What is an Absolute Auction?
Property that is auctioned as absolute is sold without a reserve or minimum. The property is sold to the highest bidder regardless of price.
How does a Reserve Auction differ from an Absolute Auction?
Unlike an Absolute Auction, in a Reserve Auction a minimum price (or reserve) must be met in order to sell the property. This reserve may be disclosed to the Buyers or may be kept confidential with the Seller.
As a homeowner and/or seller how do I list my property for sale with Investor Realty & Auction Group?
Investor Realty & Auction Group provides both traditional (listing and selling) and as Licensed Auctioneer #AU3595. We also work directly with Real Estate Brokers/Agents. Please contact Troy Fowler at (305) 905-0110 for more information.
Does Investor Realty & Auction Group cooperate with Real Estate Agents?
Yes. Please contact us to discuss commission arrangements. Additional information is provided on the Realtor Cooperation link.
As a potential buyer, what do I need to bring with me to the auction to bid on the property?
All buyers intending to bid on property must bring with them: a valid form of picture identification and for most Investor Realty & Auction Group sales, you will need to bring a cashier's check made out to yourself. The amount required will be located in the brochure or the Property Information Package (PIP).
What happens to my deposit money if I am the winning bidder? What happens to my deposit money is if I am not the winning bidder?
Your Cashier's Check will be applied towards the total purchase price if you are the winning bidder. The money will be held in an Escrow Account. If you are not the winning bidder, the Cashier's Check will be returned to you when the auction is completed.
If I am unable to attend the live auction event, can I still bid?
Yes. Investor Realty & Auction Group accepts offers prior to the auction. Bids can also be submitted online or by telephone at (305) 754-2888 the day of the auction. Bidding instructions are available online for every property.
Why should a buyer place an offer prior to the auction?
All offers placed prior to the auction will be submitted directly to the Seller.
Will the property be withdrawn from the Auction if an Early Bid is accepted?
Yes.
Can I bid on behalf of another individual or entity?
Yes. The person who bids on behalf of another individual or entity must be prepared to sign personally on the day of the auction, should they win the property. If the person or entity is unable to take transfer of the property for any reason, then the person who bid at the auction will be deemed the purchaser and will become responsible for all the terms of the contract.
Are Investor Realty & Auction Group sales contingent on inspection or financing?
All sales are on an "As-Is, Where Is" basis. Buyers are encouraged to do their due diligence and begin making their financial arrangements prior to the Auction. Auctions are non-contingent transactions and are NOT subject to inspection or obtaining a mortgage. The seller must convey clear title to the property, free of all liens and encumbrances.
Can I preview and/or inspect a property prior to Auction?
Yes, Investor Realty & Auction Group holds several preview sessions in the weeks prior to the Auction. At this time, buyers will be given the opportunity to view the property and pick up a Property Information Package.
What is a Buyer's Premium?
It is a premium paid by the Buyers as a service charge added to the bid price.
How long do I have to close on the Property?
Please see the specific Terms & Conditions of each auction to determine the length of time until closing.
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