Genral - Questions 1-3
Registration - Questions 4-7
Bid Instructions - Questions 8-12
Auciton Property - Questions 13-18
Financial Information - Questions 19-24
GENERAL
1. What is a Real Estate Auction?
A Real Estate Auction is a method of buying and selling real estate which simplifies the purchasing process through the medium of an auctioneer.
2. Why buy property at an auction?
Because sellers save the cost of holding their property, buyers in turn can take advantage of this savings. An auction provides the opportunity for buyers to buy at a price, which is established by the purchasers.
3. Where can I get information on the properties for sale?
The auction sale brochure or flyer will list all the addresses and a general description of the property, as well as, the open house schedule. Additional information, which includes tax and assessment information, lease information, terms of sale, the real estate sales contract and financing terms are printed in the Bidder's information Package available at any open house.
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REGISTRATION
4. Do I need to register?
Yes, in order to bid at the auction you must register. To do this, you will be required to show evidence of a cashier's check, certified check, or money order for the required amount, as well as a form of personal identification. However, you hold on to your check until your bid has been accepted (Please make all checks. payable to yourself).
5. In a two day auction, if I register the first day, do I need to reregister on the second?
Sometimes we allow registered bidders to use the same number at the second session, but generally, because of the confusion this creates, we ask you to re-register at the second session. Of course, you may use any unused checks from the day before.
6. Do I need to bring a broker with me?
It is not necessary to bring a broker to represent you, but you may if you wish.
7. How do I bid?
After registering at the auction, you will receive a numbered bidder's card. This card should be visible while you are bidding, or our auctioneer and staff may not take your bid. Our Bid Assistants watch for bidders and will call in your bid when you tell them to do so.
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The auctioneer invites an opening bid for each property at a price level low enough to stimulate competitive bidding while high enough to speed the sale along. It is more art than science.
9. How will I know if my bid is accepted or rejected?
The seller will accept or reject the bid on the spot. High bids in absolute sales are accepted automatically regardless of price.
10. Will I be able to understand the auctioneer?
Yes. Our auctioneers call the bids in a very easy to understand manner. They also conduct pre-auction seminars an hour or so before the auction to explain their calling technique, and make you more comfortable with the auction procedure. In addition, our Bid Assistants will assist you when you bid by getting the auctioneer's attention. Work with your Bid Assistant.
11. What if I am out of town on the day of the auction?
If you will not be attending the auction and would like someone to bid in your place, they must be authorized to represent you by having a power of attorney document, and meet all other registration requirements.
12. How do I know which properties are being sold absolute?
The properties sold absolute are listed as absolute sales in the auction brochure. They usually are the first properties to be auctioned.
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AUCTION PROPERTY
13. How are the properties chosen to be sold absolute?
The seller most often chooses the absolutes as a representative sampling of the properties being sold.
14. When can I see the property?
Open houses are held beginning approximately two weeks prior to the auction date. During the open houses, prospective bidders are encouraged to verify the description, number of rooms, square footage and property dimensions.
15. In what condition is the property?
All properties will differ as to their condition, and are sold in "as is where is" condition without warranty or guarantee of any kind (other than clear title). Bidders are strongly encouraged to inspect the property prior to the sale.
16. Who can I contact to see the property if I miss the open houses?
Our local shower may be able to set up a special showing for you, but because this is not guaranteed, we strongly urge you to attend a scheduled open house.
17. How may properties can I buy?
You may purchase as many properties as you wish, but you must have a separate cashier's, certified check or money order for each one. For investors, financing may be limited to a certain number of purchases. Consult Bidder's Information Package for specific terms.
18. Why is the property being auctioned?
The real estate auction provides an expeditious means for banks and owners to sell many properties in one or two days, saving thousands of dollars in holding costs.
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FINANCIAL INFORMATION
19. Are there any liens, back taxes or delinquent assessments on the properties being auctioned?
All properties sold will be guaranteed to be free and clear of liens by the Title Insurance Policy. Unpaid taxes and other proratable items will be prorated to the time of closing.
20. In what form is the earnest money deposit required?
Prospective buyers must bring a cashier's check, certified check or money order in order to bid. If you are the successful high bidder, this money will then be considered all or part of the earnest money deposit· and is not refundable. NO PERSONAL CHECKS PLEASE.
21. Is additional earnest money deposit required?
Specific requirements for "additional earnest money deposits" vary for each auction. Please consult the Bidder's Information Package for details.
22. How do I get financing?
A local loan company usually provides financing to qualified bidders. Buyers are encouraged to pre-qualify for this by contacting the loan company. Names and numbers of the appropriate companies and their personnel are given in our auction literature. As an alternative, buyers can obtain their own financing, or pay with cash.
23. How soon must I begin financing procedures?
It you intend to use the auction loan company, you generally must apply for this within 5 business days of the auction. In addition, you must be ready to close within 45 days of the auction.
24. What happens to my earnest money if I decide at a later date not to buy the property?
Your earnest money deposit will be forfeited if you fail to consummate the sale regardless of the reason. If the seller fails to close because of defective title, etc… your deposits will be refunded immediately.
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For more information please contact us at the phone number or email address below.
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