Auction FAQ
Here at Team Roberts ReMax Realtec, we offer many Real Estate Options. Our Auction Option is for any homeowner that wants a definite sale date and does not want to fix up their property for sale. All auctions are As Is/ Where Is and can include a reserve price. We will give you a market analysis to show you the current market value. We currently only work with homeowners.
Auctioning your home, regardless of its condition, can bring you more money. Due to a shortage of available homes and buyers' repeated struggles to secure property, auctions are currently fetching remarkable prices. Auctions draw in diverse crowds of potential buyers, ranging from first-time homeowners to investors with cash in hand. When you opt for an auction, you get to set a reserve price, which serves as a safety net. The winning bidder typically has 30 days to complete the purchase of your property, ensuring a quick & efficient sale.
How do I participate in an auction?
All auctions are live at the property being sold and on the day and the time listed. You or your written designated bidder must be at the live auction to bid. At this time no phone or Internet bids are accepted.
if i am the highest bidder at the auction, how and when do i pay for the home?
At the end of the auction when the auctioneer recognizes you as the winning bidder (typically the highest bid wins) you must then make a deposit to the Title Agency for that auction for 5% of your winning bid amount. This can be made in the form of a personal check or company check. This deposit is non-refundable whether or not you close on the property you won. However if a reserve has not been met on a reserve auction, the buyer must raise their buy price or not purchase the property. In some instances, the seller will accept your lower winning bid and therefore you will be required to purchase.
can i finance a purchase?
Absolutley, you have up to 37 days to close.
will i recieve a clear and clean title to a property?
Yes, upon closing you will receive a general warranty deed which insures against any liens, mortgages or past due taxes or you do not have to purchase.
will i pay a premium as the winning bidder?
No, all of our auctions have no buyer premium, or auction fee, so your winning bid is the amount you pay for the property.
can i inspect/evaluate the home?
Absolutely, however there are no inspection or financing contingenciesThe winning bid is the amount of the sales price of the home. Each auctioned property is sold As is/ Where is.
when can i move into the home?
As with most home closings, once the transaction is closed you will have a key to your new property.
