Auction FAQ

Can I look at the property prior to the auction?

No, due to the condition of the property and liability there will no showings on the house. 

Can I do inspections on the property?

No, this property is in very poor condition and is recommended to be demolished. 

Can I get financing on the property?

We recommend a cash buyer for this property due to the condition. 

What is a buyer's premium?

A buyer's premium is a fee as a percentage added to the highest bid for the purchase price. We have a 10% buyer's premium which is standard for the auction industry. For example: If the highest bid was $100,000 then the purchase price will be $110,000. The buyer's premium should be taken into consideration when bidding at auction. 

How much do I need to register to bid?

In order to be approved to bid on the property, either online or at the live auction, you must provide proof of fund/lender letter and winning bidder must furnish a bid deposit of $10,000, which will go towards the earnest money deposit. The winning bidder will provide an earnest money deposit of $10,000 or 10% of the contract price, whichever is greater due to the title company 48 hours following the auction. This 10% earnest money deposit is non-refundable. 

I've never purchased anything at an auction before. How do I know what I am bidding?

The auctioneer and staff want you to understand the auction process. The auctioneer will go over the terms and conditions and then ask for any questions before the bidding starts. Once the auction start a bidding assistant, commonly called a "ringman" may help you in relaying bids to the auctioneer. If you are unsure what the bid is or who has the highest bid feel free to ask the "ringman" during the auction.