Auction company acts as “listing agent” as they are representing the seller
To bid at the auction buyers are required to bring a cashier’s check made out to themselves in the specified amount required for that auction.
10% Buyer's Premium charged to buyers (explained on website, in contract and by auctioneer)
Commission to Auction company is 10% of sales price less any expenses incurred
Seller pays marketing costs upfront (agreed upon by the seller and auction company)
The percentage spent on marketing correlates with the type of property and how big of a net do we need to cast?
Any referring agent is paid 20% of the buyers premium (Example on $500,000 property buyers premium is $50,000. 20% of the buyer's premium is $10,000. Referring agent makes $10,000)
Buyers agent is paid 1% OF SALES PRICE OR 20% Auction company’s commission (Example: $500,000 property is $50,000. The buyer's agent is paid $5,000.)
The buyer's agent must register on the website with bidder information 24 hours before the live auction. The buyer's agent must attend an open house and the live auction to be eligible for commission.
Auction company (listing agent) will accept and present pre-auction offers considering they are near the sellers reserve.
Property may be listed on MLS as “coming soon” or with an auction date. No graphics can be used, per MLS.
From The Auctioneer
All persons wishing to bid on this property must be registered and approved by our staff on Auction day.
Anything we know about the property has been disclosed in the disclosure statement provided online and the property will be sold “as is” without any further inspections or repairs. By bidding at the auction you agree to all disclosures.
Bidding confirms you have inspected the Property and read and agreed to the terms of the auction. The required deposit is paid immediately following the auction. Personal checks are not accepted. All individuals who bid will have been pre-approved on sale day before the auction begins.
The contract is not assignable
Most sales are approved within 3 days or less and upon approval you will be notified by our staff.
Buyers are not allowed access or possession of the property until after closing.
Each property is subject to a Buyer’s Premium of 10% which will be added to the high bid to calculate the purchase price. You will also be responsible for all the closing costs. Example: high bid $100,000 X 10% Buyer's Premium = $10,000. High bid of $100,000 + $10,000 Buyer’s Premium = $110,000 purchase price.
You must close on this transaction within 45 days from the auction date. Time is of the essence. Financing is allowed, but you should be pre-approved before bidding as there are no financing or inspection contingencies or other delays allowed.
You will receive an Owner's Title Insurance Policy as evidence of insurable title. Real Estate Taxes will be prorated through the date of closing.
The actual bidding process is simple. The auctioneer will control the bidding and correct any mistakes made.
The bidding will be closed after a few minutes and the high bid will then be offered to the seller. The auction is open to the public if you would like to come observe or register to bid. All are welcome!