Buying Real Estate at Auction

Buying Real Estate at Auction … Do your homework.

If you’re seriously interested in participating in the auction process -- property evaluations, inspections, and financial preparations should be done prior to auction day. Since The Auction Real Estate Purchase Agreement will not be contingent upon the buyer obtaining financing, we encourage all bidders to contact their lender prior to bidding. Be sure to read all auction brochures describing this offering. Fully understand the Terms & Conditions of Sale under which the auction will be conducted including, the deposit requirements, settlement date, and other pertinent information necessary to successfully settle on the property within the specified time. These terms will clearly explain what is expected of the successful bidder and the seller.

What does it mean when property is sold in "as-is, where-is" condition?

It means that you are bidding on the property in whatever condition it is in at the time of sale. No representations as to the working condition of the property and no warranty or guarantee by anyone is offered or implied. You must rely on your own inspections prior to the auction so that you fully understand the condition, character, and best present and future use of the property on which you are bidding. Defects known to our auction company prior to the auction will be disclosed and announced, however, the absence of such an announcement doesn’t imply none exist. The auction company specifically make no representations, guarantees or warranties as to the property.

Information and Inspections. Our auction company will be glad to provide you with any information we may have relating to the subject property. Other helpful information may be on file at the Clerk’s Office in the County in which the property is located. During any Open House date(s) announced by the auction company, the subject property will be available for inspections, including but not limited to lead-based paint, at the prospective bidder’s expense

If you’re the successful bidder, be prepared to settle! Time is of the essence. Your inability to settle or close on the subject property may result in the forfeiture of your deposit! Please keep in mind that the seller, the under bidder, and auction company are relying on and have full confidence that the successful bidder will proceed to a complete and final settlement.