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Some tips on buying at Auction

Auction is a different method of marketing a property that is "For Sale." When purchasing real estate through conventional means, the terms and conditions are negotiated back and forth between the buyers and the sellers. At auction, the terms and conditions are set and the only unknown is the PRICE!!! This allows you to do all your due diligence prior to the auction and have an estimated price of what you wish to bid.


  Day of the Auction:
 
Properties are open one hour prior to the auction. This gives you time to do a final visual inspection of the property and ask any last-minute questions of the auction staff. Typically, at on-site auctions, you do not need to register to bid. However at off-site auctions, you do. McCurdy Auction will have information available on the property and be ready to answer your questions regarding the property or the auction process.

If you are the successful buyer, you will be required to sign the real estate purchase agreement and addendums and deposit the pre-determined earnest money. Earnest money fluctuates in accordance with the individual properties. Auction advertising will denote the earnest money amount required the day of the auction.

 
 
 
Title Insurance
 
 
Title insurance assures you a clean, clear, merchantable title to the purchased property. Title insurance will be offered on the property. The cost of the title insurance is shared between the buyer and the seller.

 
 
 
Closing
 
 
The real estate purchase agreement will usually call for the closing on or before thirty days following the auction. Customarily, the closing is held at a title insurance company and the cost of the closing fee will be shared between the buyer and the seller. When merchantable title is obtained and both parties are prepared to close, we often accommodate the buyer with an earlier closing. Time is of the essence for both the buyer and the seller and our services cater to the needs of both parties.

 
 
 
Possession
 
 
Keys and possession will be given at the time of closing subject to existing lease or rental agreements, if any.

 
 
 
Taxes, leases and rents
 
 
All previous years taxes will be paid prior to or at closing by the seller. Current year taxes, leases and rents will be prorated to the day of closing.

 
 
 
Subject to seller conformation
 
 
Auction properties sell subject to seller confirmation unless otherwise denoted. However at McCurdy Auction we typically have a sales success rate of OVER 90%. This means that 90% of the properties we market have met the seller’s expectations. In the event the bid is declined we work with the top bidder to reach an agreement on price. Often we reach an agreement immediately or shortly following the auction.

 
 
 
The Advantages of Buying at Auction (Click Here)
 
 
 
 
 

BUYING AT AUCTION IS SIMPLE…YOU SET THE PRICE!
WANT ACTION… THINK AUCTION!!!
 


*Information provided on this page is for general knowledge. Real estate transactions may vary.

 

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