Why Real Estate Auctions Are Good for Buyers and Sellers

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At Smith & Company, we have been offering land and real estate auctions for more than twenty years. But if you’ve never participated in a real estate auction before, you may be wondering why this is a good method to buy or sell property. We’re here to tell you that there are actually several reasons why this method is beneficial to both buyers and sellers.

Let’s start with sellers. If you own a piece of land or a property, why should you put it up for sale at an auction? Well, for one thing, you should know that most people who attend auctions come prepared to make a purchase. While not everyone may be willing to go as high as you’d like, this is your best chance at gathering a large room full of people who want to spend money on real estate. Auctions are also a great way to ensure your real estate will actually be sold at market value, and they can be a great choice for anyone who is looking to sell quickly. Additional benefits include removing the negotiation process and eliminating showings of the property.

If you are interested in buying property, there are just as many benefits to look forward to at a real estate auction. Most importantly, buyers get to determine the final price. If a property is going for too high a price for you, simply pass on it. If something catches your eye that you can afford, you can enter the bidding process knowing that the seller cannot change the price, only other buyers. This helps to get rid of the negotiation phase and speed up the entire process. Buyers will also receive comprehensive information about any property before purchasing it.

These are just some of the many benefits both buyers and sellers can look forward to when attending a real estate auction. For more information, give us a call today!

Best Things About Living In Oklahoma

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Smith & Co Auction and Realty operates out of Northwest Oklahoma and the surrounding areas. We’ve lived and worked here for over twenty years, and we think Oklahoma truly is a wonderful state. Why invest in Oklahoma real estate? Check out some of our reasons below:

Low Cost of Living

Oklahoma is one of the most affordable states to live in. The cost of living in Oklahoma consistently rates well below the national average. Housing here only costs about 63% of the national average – including mortgage payments, apartment rent, and property taxes. We are also far below the average costs for groceries, health care, utilities, and transportation.

Food

Oklahoma is home to the best southern cooking joints in the U.S. From the fried chicken at Eischen’s, to breakfast at Jimmy’s Egg, Oklahoma has mastered the art of great cooking. In fact, tons of our restaurants have been featured on famous food shows. Check out the Spudder Restaurant in Tulsa, or the Steak and Catfish Barn in Oklahoma City – both have hosted Adam Richman from Man v. Food. Ingrid’s Kitchen, the world famous German Bakery that was featured on Diners, Drive-Ins, and Dives is also located right in Oklahoma City.

Outdoors

Oklahoma is one of the most diverse states when it comes to terrain and natural wonders. Whether you are simply looking to take a light stroll, or you are an expert outdoorsman looking for areas that offer the best outdoor recreation, Oklahoma has it all. From the granite boulders of the Wichita Mountains to peaks like Elk Mountain, or even the mystical Cypress swamps. Check out Robber’s Cave State Park in the Sans Bois Mountains; its rugged cliffs and rocky terrain were a former hideout for outlaws like Jesse James!

Farm Fresh Foods

Oklahoma is famous for our fresh farm produce. Buying delicious, locally grown, fresh food here is a way of life. Farmer’s Markets and farm stands are everywhere; you can always find what you need.

Friendly People

Maybe it’s the Southern Charm, or maybe Oklahoma really is home to the nicest people in the world.

Five Reasons to Auction Your Home

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Home Auctions | Smith & Co

Home auctioning is a growing industry, fast competing with the traditional home listing by hometown-based real estate agents. In an age when we need everything done yesterday home selling and buying remains one of the most time-consuming and laborious tasks in the retail industry.

More and more sellers are exploring home auctioning as a definitive, clean alternative to traditional listing. First and foremost, an auctioned property brings in the desired result in one event, held on one day. Think of it as an open house guaranteeing a buyer. The traditional open house rarely results in a buyer and if it does, the open house itself is only a precursor to the process that must follow to actually close the home. An auction brings in buyers who have already explored the specific attributes of your home and have prequalified. They come to the auction armed with the required security payment and financial documents. At the end of the event, your home is sold.

With the advent of on-line auctioning you have access to potential buyers around the world. The likelihood of meeting your reserved price increases exponentially with the number of bidders present. That number increases with global access by potential buyers. Access is particularly beneficial if your property value is high. Through online auctioning you are now reaching audiences targeted worldwide by your auction real estate agency.

The act of auctioning itself creates a competitive spirit among participants and more often increases the final bid. It is within our human nature to achieve a win regardless of the competition. When you put participants together there is a validation of the potential buyer’s interest by those who are present and therefore also interested. If other potential buyers are bidding within the same range it solidifies the value of the home to all of those participating and participants are willing to continue to bid.

Another benefit to auctioning is the finality of the sale. There are no contingencies, no negotiating. Properties are sold “as is”. The highest bidder wins. The seller does not have to negotiate the price based on some physical condition of the structure or value formula contrived by a buyer’s agent.

Finally, the seller is continually inconvenienced to accommodate viewings by potential buyers in a traditional listing arrangement. With home auctioning there are no scheduled personal viewings or open houses. Marketing the property and auction is undertaken by the auction agency. Most commonly, bidders are welcomed to view the property over a short period of time immediately preceding the auction or on a date within a few days to a week before the actual event. The home owner is not subject to the continual interruption and preparations for home showings. One effort for one event and the result is a home sold!

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Upcoming Aircraft Auctions

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Aircraft Auction | Smith & Co

Upcoming Aircraft Auction: Nov 6th & 7th

An auction is one of the most reliable sources for purchasing something typically on a larger scale for an affordable price and very quickly. The most popular types of auctions used to be reserved for vehicles and residential property. However, those looking to acquire an aircraft for a reasonable price can attend an aircraft auction.

An aircraft auction is very similar to an auction for a home. Our auctioneers will provide a brief description of the aircraft to be auctioned off. Auction participants can usually get a visual of the aircraft and then the bidding begins. The auction process is quick and without any prior experience or research of what to expect from an aircraft auction can result in an impulsive decision.

You don’t need to have extensive prior auction experience in order to get a great deal on an aircraft. Nonetheless, you should engage in useful research so that you’re prepared for whatever may occur. If you can, ask the seller prior to the auction for logbook status and any damage history. Also, you might want to inquire about avionics and any equipment that will be included in the sale of the aircraft. These things might be listed in an ad, but if not it’s good to get as much prior knowledge as you can obtain.

Smith & Co. Auction & Realty, Inc. has two upcoming aircraft auctions. The first auction will be held on Thursday November, 6th at 1:00 pm and the second on Friday November, 7th at 10:00 am. Both auctions will be selling experimental airplanes and ultralights. For auction location and bidding information, feel free to visit our auction website.

Real Estate Auction Etiquette

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Real Estate Auction Etiquette | Smith & Co Real estate auctions are very common, especially recently with the surge of foreclosures. A potential homebuyer can certainly purchase a great home from auction at a very affordable price. However, there are things you must know about the auction process and how to approach this circumstance appropriately.

 

Before you attend your first real estate auction, you must understand the scale of what you’re about to do. You must take the auction seriously and bid on a home within your limits. Bidding on a home on a whim is not a good idea.

 

Budget

Have a budget in mind so that auction time is not wasted and so that a home you can’t afford can rightfully be purchased by a more financially sound person.

 

Know the rules

Learn the rules and restrictions of the auction company or real estate agency for purchasing an auctioned home. Also observe how others are behaving. You’ll notice that real estate auctions are not a shouting ground. All you need to do to place a bid is maintain eye contact with the auctioneer.

 

Don’t compete

As much as you might want to purchase an auctioned home, don’t go to the auction with the intention to compete against others. Make sure you are respectful towards those bidding as well as towards the auctioneer.

 

Prepare funds

The money to be paid for the auctioned home might be due at the time of purchase or within a few days so make sure you have the funds available.

 

Smith & Co. has been conducting real estate auctions for many years. To attend one of ours or to learn more about the real estate auction process, be sure to give us a call.

900-Year-Old Chess Piece to be Auctioned in London

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lewis chessman models

Purchased for just a few dollars five decades earlier, this medieval chess piece is set to go on auction for over $1 million dollars.

This item was discovered when a Scottish family took the game piece to Sotheby’s, a British American company specializing in decorative art, real estate, and jewelry auctions.

Sotheby determined that this was no ordinary chess piece, but a part of a set of 93 pieces carved from walrus ivory. The set was first found in 1832 on the Isle of Lewis in Scotland’s Outer Hebrides. Of the original 93 pieces, 11 are housed at the National Museum of Scotland and 82 are in the British Museum in London.

This piece is a 3.5-inch figure of a bearded man wielding a sword. It is said that this is the equivalent to a rook in chess.

These chess pieces are estimated to be over 900 years old and originating from the Viking era.

Before it’s recent discovery, the Lewis Chessman was housed with an antique dealing family in Scotland. The piece was purchased by the family in 1965 for 6 dollars. It remained in their family for generations, until it was recently taken to be evaluated by Alex Kader, head of the European Sculpture and Works of Art Department at Sotheby’s.  The family admired the Chessman as a piece of history, although they did not know the true past of this piece. The grandson of the antique dealer was shocked to learn the real value of this item

The Chessman is set to go on auction on July 2nd– it is projected that the piece will make up to $1.3 million dollars.

For more exciting news on upcoming auctions, be sure to check Smith & Co Auction & Realty. Smith & Co Auction & Realty has been serving Northwest Oklahoma and its surrounding areas for over 30 years. Our experienced staff can assist buyers and sellers throughout the auction process. Stay updated on new sales by visiting our auction page

Outlaw Al Jennings’ pistol going up for auction

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A pistol and other possessions belonging to a one-time Old West outlaw who later ran for governor of Oklahoma and became an actor are going up for auction next month.

The .45 Colt revolver owned by infamous outlaw Alphonzo “Al” J. Jennings could go for as much as $30,000 during an auction June 5 in Woodward, said Ira Smith, auctioneer with Smith & Co. Auction and Reality Inc.

Jennings was born in Virginia in 1863 and moved to El Reno, Oklahoma, where he became the prosecuting attorney for Canadian County, according to the Oklahoma Historical Society.

In 1895, he joined his two brothers in a law practice in Woodward. Later that year, one brother was killed and another wounded in a shootout with a rival attorney. Jennings later formed an outlaw band that attempted to rob trains and general stores before he was captured and sentenced to life in prison.

One of his brothers got his sentence reduced, and Jennings was released just a few years later. He ran unsuccessfully for Oklahoma governor in 1914 and then moved to California, where he appeared in at least two westerns before dying in 1961.

“Al Jennings is probably one of the most enigmatic characters in Oklahoma history,” Oklahoma Historical Society executive director Bob Blackburn said. “He was a potential candidate for governor, so he had a professional side to him — an ambition to be accepted by the community — and at the same time, he had this urge to get rich quick. He was not successful at either one.”

Blackburn said Jennings was probably most successful at getting into the movie business.

After Jennings’ death, his possessions, including the pistol, trickled down through family members, who have now decided to put up the items at a public auction.

Other items include a picture of Jennings attending Wyatt Earp’s funeral, a poster from his failed attempt to become governor and a book signed by President Harry Truman, said Karen Rampy, Jennings’ great-great niece.

The auction will be streamed online, too, Smith said.

“It’s hard to put a value on this thing, but in my mind — which I’ve been in this business 32 years so I’ve watched this happen before — that gun could easily bring $20,000 to $30,000. You never know at a public auction,” he said.

http://abcnews.go.com/US/wireStory/outlaw-al-jennings-pistol-auction-23871388

http://www.myfoxphilly.com/story/25612923/outlaw-al-jennings-pistol-going-up-for-auction

http://m.newspressnow.com/news/national/article_14137726-d886-57aa-a986-d823af2425b7.html?mode=jqm

http://entertainment.verizon.com/news/read/category/US/article/the_associated_press-outlaw_al_jennings_pistol_going_up_for_auction-ap

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The 2nd Annual Western Plains Youth and Family Services Christmas Gala

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Help Out By Attending An Auction:

Attending an auction is an overall wise investment. You can purchase an expensive item for less money than by going the conventional route. Plus, many auctions are put together to benefit a good cause. Foundations and non-profit organizations benefit from auctions by achieving goals of funding programs and providing assistance to those in need.

At silent auction charitable events, guests can make monetary bids on particular items and the person who makes the highest bit earns the prize. At a typical charity auction, guests receive a delicious meal and drinks to sip while enjoying the night’s festivities. Prized items can range from household items to reservations at high-end restaurants and hotels to vehicles and inclusive-style resort packages.

Purchasing any item at an auction is less expensive than buying it outright at a retailer or online. Also, let’s not forget that you’re helping a worthy cause and you only spend as much as you want to.

One auction in particular that’s dear to us and our community is the second annual Christmas Gala, held on December 6, 2013 at the Woodward Convention Center. This auction is being put on by the Western Plains Youth & Family Services Shelter. The auction’s mission is to continue to have the funds in order to care for the children benefiting from the center’s services.

Your generosity and donations are much appreciated and rewarded with spectacular prizes, entertainment and dining. The “Paper Angels” themed auction begins with a silent auction followed by a live auction thereafter. Your donations help the center continue their community outreach programs which assist with funding and providing critical services to at-risk and in-need families throughout our community.

On Smith & Co. Auction’s website, you can visit the Gala’s information page at http://static.auctionservices.com/documents/75828/Gala_Mailout_2013.pdf. You will find an Auction Donor Form, Sponsor Form and all other pertinent information regarding the auction.

Great Estate Farm Auction in Buffalo, OK August 24th, 2013

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Some of the best finds are at estate sales and auctions. It doesn’t matter what your interests are or what you are looking for. There are always great curiosities that you can find. Whether you are searching for some furniture that you want to restore for your home, tools or equipment, estate sales offer these items and more at great prices.

For antique collectors, going to an auction is like opening presents on Christmas morning. Hunting for items that you cannot find anywhere provides a rush that is unsurpassed. Many times at auctions people disregard items that actually have value as junk, and they couldn’t be more wrong.  Often times it only takes a bit of elbow grease to restore something to its original beauty. Then you can turn around and make a profit off the item you bought for next to nothing.

On August 24th we are having a great estate auction in Buffalo, OK.  With this sale we will be selling farm land, equipment, and household supplies. If antique items are what you are looking for, there will be a tractor from 1940 up for auction, which is guaranteed to pique the interest of many people who attend.

Some other tractor, combine, trailers that will be up for auctions include:

  • a 1975 feed grain truck
  • 1998 grain trailer
  • 2001 JD 566 Round Baler
  • 2004 NH 1441 Disc Swather.

There will also be a variety of tools for sale as well that will be handy on the farm including

  • Makita Mitre Saw
  • Large Wrench Sets
  • Pressure Washer
  • Lawn Fertilizer Spreader

View the full list of everything that will be up for auction on August 24th