Cottage Auction - 196 Goderich Street, Kincardine, ON

 

Estate planning can be a very difficult task especially when it comes to the sale of Real Estate. Who will manage the properties when the person passes, who has the right to use the properties and when, what is the value of the property, and how will it be divided amongst the beneficiaries if sold?  All of these factors often lead to a sale prior to the passing of the individual making the entire process of dividing the estate proceeds so much easier.

North American Auctioneers has been conducting estate and living estate auctions for many years, selling properties quickly, for your minimum price or more, while still allowing any beneficiaries of the estate the ability to purchase the property.  By selling the properties through an open auction it alleviates any possible conflict from any of the beneficiaries who may otherwise believe it sold for too little.  At auction, anyone approved to bid can. If a beneficiary bids and wins the property their percentage of the property in the estate is simply removed from the purchase price. As an example, should a cottage sell to a beneficiary for $700,000 and their share of the estate is 50%, they will have to pay only $350,000. For the owner of 196 Goderich Street, Kincardine a living estate auction was the way to go.

196 Goderich Street, located on the beautiful shores of Lake Huron Kincardine, Ontario,
was the family cottage and oasis of over thirty years. Although still well cared for, with only one parent left now living in a retirement home and a distance of several hours for any of the other family members, upkeep was becoming a problem. As the family wanted a quick sale, knew that there were several interested parties, and required an open transparent process they decided to auction the property with North American Auctioneers.

And what an auction it was! As with all properties North American Auctioneers auctions, the property was marketed in several major cities, attracting buyers from Ontario and the US. The property was shown dozens of times by Realtors across Ontario and representatives of North American Auctioneers. When auction day arrived, not only did we surpass the expected sale price, bidding continued almost a full 45 minutes past close of auction.  The sellers were thrilled when the property finally sold at 1.4 times the their expected sale price! All in an open and transparent format where all parties could view the bidding and participate if they wished.

 

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AUTHOR’S NOTE:

Michael Marienwald is founder and president of North American Auctioneers, Broker of record for Anchor Realty and president of Mountain Realty. He is one of 4 Accredited Auctioneers of Real Estate in Canada, and a Certified Real Estate Auctioneer. Michael has been selling Real Estate conventionally and through auction throughout Canada since 1989 and has also taught Real Estate auctioning at the Ontario School of Auctioneering.