Auctions
The following properties will be sold at Auction… This property will be sold absolute. Bidders are required to post a $5000 refundable deposit in order to bid. This multi family house can be viewed anytime no appointment necessary.
There Are No Current Auction Listings At This Time…
Frequently Asked Questions about the Auctions:
Q: Do I have to make a down payment at the auction?
A: You are required to place deposit on the contract at auction in the form of certified funds. The exact amount of deposit required varies by each home auction. Please refer to the Terms & Conditions of the auction for the amount of required funds.
Q: Is my deposit refundable if I change my mind after the sale and decide not to buy the property?
A: No. If a buyer does not close for any reason on or before the closing date, the initial deposit may be forfeited.
Q: Can anyone attend our real estate auction?
A: Yes! All auctions are open to the public.
Q: I’ve never attended a real estate auction; how does the process work?
A: Buying real estate at auction is a very simple process. However, it is important for you to be informed and prepared prior to auction day. You should inspect the property prior to bidding on the property during one of the scheduled preview dates.
Q: What are the advantages of buying real estate at auction?
A: Buying real estate at auction allows you to experience a quick purchase and closing, eliminates lengthy negotiations, and provides the assurance the price paid was market value.
Q: Why are properties sold at auction?
A: Owners make a business decision to sell property in a one-day sale rather than continuing to incur carrying costs. Sellers are motivated to sell and offer you an opportunity to purchase desirable property at the best price.
Q: How do I inspect the property?
A: Many of the properties will be open for inspection on the dates and times listed. However, some properties will be shown by appointment only. Please contact the individual broker; they are available to answer property-specific questions and open house viewing questions. Contact information for a specific properties broker is listed in the auction brochure and alongside the property details on this website.
Q: Are there any back taxes or liens against the property?
A: There are no back taxes or liens against the properties. Each property will be conveyed by special warranty deed, and title insurance is provided by the Seller.
Q: Can I use a broker?
A: Any real estate broker or agent, may represent you at the auction. However, you are not required to have a broker in order to bid at the auction.
Q: What do I need to do to register for the real estate auction?
A: Registration can be done at the registration table on auction day. You MUST register with a valid ID (Driver’s License) on auction day and post a refundable deposit if you are not the successful bidder. You will receive a Bidder Card in order to bid. If you are the highest bidder for a property your deposit will be rolled over as part of your deposit on auction day, a portion of which must be cash or certified funds.
Q: How are auctions conducted?
A: Most real estate auctions are conducted with open bidding. When you are ready to bid hold up your bidder card and call out your bid, or tell one of our bid assistants the amount you want to bid. See Buying at Auction for more details.
Q: What is the minimum bid?
A: The audience begins the bidding so there are no set minimum bids. The final sale price for each property is subject to approval by the seller. Unless the properties are offered “absolute”, the seller reserves the right to accept, reject or counter the final bid!
Q: Is the amount I bid the total price I will pay?
A: A Buyer’s Premium will be added to your bid. The premium is a percentage amount (typically 5%-10%) paid by the buyer and added to the highest successful bid to determine the final contract price.
Q: Is financing available?
A: Some auctions have financing available while others do not. See the specific auction details to determine the availability for the auction you are attending.
Q: Can I buy more than one property?
A: Yes. You just need to bring and present a separate cashier’s check for each property you intend to purchase.
Q: To whom do I talk to if I don’t understand the auction contract?
A: It is very important for auction buyers to be educated and informed regarding the real estate auction process. Make sure all your questions and concerns are answered before you attend an auction. A sample contract is available on our website. Feel free to have your legal advisor review the contract prior to the sale. However, please note that the seller does not permit additions or changes to the form contract.
Q: What do the terms “reserve” and “absolute” mean?
A: An auction where the property is being sold with a “reserve” means that the property is being sold subject to seller approval. When a property is being sold “absolute” it will be sold to the highest bidder regardless of price. Any absolute properties will be noted in the brochure.
Q: What happens once I have become the successful high bidder?
A: You will move to the contract table where you complete the Purchase and Sale Agreements. Agreement examples are available the day of the auction.
Q: Do I have to make any more deposits other than my initial deposit before closing?
A: Usually you must increase your initial deposit to a total of 10% of the purchase price upon execution of the contract, which takes place the first business day after the auction.
Q: When and where are closings held?
A: Closings typically are 30 – 45 days from the seller’s acceptance. Since the seller typically pays for title insurance, a company has been selected and the location information will be provided to you in the contract room.
If you have any further questions…
For prompt, courteous, professional service, call Bruce Lessey:
Office: 1-(713)-623-8899
Direct: 1-(832) 654-5670
Have questions, need advice you can count on or just want to discuss this further? Don’t waste any more time; pick up the phone and call me now! I’m here to help!
