What is the Buyer's Premium?

The buyer's premium is a service charge that is added to the high bid for our public auctions. A 10% Buyer Premium is normal additional to the winning bid. In this regard, buyers pay our fee not the sellers. Sheriff's auctions or foreclosure auctions generally do not have buyer's premiums.

What do I need to bring to the auction in order to bid?

You need to bring a State of Ohio ID or Drivers license and either cash, personal check or certified funds as indicated in bidders package or by advertisement. Letters of credit are not accepted.

Are auction sales contingent on inspection?

All of our sales are on an "as-is where is" basis. There are no warranties as to the condition and/or the fitness of the property for a particular use. We encourage our buyers to do their due diligence prior to sale day for their own protection.

When can I inspect the property?

For our public auctions the property is generally available for viewing 30-90 minutes prior to the auction. Additional preview times may be scheduled by auctioneer.  You are encouraged to perform all inspections prior to bidding on property; there is no contingency phrase in the purchase contract.  If you are not comfortable with your inspection or your hired professionals, do not bid on the property.

If I win the auction, what happens to my deposit money?

The deposit will count as a credit towards the purchase price of the property and placed in escrow. Please note; it is the purchaser's responsibility to obtain financing. If you plan to use a mortgage to purchase the property, we recommend that you apply for the loan immediately.

What happens if for some reason the buyer cannot settle on the property?

A real estate auction by its very nature minimizes such failures. If the buyer fails to settle on the property, he/she will be considered in default of the sales contract and lose all of their deposit and potentially be responsible for the cost of reselling the property. If buyer fails to close, the auction seller can turn to the next highest bidders, who demonstrated their willingness to pay nearly as much as the buyer who failed to close. 

What happens if for some reason the seller cannot settle on the property?

Our service contract states that the seller must be able to deliver free and clear title to the property without any liens or judgments. We do not do an independent title search. Buyer is responsible for title search, if something shows up it will be paid from auction proceeds. In the case that free and clear title cannot be delivered by the seller, the buyer will be refunded his/her deposit.

Who is responsible for closing costs?

For public auctions, the buyer is responsible for all closing costs, as stipulated in our contracts.