Buying at Auction
The following points will give an overview of the auction process.
Buyers can register for auctions any time prior to the start of the auction. Registering early can get this step out of the way,
so you can focus on the property. All you need is a valid driver’s license or proper identification, a completed registration
form and you’re ready to bid. Also, make sure you familiarize yourself with the terms and conditions of the auction, and
“accept” them as part of your on-line registration.
Check out the Property Information:
The 30 days prior to the auction is the time to get your questions answered, attend an auction info day or set up a property
viewing, and talk with your lender to discuss a budget, if not paying with cash. At auction time you bid on the property, offering the price you are willing to pay. All auction properties are sold “as-is”, meaning the property is selling without any warranties. You are solely responsible for examining and evaluating the property. You may have a licensed inspector view the property on your behalf prior to bidding. To do this, simply call one of the auction staff to set up this inspection. Our firm will provide you with as much information as we have on the property, such as; tax statements, blue prints, surveys, disclosures, zoning information. Ultimately, it is your responsibility to do your own due diligence prior to bidding.
Pre-Auction Offer:
Many buyers have found properties of interest, and don’t want to wait until the auction date. A pre-auction offer allows
interested buyers to submit an offer prior to the auction and that offer is considered before the bidding starts. If waiting a
week or more, or the competition with other bidders is something you want to avoid, talk to the project manager.
Knowing Your Max Bid Price:
Having your maximum bidding price in mind and being prepared to bid accordingly will help to take away the feeling of
pressure. You can bid with confidence knowing you bought the property at your price, and knowing what your payments
will be.
Bidder Assistant:
Our auction firm offers bidding assistance to all buyers. If you are uncomfortable with on-line bidding you may call our office
to have a personal bidding assistant assigned to you. This professional assistant will either help you place your bids at the
auction location, or if you choose, over the phone. Calling to reserve a bidding assistant early in the process is best.
Sold:
When the auctioneer has determined that there is no increase in bidding taking place he will determine that the final bid
has been made. The property will be sold subject to sale confirmation. The auction staff will call the high bidder and make
arrangements to execute the purchase agreement and collect the non-refundable earnest money, which will be held in the
company’s trust account, upon a fully executed purchase agreement from all parties. Copies of all documents will be given
to the appropriate parties and faxed to the title company.
Closing:
Our closing coordinator will handle the file from this point. A copy of the purchase agreement will be faxed to your Title
Company or attorney. Buyers and sellers can choose who they want to handle their closing. A copy of the purchase
agreement will also be faxed to the lender handling the file. Any needed appraisals or surveys will be scheduled through the
closing coordinator. The final HUD will be reviewed 24 hours prior to the closing to ensure a smooth closing.
If you should have any additional questions on the auction process,
please call Shelly at 800-262-5092.
