Buying Real Estate at Auction
The premier company for buying and selling real estate, of all types, at auction.
Experience Counts:
Our service utilizes 2000 years of auctioneer traditions combined with 21st century technology to deliver a smooth transaction experience for buyers and sellers alike.
Real estate sold at auction traditionally has not been distressed or foreclosed property. We sold our first parcel of real estate on-line in 1994 long before most people were using the internet.
Property Offered for Auction Comes From:
- Motivated private sellers
- Estates & trusts where property must be sold
- Banks & lenders where property was collateral
- Government agencies
During the ‘real estate bubble’ of 2004 to 2006 most of our sellers did not want to leave any ‘money on the table’ using the broken list, price and hold method. Today’s current down market sellers are flocking to sell at auction because the price is established by you, the buyers who are the market.
Buying real estate at auction simplifies your process where all the terms are disclosed up front and the only thin to negotiate is the price.
Property is sold as-is where is, with all faults and no warrantee other than a clear title, usually by deed. The closing or settlement is basically the same as with a negotiated purchase using a Title or Escrow Company or a real estate attorney depending upon where the property is located. (East of the Mississippi generally uses real estate attorneys and West uses title / escrow)
Investigate the Property:
When purchasing real estate using any method, auctions included, a buyer should always investigate the property before bidding. Each property offered is a ‘separate’ auction and treated as an individual transaction. This means you should read the terms and conditions for each property or each group of properties if it is included in a multi-property event.
- Pictures & property descriptions
- Digital Bidder Information Packages
- Certified inspection and/or appraisal reports
- Terms, contract and document package
Information is from sources deemed to be reliable; we make no guarantee of its accuracy and assume no responsibility for its use. The information contained herein is subject to inspection and verification by all parties relying on it. No liability for its inaccuracy, errors or omissions is assumed by the sellers, their agents or auctioneer.
In plain English this means we try to provide good and accurate information for each property from reliable sources such as; public government records, certified appraisers and inspectors. It’s up to you, the buyer to verify or check things out for yourself. This is why we offer a ‘Buyers Agent’ commission to buyers who want to be represented by a licensed real estate professional.
If you are not an experienced buyer and do not want to use a ‘Buyers Agent’ we suggest that you investigate for yourself and seek competent legal advice for anything you do not understand.
There is one point we do want you to understand; if the seller cannot complete the transaction by delivering ‘good title’ as advertised the winning bidder will receive a full and complete refund of their bid deposit.
Types of Auctions:
We offer live auctions with two types of internet bidding.
- Static or eBay style online bidding
- Webcast bidding in real time with the auction
Each type of bidding requires one to register to bid and to place a ‘hard money’ deposit. The deposit is refunded if you are not the winning bidder. The winning bidders deposit is held in escrow and used towards the contract price of the property.
Buyers who ‘win’ property in this transparent open bidding process are pleased knowing they only paid one bid more than someone else was willing to pay for the property.
We encourage anyone who plans to bid on a particular property to make a personal inspection prior to bidding. Homes offered at auction usually have two to three scheduled previews prior to the auction date. Vacant land or building lots are generally available for inspection during daylight hours, unless otherwise indicated in the auction advertisement.
More Information:
Please use the links below for more information on buying at auction:
