Types of Auctions

Absolute:  Means that the property will absolutely sell to the highest bidder, regardless of bid amount.  Seller relinquishes the right to accept or reject the highest bid.

Reserve:  Means that the property will be sold only if the bids reach or exceed a minimum sales price.  If the bids do not reach the minimum, then the seller reserves the right NOT to sell.

Terms of Sale:  Your responsibilities as a purchaser have been advertised prior to the date of the sale and will be read by the Auctioneer at the time of the sale.  Additional terms may be announced on the day of sale or may be posted at the sale site.  The auctioneer will make important announcements regarding the property and your obligation as a purchaser.  Please feel free to ask any questions regarding these terms.  Failure to comply with any of the terms of sale may cause you to forfeit your deposit and be responsible for the expenses to resell the property, as well as any deficiency incurred.

Condition of Property:  The property will be sold “AS IS.”  Unless otherwise announced, the sellers make no representations or warranties about the condition of the property.  The seller will not make any repairs.

Register to Bid:  All prospective buyers/bidders are required to register in advance of the auction’s start.  They will also need cash, a cashier’s or certified check (made payable to them themselves) in the amount of the deposit.

Real Estate Agents/Brokers:  Some auctions recognize the prospective buyer/bidder’s use of a real estate agent or broker.  In these cases, the agent/broker will need to register their clients(s) in advance of the auction to receive acknowledgement.  Deadlines for registration are usually 24 to 48 hours before the day of the auction.  All commissions are distributed at settlement and are calculated on the final hammer price. 

Deposit:  Your deposit will be credited toward the purchase price.  If you do not comply with the “TERMS OF SALE,” either published or within the contract of sale, you might lose all or part of your deposit.  In addition, if you fail to settle for the property you might be obligated to pay the expenses to resell the property, including any deficiency resulting there from. 

Settlement:  The settlement or closing period is thirty to forty-five days (please check the auction terms for verification).  You will be expected to settle for the property within the specified time.  TIME IS OF THE ESSENCE.

Financing:  It is the purchaser’s responsibility to obtain financing.  If you plan to use a mortgage to purchase the property, we recommend that you apply for the loan immediately.  If the bank must take longer than the specified time to complete the loan, the sellers may extend settlement for a short period if you can provide proof of a loan commitment.  If you do not obtain the financing within the specified time for settlement, you will be in default of your contract of sale.

Bidding Procedure:  At the conclusion of the announcement and question period, the auctioneer will solicit bids for the property.  If a dispute arises between two or more bidders, the auctioneer shall decide in favor of one of the bidders, or immediately re-offer the property. 

Warranty:  The information contained herein has been obtained from sources deemed reliable and is believed to be accurate.  However, no express or implied warranty is made or may be inferred from any such representation.

Just Sold