The Importance of Understanding What You Are Buying At a Real Estate Auction
With so many options for interested buyer's in today's market, real estate auctions can offer a variety of properties for great prices, but the buyer must always be fully aware of all the terms and conditions. It is very easy to find a good bargain, or get an exclusive deal but many times buyer's are not fully aware of everything they are purchasing and what they are entitled to. In dealing with real estate auctions, it is our main goal to have the buyer explicitly understand any and all stipulations that come with the properties. A complete understanding of the property is critical when investing into a real estate auction. The auction coordinator will make sure to do all the due diligence required to provide the most up to date information to the buyer and maintain the seller's confidence. The goal is to have both the seller and the buyer well informed keeping a high level of trust and integrity in the real estate auction process.
Many people are interested in real estate auctions, but may not know or understand the auction business and how to participate in real estate auctions. By posting definitions and examples I hope to give a better understanding of real estate auctions terms. These terms are direct definitions given by NAA (National Auctioneers Association). You can view more real estate auction terms at http://www.myersjackon.com/
Conditions of Sale
The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.
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