AUCTION INFORMATION & FAQ's
This is a generic overview of real estate auctions and to answer frequently asked questions (FAQ’s) from bidders or prospective buyers.
The Industry Standard auction process is designed to be simple, straightforward and very fair to all of the parties.
There are no ‘secret’ negotiations one-on-one like the ‘traditional’ system; the process is transparent, in the open & simple.
Basic Terms of Sale for an Auction
- Property is sold as is where is with all faults
- Inspections are usually limited to be fair to all parties
- Bidders required to post deposit in ‘hard money’
- Disclosures prepared & presented prior to auction
- Price is established by open competitive bidding
- Property is sold with a free & clear title usually by deed.
- Closing is all cash usually in 30-days or less
Auctioneer is an agent of the seller and any information provided is from sources deemed reliable but is not guaranteed. Bidding at auction is a legal and binding contract to purchase on the published terms and conditions.
NOTICE OF POSSIBLE SHORT SALE
When you see short sale it usually means this is a "pre-foreclosure auction" meaning that the seller is behind in payments but the property is not yet in foreclosure. In the event the high bid is below the mortgage amount the auctioneer will submit the auction contract to the lender for approval of a "short-sale" where the lender may sell for less than the mortgage amount. The short sale approval process may take up to 30-days and presents an excellent opportunity for a buyer to purchase this home at a discounted price.
BIDDING IS OPEN TO ALL MEMBERS OF THE PUBLIC: All auctions are open to bidding from members of the general public meaning that anyone who is properly registered with the required deposit may bid on the property. You do not need to have a real estate agent or realtor represent you in order to bid at The Industry Standard auctions.
INTERNET BIDDERS MUST REGISTER THE SAME AS PUBLIC BIDDERS: Reauction.com has offered internet bidding with 100% of our auctions during our entire history. Internet bidding is welcomed and encouraged however we require anyone who places Internet bids to complete registration forms, post the required deposits and to do everything any other bidder may be required to do. We strongly encourage all bidders to inspect a property by attending one of the scheduled previews in person. Experience has shown that people who have inspected a property but cannot attend the auction for one reason or another have been great bidders.
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This is a sample from our basic real estate auction FAQ's included in the DIGIBIP (Digital bidder information package) distributed to prospective bidders
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