Buyers FAQ's Page

Q: Do I have to prequalify for financing prior to the sale?

A: Yes. Our sellers require that bidders be prequalified to purchase these properties. You may pre-qualify with us by filling out the simple pre-qualification form located under the Register Here or Financing Information bar. If you intend to pay all cash for your purchase, we will require verification of source of funds on the day of sale when you register to bid and receive your bidders number.

Q: May I use my own lender?

A: Yes. However, if you choose to use a third-party lender (one other than approved by the Auctioneer) you waive the financing contingency and failure to obtain financing approval within the time frame specified on the purchase contract may result in liquidated damages equal to your deposit. We strongly encourage you to utilize the Auctioneer's Approved Lender to ensure a smooth transaction for all parties to the sale. The approved lender is highly competitive, experienced in this process, and represents several large lending institutions.

Q: May I purchase more than one property?

A: Yes, and in fact, we'd love to have you at our auction! However, you must register as a “Multiple Bidder” and either pre-qualify with the Approved Lender or demonstrate the ability to purchase properties for cash by means of a current statement from a savings, checking, CD, stock portfolio, 401K or retirement account. If you are approved on credit, you must demonstrate the ability to put a minimum 20% down, in cash, per property.

Q: May I be represented by my real estate agent?

A: Absolutely, and in fact we encourage it. Your agent MUST, prior to sale complete the Broker/Agent Registration form. A 1% commission stated in our auction catalog will be paid to your Broker/Agent after the successful close of escrow on the property you have purchased. You must sign the registration form as well as the Participating Broker. Your Broker/Agent must be present at the auction with you.

Q: What is a "minimum bid"?

A: This is the starting bid set by the auctioneer to begin the bidding on a particular property. This is not representative in all cases of the amount that the Seller has agreed to sell the property for.

Q: What is the "Buyer's premium" and what is it for?

A: The Buyer's Premium is a standard fee and standard practice utilized by many auction companies. A portion of this fee is used by the Auction Company for marketing the auction through various media sources. This is a service to the Seller's of the property offered that is not passed on to them. This Buyer's Premium helps keep the sellers fee low to increase a marketable property.

Q: Can I cancel the transaction after I am the successful bidder if I change my mind?

A: Unfortunately the answer is NO. In real estate sales there is no “cooling off” period or 3 day rescission. At registration you will be signing that you have conducted or waived all of your inspections. A legal binding contract has been established between you, the Buyer and the Seller. This contract cannot be cancelled by either party except for legal reasons. However, if the Seller (the legal owner of the property) does not confirm the sale and execute the contract, you will be released from the contract and your money returned.

Q: How long will it take for the Seller to confirm the sale?

A: Not all sales have to be confirmed by the Seller. In the event that the property you have bid on requires a confirmation, you will be notified by a member of our team within 10 days.

Q: Who owns the properties being offered for sale?

A: The properties being offered at auction come from a variety of sources. We represent lenders, realtors, private sellers and investors who are committed to obtaining a qualified buyer to purchase their properties quickly.

Q: If I register for one auction, is my prequalification valid for upcoming auctions?

A: No. You must register separately for each auction you wish to attend and bid at.