proof of funds or lender pre-approval. A bid near the end can extend the close so others can respond, which is called a soft close. When bidding ends at or above the reserve, the online equivalent of the hammer forms a binding contract.
Should I sell my house at auction?
Only if the house and the situation call for it. Auction does not suit every property. It makes sense for a house that is hard to compare, one likely to draw more than one buyer, or a sale tied to an estate, a divorce or a court order. If your house is much like others recently sold around it and you can wait, a traditional listing is likely the better route, and we will tell you so.
Can I sell my house at auction in Tennessee if I already work with a Realtor?
You can, and the listing decision is the best time to bring us in together. Any real estate auction in TN we run pays a buyer's agent commission and a seller's agent commission, so Realtors get paid, and every bit of it is disclosed. A buyer's agent must register the client under the Realtor Co-Op Program at least 48 hours before the auction closes to be eligible for a co-op fee. Commissions and fees are not set by law and are fully negotiable.
What happens if the high bidder's loan falls through?
The buyer still owes the purchase. Real estate sells with no financing contingency, so failure to get a loan does not release the buyer. Under Common Hour's auction terms the buyer's premium also serves as the non-refundable earnest money, and a buyer who defaults at closing forfeits it and stays liable for further damages. Commissions and fees are not set by law and are fully negotiable.
What happens if a property does not sell at auction?
If bidding does not meet the reserve, the property does not sell and you still own it. We do not build a case from curated comparables. Buyers tell you in real time and real dollars what it is worth to them, because at auction the market sets the price rather than the firm pretending to know it.
Related services.
Where we offer real estate auctions.
- Real estate auctions in Franklin
- Real estate auctions in Brentwood
- Real estate auctions in Nashville
- Real estate auctions in College Grove
- Real estate auctions in Murfreesboro
- Real estate auctions in Spring Hill
- Real estate auctions in Thompson's Station
- Real estate auctions in Leiper's Fork
- Real estate auctions in Columbia