Buying a Home at Auction
HOW DO I PARTICIPATE?
People interested in Bidding on our listings must register to bid during the specified registration time for the sale. Click here to view the bidder registration form. This form can be printed out and completed prior to the auction. You do not need to mail or fax the completed form, just bring it to the auction to register. Forms will also be available at the auction. You should read and understand the Terms of Sale before you bid. Sales personnel at the auction site can answer any questions you may have.
The Properties are sold through open, progressive voice bidding and via telephone. The placement of a successful bid at our auction establishes a legally binding contract only after the contract is in writting. You do not need a broker to participate but it is highly recommended that each Buyer higher their own exclusive Buyers agent.
WHERE ARE AUCTIONS HELD?
Our auctions are NOT held on site. You can partisipate from the confort of your home. We call each registered bidder and allow them to place a bid over the phone in the comfort of their home. Each bidder will know exactly how much the previous offer was and then have an oppurtunity to either withdraw from the bidding or bid more then the last bidder.
WHAT TYPE OF PROPERTY IS AUCTIONED?
Typically, a wide variety of real property is available, including homes, condominiums, commercial buildings, operating businesses, and vacant land.
SHOULD I INSPECT THE REAL PROPERTY?
It is strongly recommended that you attend open houses/inspections. These open houses/inspections are the only opportunity you have to get answers to your questions, since each property is sold "as is" and all sales are final. Properties may not be available for inspection the day of the sale, but some properties are available to inspect if you have already hired a licensed Real Estate Agent. Please take advantage of the open houses/inspections as they are provided for your benefit. If you have already hired a licensed agent have YOUR Agent check to see if the home is listed in the MLS.
DO I HAVE TO BE PRESENT TO PARTICIPATE/HOW DO I SUBMIT A WRITTEN BID?
No, all we ask is that you or your agent representive answer the phone at 7PM on the night of the auction.
Can I submit a bid prior to the Auction?
Yes, but all offers are subject to Sellers or Lenders approval and or the minimum bid ammount.
CAN I GET A GOOD DEAL AT THESE AUCTIONS?
The final price of auctioned properties depends on public interest, the sealed minimum bid ammount, and or the banks final decission. Good buys are possible, just be sure to do your own research and inspect the property, the listing agent makes no claim as to value. It is always important to get an independent appraisal before buying any real property.
Does the auction company require a deposit to bid on a home?
To partisipate in our auctions a bidder only needs to complete a registration form and be avialable to answer their phone on the date and time of the auction.
IS THERE A MINIMUM BID?
Generally, the Lenders do not place a minimum bid on items. However, most Sellers do have minimum bids and reserve the right to accept or reject any and all bids. If there is a minimum bid the listing agent does not know what it is until all offers are received and the seller discloses the minimum bid ammount.
WHAT IS A RESERVE PRICE?
It is a dollar amount placed on a property by the Seller or Lender. The reserve price is not released to the public. At the date and time the auction is "Closed", the seller considers all offers and then will discose the reserve bid ammount. In the event the high bid does not reach the reserve price, the seller may open negotiations with the high bidder.
HOW IS THE OPENING BID ESTABLISHED?
The opening bid is established by the Seller, Lender, and Listing Agent.
DO I NEED TO READ THE TERMS OF SALE?
Yes. The Terms of Sale are the specific guidelines and rules that each bidder is required to follow. You can find the Terms of Sale linked to the description of each real property on this website.
HOW DOES CLOSING WORK/WHEN IS PAYMENT DUE?
Closing is usually required within 30 calendar days of sale or sooner. Only the seller may, at its discretion, exceed closing beyond 30 calendar days. Closing costs including, without limitation, transfer taxes, documentary stamps, recording fees, and escrow fees will be paid by the Buyer and Seller in accordance with the customs of the county in which the property is located, unless stated otherwise in the individual Terms and Conditions of Sale.
WHAT HAPPENS IF I CAN'T CLOSE?
If you cannot make deposits or final payments within the time frames specified in the Terms of Sale, you will forfeit any right and interest in the property. Title of the property will remain with the Seller or Bank and you may forfeit any deposits you made.
IS FINANCING AVAILABLE?
Yes, We have a team of Seasoned Lenders who can assist you in your financing. We highly recommend you call your lender of choice or our Auction specalist
DO I GET A CLEAR TITLE?
Unless stated otherwise, a clear title will be conveyed via a Grant Deed. Back taxes, liens and/or other encumbrances will be paid by the seller or lender.
DO I NEED A BROKER?
No, you do not need a broker in order to bid but we strongly suggest you hire an exclusive Buyers Broker. If you do have a broker, all arrangements, including any fees and broker commissions, are strictly spelled out in the mls.
ARE THERE ANY RESTRICTIONS ON WHO CAN BID?
Yes. You must be over 18 years old and cannot be the party or agent of the party from whom the property was seized. Forfeited real property will not be sold to the defendant or person(s) acting as his/her agent. A real property sales contract may be cancelled by the Government after review of records.
IF I AM NOT A U.S. CITIZEN, MAY I PARTICIPATE?
Yes, but you must have a valid photo I.D. to register.
WHAT DO I PAY?
Property sells to the highest bidder. You do not pay a buyer's premium.
Still have a question? Click here to email us. Please include the address of the property that you are interested in. |