Real Estate & Auction FAQ

Find the answers to commonly asked questions

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Why should I list my property with a Realtor® instead of selling it myself?

Recent studies show that over half of all property buyers originate from Realtors® acting as Buyers Agents. The main reason for this is the use of the Multiple Listing Service (MLS) that Realtors® use to advertise their listings to prospective buyers and other Realtors®. Realtors® almost exclusively use the MLS to search for available properties. Therefore, if your property is not advertised on the MLS, you are potentially losing over half of all potential buyers who may be interested in buying your property!

All of SHERIDAN & ASSOCIATES’ sales associates are Realtors® and have access to a full scope of real estate contracts and related documents that have been created to protect both the Seller and Buyer in all transactions. SHERIDAN & ASSOCIATES’ Realtors® are knowledgeable on the wide array of real estate laws and will protect your interests when selling your property.

SHERIDAN & ASSOCIATES maintains an active database of Southwestern Ohio real estate buyers and can use this database to sell your property.

What are the benefits of selling my Real Estate at auction?

No Limit on Sale Price! Listing Real Estate with a Conventional Listing necessitates placing a price on the property, thereby effectively placing a cap on the property’s final sale price. A SHERIDAN & ASSOCIATES Public Auction often results in a higher than anticipated final sale price.

No negotiating! The property sells with no negotiating over non-price issues. You can sell your property only once; public auction provides an effective means of bringing all potential buyers together at one location. The resulting bidding atmosphere is a lively and competitive one.

Innovative Sales Methods. Using the most up to date techniques and technology including the Real Estate Multi-Par® Software, SHERIDAN & ASSOCIATES provides each client with the highest level of service to maximize his/her return.

Shortened Marketing Periods. In a real estate market where average marketing periods may be from six to twelve months, the auction marketing approach can produce results within two to three months. An aggressive SHERIDAN & ASSOCIATES accelerated marketing strategy with an emphasis on attracting cash ready and other strongly qualified buyers produce results for the motivated seller.

What options do I have when selling my Real Estate at auction?

There are two methods Sellers can use when selling their Real Estate at auction:

  1. Absolute Auction Method In selling Real Estate by the Absolute Auction Method, the Seller is legally required to sell the property at the auction, regardless of the final bid price, once the bidding has commenced. The main advantage of an Absolute Auction is that it generates maximum response from the market. Since a sale is guaranteed, regardless of the price, buyer excitement and participation are heightened. As a result, the price of the property can be maximized.
  2. Auction with Reserve Method In selling Real Estate by the Auction with Reserve Method, the Seller reserves the right to accept or reject the final bid price. The main advantage of an auction with reserve is that the Seller is not obligated to accept a price other than one that is entirely acceptable. Therefore, the Seller is fully protected!
What safeguards do I have to protect myself when selling my Real Estate at auction?

Sellers can offer their Real Estate at auction using the Auction with Reserve Method. This method allows the seller to set a minimum acceptable bid that he/she will accept on the day of the auction. The main advantage of an auction with reserve is that the Seller is not obligated to accept a price other than one that is entirely acceptable. Therefore, the Seller is fully protected.

What are the benefits of selling my Real Estate by the Conventional Listing Method?

In selling Real Estate by the Conventional Listing Method, SHERIDAN & ASSOCIATES can benefit the Seller by the following:

  • Maximum Exposure! The main advantage of a Conventional Listing is that it provides the maximum exposure to prospective buyers since the property is available for purchase at any time during the listing contract.
  • Fexibility! Almost anything is negotiable using our Conventional Listing method. Therefore, the Seller has many different options available to reach his/her desired goals.
Why should I use a Realtor® as a Buyer's Agent when searching for Real Estate to purchase?

SHERIDAN & ASSOCIATES recommends all Buyers use a Realtor® as a Buyers Agent when searching for Real Estate to purchase. A Buyers Agent will work for you, protect your interests, assist in negotiating on your behalf, set up private showings, and more. One of the best parts of using a Realtor® as a Buyers Agent is that you typically do not have to pay for the Realtor’s® services. Your Realtor® collects his/her commission from a portion of the Selling Realtor’s® commission, and your purchase price is not affected.

As Realtors®, SHERIDAN & ASSOCIATES has access to Multiple Listing Service (MLS) advertising and other resources that are not available to the general public. Therefore, SHERIDAN & ASSOCIATES is able to provide better-defined searches of available properties that closely match the desires of each Buyer.

SHERIDAN & ASSOCIATES’ Realtors® actively search for new real estate listings. Therefore, we are better able to notify you of new listings and act quickly on your behalf.

SHERIDAN & ASSOCIATES’ Realtors® are knowledgeable on the wide array of real estate laws and will protect your interests when assisting you in purchasing a property.

What timing and date issues should I consider when selling my Real Estate at auction?

The timing of your auction is an essential and strategic part of the planning process. While we are available to conduct auctions six days every week, we often suggest a weekday or evening as your best scheduling option.

The time of year during which we schedule the auction will also be a key decision. When selling agricultural real estate, we will need to address such issues as pro-ration of rental and government payment monies, crop rights, and other time-sensitive issues.

Regardless of the date we agree to conduct your Real Estate auction, we will optimally need a minimum of six weeks from the time of the signing of a sales contract until the date of the auction. If additional work such as survey work is required, we will need to allow extra time to schedule your auction.

How is a Real Estate auction using the Multi-Parcel Auction Method of sale conducted?

The Multi-Parcel Method of Auction Marketing is a sales technique that allows a property owner to offer multiple tracts of land, pieces of equipment, or various properties in their individual units or in any combinations, including the entire package of units. Competition typically leads to higher final prices. The Multi-Parcel Method allows for all potential purchasers to bid on the individual or combination of units that best suits their needs, thereby creating increased competition.

For example, when selling a typical farm, we may recommend the creation of several rural residential building sites along with the existing home site and the remainder of the tillable acreage as the remaining tracts. The Multi-Parcel Method of Auction Marketing allows those individual home builders desiring vacant lots to compete against developers, against those desiring the existing home site, and against farmers or investors who may desire to buy multiple parcels. We will offer individual tracts first and then in any combinations (to be determined by the bidders). At the conclusion of the bidding process, and after giving ample warning, we will declare all properties “SOLD” at the same time.

This method of offering the properties at the same time via the Multi-Parcel Method gives prospective purchasers every opportunity to bid on any individual tract or combinations of tracts within the property.

Auction Software We will utilize the Multi-Par© Auction Software, which allows us to keep track of all individual bids and combination bids. The software maintains a registry of bids and gives us a readout of the lead bids at any time. It will also allow queries so that the Auction Bid Assistants who are working with the bidders can know what bids are necessary in order to get their bidder(s) back into the lead.

  • A. ROUND ONE We will offer individual parcels at the start of the bidding as follows:Tract 1 Tract 2 Tract 3 Tract 4At the conclusion of the initial offering of each individual tract, we will “hold” the final bid and will record that bid along with the high bidder’s Bidder Number.
  • B. ROUND TWO Following the initial round of bidding, we will accept bids on any combinations of tracts (e.g. Tracts 2 and 3; Tracts 1 and 4; Tracts 1, 2, 3, and 4; etc.) and we will accept further bids on any individual tract. The Auction Bid Assistants will present all bids through the Auctioneer at the microphone. All bids will remain “live” until the Auctioneer declares the Tracts “SOLD”. Throughout Round Two of the auction, we will keep the bidders and audience apprised of the status of all bids with a Bid Board maintained by our recording clerk. With the assistance of our computer clerk using the Multi-Par© recording software, we will keep all participants updated with current information including all active bids and leading bids.
  • C. CONCLUSION OF THE AUCTION The auction will conclude when we receive no further bids on individual tracts and combinations of tracts. The auctioneer may, at his discretion, set a time limit (typically three to five minutes or less) for additional bids. We will give all parties ample time to bid or to ask further questions prior to our declaring the property “SOLD”. The final Bid Board may resemble the table below.
  • D. BID INCREMENTS Bidders will bid on the property “BY THE TRACT” (total dollar) and not “by the acre.” The Auctioneer’s judgment on minimum bid increments is final.
What types of advertising methods does SHERIDAN & ASSOCIATES use to maximize my return when selling Real Estate and Personal Property?

Brochures We will professionally develop a quality brochure highlighting the property and containing pertinent photographs of the properties or items being sold. We will mail the brochure to subscribers on our proprietary mailing lists and to all property owners in the vicinity of the subject properties.

Buyer Package We will professionally develop Buyer Packages for your Real Estate which will contain such detailed information about the property as Farm Service Agency aerial maps, soil maps, government payment schedules, and other related information. In addition, we will include in the Buyer Packages sample documents such as purchase contracts and compliance documents that we will ask the purchaser to sign. We will provide a Buyer Package to all interested parties who request one.

Newspaper Advertising Another primary component of the marketing and promotion strategy will be to prepare a comprehensive local and regional print media advertising schedule to direct interested purchasers to your property.

Internet Advertising We will place the property listing on our company web site, www.SheridanTeam.com. The listings will have a direct link to an Internet map service that will provide directions to the properties. In addition, we will post color photographs of your Real Estate and/or Personal Property assets. We will publish our web site address in each print advertisement in an effort to push interested parties to your internet listing.

For properties being auctioned, your listing will be listed on the NationalAuctionList.com and OhioAuctioneers.org web sites, which will also direct interested parties to your listing.Your Real Estate listing will be advertised on the Dayton Area Board of Realtors® (www.dabr.com) and National Association of Realtors (www.realtor.com) Multiple Listing Service (MLS) with detailed information including color photographs, property sizes, room sizes, amenities, real estate taxes, school district, directions, and more.

Signage We will design attractive signage to direct attention to your Real Estate and/or Personal Property assets, including directional signs at key intersections.

Personal Contact We will personally contact by phone and attempt to meet personally with specifically identified potential purchasers, and we will work with such individuals to assist them in preparing financing when necessary. In addition, we will maintain a detailed listing of each phone call and other personal contact for follow-up prior to the auction.

How much do I have to participate in the sale of my assets?

Our clients are welcome to participate as much as desired in the sale of their assets. When necessary, members of SHERIDAN & ASSOCIATES can handle every aspect of the sale from beginning to end.

When selling Personal Property, SHERIDAN & ASSOCIATES can perform all necessary steps in preparing the property for sale, conducting the sale, and collecting the proceeds from the sale. We often have clients who live out of the area, and we are able to execute whatever is required to maximize the value of your property.

When selling Personal Property, SHERIDAN & ASSOCIATES has a team of associates who can prepare and organize the items for sale in the best manner from start to finish.

Why is having a Personal Property auction conducted by SHERIDAN & ASSOCIATES a better option than handling the disposal of my assets myself?

The most important key to maximizing the value of your assets is to attract the buyers who are willing to pay top dollar for your items. With our proven experience in the Auction industry, SHERIDAN & ASSOCIATES has a proven base of customers who follow and attend our Personal Property auctions. Using this established customer base to purchase your items at a SHERIDAN & ASSOCIATES auction will maximize the value of your assets.

When individuals use a garage sale or similar means to sell assets, they are most often left with lesser-valued items that do not sell. Disposal of these lesser-valued items can be a tedious job and may entail throwing away items that if sold at auction, would have generated a significant sum. In auctions conducted by SHERIDAN & ASSOCIATES, all items are sold, and there are rarely items left to be disposed after the auction.

SHERIDAN & ASSOCIATES is a full-service auction company. We are able to provide a turnkey service of your assets if you choose. We have the experience and the ability to handle every aspect of your auction from the listing to the marketing to the setup to the cleanup. You can be involved as much or as little as you wish!

What timing and date issues should I consider when selling my Personal Property at auction?

The timing of your auction is an essential and strategic part of the planning process. While we are available to conduct auctions six days every week, we often suggest a weekday or evening as your best scheduling option.

The time of year during which we schedule the auction will also be a key decision. The auction calendar for certain types of items may be cyclical, so we will be happy to advise you of your best date options.

Regardless of the date we agree to conduct your Real Estate auction, we will optimally need a minimum of four to six weeks from the time of the signing of a sales contract until the date of the auction.

When selling my Personal Property, does the auction have to be conducted on location?

Many of our best auctions are conducted in a climate-controlled facility where we can properly display all items, create a comfortable atmosphere for our customers, and not worry about parking, weather, and other uncontrollable factors.

When necessary, SHERIDAN & ASSOCIATES can facilitate the transportation of your Personal Property to an alternate location where the items will be safeguarded and nicely displayed.

We still believe in the traditional on-site auction. Auctions held on-site at the Seller’s home or place of operation continue to attract large crowds and help us keep hauling and labor costs to a minimum.

When selling my Personal Property at auction, how is my money handled?

SHERIDAN & ASSOCIATES offers our clients two options for the handling of your funds at auction. Whatever your decision, SHERIDAN & ASSOCIATES will assist and guide you during the entire process.

To simplify the process of handling auction proceeds, you can elect to have all auction proceeds made payable to a governmentally regulated, non-interest bearing Trust Account held at our office. By selecting this option, SHERIDAN & ASSOCIATES will collect and deposit all auction proceeds and will deliver one check for the net proceeds to you.

Selecting this option eliminates the following:

  • Risk of handling auction proceeds and substantial amount of cash
  • Time required by you to endorse all checks
  • Deposit the proceeds at the bank

Write SHERIDAN & ASSOCIATES a check for the related auction expenses and commission.

Some clients prefer to have the auction proceeds made payable to themselves or a second party. By choosing this option, all checks at the auction would be made payable as you specify, and all cash and checks would be turned over to you immediately following the auction.

What geographic areas does SHERIDAN & ASSOCIATES serve? SHERIDAN & ASSOCIATES’ Auctioneers, Realtors®, and Appraisers are licensed to perform services throughout the State of Ohio. From our office in Greene County, our company is strategically located to provide a high level of service to all of southwest and central Ohio. Our regional sales and appraisal experience includes services performed in many Ohio counties including Adams, Champaign, Clark, Clinton, Darke, Fayette, Franklin, Greene, Highland, Jackson, Knox, Madison, Miami, Montgomery, Ross, Union, and Warren.

What affiliations and licenses do members of SHERIDAN & ASSOCIATES have?

Members of Sheridan & Associates are dedicated to keeping abreast of industry trends and developments through regular continuing education, both as students and instructors.

Licenses and professional designations held and awards won by members of our team include:

  • The Realtor® Designation
  • Licensed Auctioneers
  • Licensed Real Estate Brokers
  • National Auctioneers’ Association
  • Past State of Ohio Auction Commission member
  • Ohio Auctioneers’ Association
  • Auction Marketing Institute
  • State Advertising Contest Awards
  • National Board of Realtors
  • Ohio Board of Realtors
  • Dayton Area Board of Realtor
  • Certified, Auctioneers Institute
  • Ohio Auctioneer Hall of Fame member
What types of Appraisal services does SHERIDAN & ASSOCIATES offer?

Over the last 30+ years, SHERIDAN & ASSOCIATES has specialized in the sale of residential, agricultural and commercial Real Estate and farm equipment, antiques, collectibles, and many other types of personal property. We have the proven experience and knowledge to provide appraisal services for a wide variety of needs.

Appraisal services offered by SHERIDAN & ASSOCIATES include the valuations of both Real Estate and Personal Property.

In addition to our wide geographic coverage, SHERIDAN & ASSOCIATES has served a wide array of clients including Bankruptcy Courts, Municipalities, Court Receiverships, Estates, Attorneys, Farm Managers, Charitable Organizations, Universities, Auctioneers, Realtors®, Accountants, Churches, Commercial Banks, Public Schools, and more.

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