Benefits to Buyers at Auction
1)Buyer knows the Seller is committed/motivated to sell
2)Buyer determines purchase price
3)There is no long drawn out negotiating process
4)Buyers like the transparency of auction
5)Buyers enjoy the competitive “field” of the auction
How does it work?
Buying property at auction is simple.
Preview the auction property at your earliest convenience.
Even though auction property sells “As Is, Where Is” doesn’t mean you can’t have inspections done! You can order any inspection(s) you desire so you know what repairs or issues you are potentially dealing with, prior to purchasing the property, just like traditional listings.
Have your financing in place prior to the auction. You will most likely be required to pay 10-20% of the purchase price the day of sale. This money is a nonrefundable down payment that applies to the purchase price. You will also need a letter of credit from your lender or a verification of cash if you don’t require a loan.
It is a good idea to hire a REALTOR® to represent you at auction. By doing this you take the risk of emotional bidding out of the game. If you are the successful Bidder, then your REALTOR® is there to help you with the contract and accompanying paperwork.
Thank you for visiting today! Our priority is to provide you with the advice and resources you need to be successful in your next real estate transaction. While the internet is a great tool that we utilize daily in every aspect of our business, we feel that nothing is better than a face to face conversation! We are a diverse and experienced team of professionals that are ready to help you, so give us a call, shoot an email, or stop by any of our three offices today!