Real Estate Auctions in Charleston, SC

Real estate auctions are becoming more popular in the Charleston, SC, market. With Charleston's switch to a buyer's market in the past year or two, sellers are becoming highly motivated in order to sell their property. Many sellers are getting creative and trying new ways to market and sell their home. Besides price reductions and various financing options, many sellers are choosing to sell their home at auction.

Selling a Home at Auction in Charleston, SC

Auctions are great for sellers because their homes usually get sold quickly instead of sitting on the market for what could be months, depending on the area. Sellers like auctions because they get immediate interest (i.e. bids) for their property. Auctions are ideal for motivated sellers who have previously had little interest and feedback from their home.

Buying a Home at a Charleston, SC Auction

Historically, property auctions usually become more popular in times when the real estate market is a strong buyer's market. Auctions are good for buyers because they are often able to buy a home for less than the list price. Auctions benefit buyers because they get to choose their price and bid on their own time.

So, sellers are usually able to sell quickly compared to the average home on the market, and buyers are sometimes able to purchase a home under list price. It's a win-win situation for buyers and sellers.

Charleston Real Estate Sold at Auction

You'll find most of the Charleston auctions in areas like Mt. Pleasant, Folly Beach, James Island, West Ashley, and downtown Charleston. Most auctions fall under categories like residential property auctions, commercial property auctions, and land auctions. Sellers can choose among several auction types including absolute auctions, reserve auctions, public auctions, and unpublished reserves. We've included below some of the past auctions in Charleston, SC.

absolute auction james island sc

238 Woodland Shores Road
James Island, SC
This home was on the market for about 8 months in 2006 and was withdrawn after having not sold. In 2007 it was put back on the market and sat about 4 months without selling. The listing price was $295,000. It sold at absolute auction for $270,600.

preauction charleston sc

814 Mikell Drive
James Island, SC
After 11 months on the market, this home sold preauction. The MLS price was $248,500, but it sold for $229,900.

mt pleasant sc auction

363 Spoonbill Lane #C
Mt. Pleasant, SC
The Mt. Pleasant condo sold at absolute auction for $183,700. The home had been on the market for about 9 months with several price reductions. The listing price just before the auction was $230,000.

Get the latest auction info for Charleston

Prudential Real Estate Auctions

The following section addresses frequently asked questions regarding real estate auctions. We’ve collected this information from Prudential’s auction program, which is formally called the Prudential Carolina Real Estate’s Auction Advantage Program.

Properties for Sale at Auctions

Prudential’s auction program can market and auction any type of real estate including single family homes, condos, townhouses, vacant land, commercial properties, farms, and country estates.

Types of Auctions

The Prudential auction program offers three types of auctions:

1. Absolute Auctions have no minimum bid price. While this method often generates the greatest level of interest, the property will be sold to the highest bidder regardless of price.

2. Reserve Published Auctions have a disclosed predetermined minimum sales price, and the seller may refuse offers below the minimum bid.

3. In Reserve Unpublished Auctions, the seller also can establish a minimum sales price prior to auction so that he/she may refuse offers below a certain amount. However, with this type of auction, the minimum sales price is not disclosed.

Selling at Auction – The Final Bid

If a property is sold using the Reserve Published or Reserve Unpublished auction methods, a seller has the right to refuse any bid below the minimum level set in advance of the auction. If a property is sold using the Absolute auction method, the seller does not have the right to refuse the high bid, and the property will be sold to the highest bidder regardless of price. However, the auctioneer has the option of canceling the auction if circumstances are deemed unfavorable to the seller.

Marketing Real Estate for Auctions

Prudential’s auction program will market your property through a variety of methods designed to attract the greatest number of qualified potential buyers. Those methods may include, but are not limited to:

1. Posting the auction on the Multiple Listing Service (also called the MLS).
2. Placing auction signs on the site.
3. Advertising in local and regional newspapers and magazines.
4. Marketing on the internet.
5. Mailing information directly to prospective buyers.
6. Distributing property brochures to potential buyers and real estate agents.
7. Advertising on the radio and television.

Paying for Auction Advertising

If a property is sold using the absolute auction method and the property is valued at $150,000 or higher, the advertising and marketing expenses are paid by Prudential Carolina Real Estate’s Auction Advantage Program. If a property is sold using the Reserve Published or the Reserve Unpublished auction method, the advertising and marketing expenses are paid by the seller in advance and are rebated back to the seller if the property sells at auction.

Paying the Auctioneer

The buyer pays for the auctioneer’s fee. The auctioneer, listing agent, and the buyer’s agent, if applicable, are paid out of a buyer’s premium added to the final bid. In the event the seller accepts a pre or post auction offer, the seller becomes responsible for including the buyer’s premium in any contract.

Local Auctions

Auctions are held in Charleston all the time. Prudential’s auction program conducts auctions throughout the year. After registering your property for auction, we will work with you to establish a date for the auction that provides ample time for the necessary marketing and advertising.

Attending Auctions

All of Prudential’s auctions are open to the public, and we encourage you to experience the auction process first hand. Many sellers like to attend auctions before enrolling their property so that they can become familiar with the process. Of course, each property and each auction are unique, as are the results.

Selling Real Estate at Auction

Some sellers ask if selling their property at auction will make them appear desperate to sell. There is a tremendous difference in the marketing, advertising, and public perception of voluntary auctions, such as those handled through Prudential’s auction program, and distress auctions, such as foreclosure sales.

Auctions and Listing Agents

Prudential’s auction program is just one more tool that your listing agent can use to help sell your property. Through working with our auction specialists, listing agents will play a vital role and will be involved in every step of the auction process. Additionally, upon a successful sale, they are fully compensated out of the buyer’s premium added to the high bid.

Accepting a High Bid at Auction

All properties sold at auction are sold “As-Is” with a buyer having ample time prior to the auction to perform all inspections, appraisals, or other due diligence. Contracts are set to close within 30 days of the auction, with the buyer being responsible for all closing costs other than deed stamps, deed preparation, and the seller’s share of the prorated property taxes. Pre or post auction contracts submitted for a seller’s consideration may contain traditional contingencies.

As-Is Sales at Auctions

When a property is sold As-Is, the buyer is acknowledging that he/she has performed any necessary inspections, is accepting the property in its current condition, and the seller is not obligated to make any repairs. However, this does not relieve the seller of the obligation to fully disclose any defects in the property in accordance with applicable state and federal statutes. A seller’s disclosure will, in most circumstances, be provided to potential buyers as will a lead based paint disclosure.

The best way to learn more about auctions in Charleston, SC, is to contact us directly. Since no two auctions are exactly alike, it's important to talk with your real estate agent or your auctioneer. If you have any questions, feel free to contact us! We can also get you statistics on past auctions in Charleston as well as the most up-to-date information available on auctions coming up in the Charleston area.

More Information

The best way to get the most current auction information is to contact us. You can either fill out the form below telling us what you're looking for, or you can contact Prudential's auctioneer, Gregg Napier. We've included his contact info below.

prudential auctioneer charleston sc