How to Buy Property at a Residential Auction.
Are you looking to steal a deal?
Are you looking for instant equity?
Are you looking for a great investment?
Whether you are a first time homebuyer, move-up buyer, investor, new construction seeker or foreclosure searcher, home auctions are for you.
How do I participate?
First, do your homework. The most important event prior to the actual auction is the preview date. Normally, the property being auctioned will have one more dates and times set aside for bidders to inspect the property.
-At this time, you will want to:
-View the exterior and interior of the home
-Bring a home inspector or general contractor if you have a serious interest in the home
-Determine afterwards with market research the most you will bid on the home. Market research changes daily. Comparable sales of 3 or 6 months do not determine
value at home auctions.
There are no inspection or financing contingencies.
What to bring?
-Certified funds in the amount specified in the terms in conditions
-Mortgage approval or line of credit. Valid verifiable mortgage approval with the loan officer's contact information. Letter needs to be on lender's letterhead and needs
to show bidder's information has already been submitted through automated underwriting. No pre-qualifications please.
-Valid photo ID
Registration
The property being auctioned will be available the day of auction for additional preview time. Usually 1-2 hours prior to auction. Bidders should stop by the information desk/registration desk to register or to confirm registration if you have already registered. You will also receive a bidders package at this time.
Broker Participation is Welcome
If you are working with a broker, your broker MUST pre-register and name you as his or her client at least 48 hours prior to the auction.
Brokers Please Register Here
Broker referral fees range between 1-2% depending on the property, location and reserve bid of the seller. The actual referral fee for each auctioned property will be stated in the terms and conditions for that particular property. The referral fee amount will be paid to the broker based on the amount of the winning bid and will be paid to brokers who have properly registered their clients at least 48 hours prior to the event.
Broker must attend auction event with client.
Buyer's Premium
The buyer's premium is an amount added to the high bid and incorporated into the total selling price. The amount of the buyer's premium will be disclosed prior to the auction and will be stated in the advertised terms and conditions.
Winning Bid
Once the high bidder is acknowledged, you will then sign the purchase contract and the deposit check will be posted for the property. The amount of each required deposit will be announced prior to auction and will be disclosed in the property's terms and conditions. The seller of the property after reviewing the purchase contract will also sign the purchase coract.
All winning bids and purchase contracts will be signed within 7-10 days of auction. Seller reserves right to sign purchase contract or decline signing the purchase agreement.
Sorry, there is nothing to display...