How do I buy at Auction?
Attend the open house for the property that you are interested in and obtain a bidder’s information package. The bidder’s information packet includes: Property Information, Terms and Conditions of Sale, Copy of the Contract of Sale and Survey or Tax Map. Please feel free to bring a home inspector to check out anything you feel is necessary. You will be guaranteed a clear title from the seller if you are the successful bidder.
What do I do auction day?
On auction day it’s best to arrive at the auction at least 30 minutes prior to the start of the auction. This will give you time to take another look at the property and ask any questions you may have and plenty of time to register to bid or to check in if already registered. To register to bid you will need to provide a proper form of identification.
What do I need to bid?
A bank check made payable to yourself, for the amount specified in the terms of sale, for the property that you are interested in. In the event you are the winning bidder, you will be required endorse the check over as the initial escrow deposit.
When is settlement?
You will typically have 30 to 45 days to close on the property (check individual auctions for settlement period.) It is important to have all your finances in order prior to the auction. It’s the buyer’s responsibility to obtain a mortgage pre-approval since auctions are not contingent on financing.
How do I bid?
Auctions are a fun and easy way to buy just about everything imaginable. All you need to do is get the attention of the auctioneer by raising your hand when you want to bid.
Who can bid at the auction?
Our auctions are open to the public; everyone is invited to participate in the auction event. It’s fun and easy.
Do I need to register?
Yes, you will be asked to register for open houses and on auction day. To register you will need to provide proper identification.
I bought the property now what?
Next, you will sign copies of the Sales Contract and make the required escrow deposit. You may be required to make an additional deposit within 48 business hours usually equal to 10-20% of the final bid price (check the terms for the property that you are interested in) by Bank Check or certified funds. It’s the buyer’s responsibility to obtain a mortgage pre-approval since auctions are not contingent on financing.
When and where does the closing take place?
Most settlements take place within 30-45 days after the auction. The closing is usually held at a local attorney’s office of the buyers choice.
Is the closing different from any other real estate closing?
No, the closing is the same. The main difference between private treaty selling and auction is how the purchase price is achieved. Once the auction is over closing is in the customary manner.