Do I need to inspect the property before I bid?3We recommend all bidders inspect the property and complete all due diligence before placing a bid on the property. All of our auction properties are sold "AS IS, WHERE IS, AND WITH ALL FAULTS AND LIMITATIONS."
Frequently Asked Questions
How long does the auction process typically take?3The auction timeline is clearly defined by the seller and auctioneer for each property being offered at auction. The auction process usually takes 4 to 6 weeks from start to finish. Closing typically occurs within 30 days or less from the date a sale is confirmed.
Is financing allowed?3While financing may be allowed, depending on the seller, there is NO FINANCING CONTINGENCY. If you plan to finance your auction purchase, we recommend you first contact us to learn more. If financing is allowed for a particular property, we recommend you get pre-approved and consult in depth with your lender as far in advance as possible.
Should I consult an attorney before I bid?3We recommend all bidders consult an attorney and examine all matters relating to the property prior to placing a bid on the property.
What is a “buyer’s premium”?3A buyer's premium is a percentage of the winning bid that is added to the winning bid to establish the total purchase price. For example, if the buyer's premium is 10% and the winning bid is $100,000, the buyer's premium is $10,000 and the total purchase price is $110,000. We use the buyer's premium to pay for some or all of our auction marketing expenses as well as the cooperating broker commission we offer to buyer's brokers. Refer to the Auction Terms and Conditions in the listing page on our website and the Property Information PDF for each particular property on which you plan to bid for more detail.
What is a reserve auction?3A reserve auction is one in which the seller reserves the right to "confirm" (accept or decline) the highest bid within a specified period of time. This is also what is meant when an auction property is "being sold subject to seller confirmation." A "minimum bid" (or minimum acceptable price) may or may not be disclosed to bidders. Unless otherwise specified, all auctions are reserve auctions.
What is a sealed bid auction?3A sealed bid auction is one in which bidders submit confidential bids to the auctioneer to be opened by the auctioneer at a predetermined place and time.
What is a sealed bid/open outcry auction?3A combination of sealed bid and open outcry auctions are often conducted; in these hybrid auctions the bidders who submitted the highest sealed bids are invited to compete in an open outcry auction that allows them a final opportunity to place the winning bid.
What is an absolute auction?3An absolute auction is one in which the seller agrees to sell the property to the highest bidder, regardless of price. Absolute auctions are also known as auctions "without reserve."
What is an “As is, Where is” sale?3When a property is sold in "as is" or "as is, where is" or "as is, where is and with all faults and limitations" condition, it is being sold with no representation as to the condition of the property or its fitness for a particular use, no warranty or guarantee is being implied, and no inspection or other contingencies apply. The buyer is solely responsible for inspecting and examining all aspects of the property prior to placing a bid on the property.