Q:
How do I register to
bid?
A: You do not
need to pre-register to bid at our real estate auctions.
Q:
Why is the property being sold at auction and not listed for
sale?
A:
Q:
What is the minimum bid?
A: Most of
our real estate auctions are offered with a reserve price that is
determined the day of the auction by the seller, and not before.
There is no established minimum bid prior to the auctions. Some
auctions are offered “absolute”, which simply means the property
will be sold the day of the auction to the highest bidder regardless
of the price.
Q:
Will I get a clean title to the property?
A: The
conditions of sale at all of our auctions provide that the seller
must be able to give a clear, insurable title at settlement. Real
estate taxes are prorated at settlement.
Q:
What are the auction payment terms?
A: Most of our
real estate auctions require a 10% down payment the day of the
auction. We will accept a Pennsylvania personal check for this
deposit. The balance of the purchase price is usually due within
30-60 days and varies on each property. At all of our auctions, the
buyer is responsible for the Realty Transfer Tax, which in most
cases is 2%.
Q:
Is there a buyer’s premium?
A: We do not
charge a buyer’s premium at any of our real estate auctions, unless
noted on the auction brochure.
Q:
What about contingencies and inspections?
A: All of our real estate auctions are sold in “as is”
condition. The conditions of sale are not contingent upon mortgage
financing, appraisal, property inspections or certifications.
Q:
What if I need a mortgage to buy?
A: Most local lenders will pre-qualify you for a
specific mortgage amount prior to the auction. If you need
assistance with financing, you may to speak to us for guidance.
Q:
How do I bid at the auction?
A: To bid at our auctions, you have to raise your hand
or indicate to us that you want to advance the price. The bid
increments are determined by the auctioneer. The auction will
continue until there is no further advance in price.
Q:
What if the sale price does not meet the seller’s minimum
price?
A: It is our policy to first offer the property to the
high bidder at the seller’s minimum price. If the high bidder
rejects this offer, we will continue down the chain of bidders with
the same offer. It is important to be in the high position if you
expect to have the first opportunity to buy the real estate at the
seller’s minimum price.
Q:
What happens if I default and don’t go through with the
settlement?
A: The conditions of sale usually provide that you
will lose your 10% deposit. In addition, the seller has the right to
resell the property at public auction or private sale; and if the
purchase price is less than what you agreed to pay, you are
responsible to pay the difference. It is very important for you to
be prepared to buy prior to bidding at any of our real estate
auctions.
Q:
Who conducts the settlement?
A: The buyer has the choice of title company or
attorney they would like to use to handle the final settlement.
Q:
What is a Broker Participation Fee?
A: This is a fee that the seller pays to a real estate
agent that introduces and pre-registers a successful buyer of real
estate at auction. This fee is not available for any prospective
buyer that was not introduced to the property by the realtor. Other
conditions apply. There is no cost to the buyer regarding this fee.
Q:
Can I purchase the property prior to the auction?
A: Most of the real estate we offer at auction is
subject to sale prior to the auction. Any offers must be under the
What if the sale price does not meet the seller’s minimum price?
A: It is our policy to first offer the property to the
high bidder at the seller’s minimum price. If the high bidder
rejects this offer, we will continue down the chain of bidders with
the same offer. It is important to be in the high position if you
expect to have the first opportunity to buy the real estate at the
seller’s minimum price.