How the Broker Can Be the Participant for the Buyer At Real Estate Auctions
There is the possibility that you might have a buyer interested in a real estate auction but for whatever reason is unable to make the trip or just simply does not have the time to deal with all the legalities in person, that is where the Broker can step into place and assume the place of the buyer. A well informed buyer can intrust the broker to represent him or her at a real estate auciton event, and the broker is traditionally paid for the services by the buyer. This scenario works best when both the broker and the buyer are highly involved in the research of the property and understand all the terms prior to the real estate auction taking place. It is a great way for the broker to be involved as part of a real estate auction, and the buyer can be fully represented without the necessity of being present.
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/
A real estate broker who represents the buyer and, as the agent of the buyer, is normally paid for his/her services by the buyer.