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Q. What should I look for when I attend a real estate auction?
A. You’ll want detailed information on the property. You’ll also want to arrange a time for a private showing of the property. And, you’ll want to be sure a professionally accredited auctioneer conducts the sale.
Q. Do I need to register to attend a real estate auction?
A. Generally you may attend any public auction as a spectator. To be a bidder, however, you must register. Contact Marty Rogers Auctioneers to learn how to register. You will be asked to produce evidence of your ability to bid by showing a bank letter of credit for the deposit or other PRIOR arrangements.
Q. What are the Terms and Conditions?
A. The “Terms and Conditions” spell out the requirements for bidders. Marty Rogers Auctioneers provides a list of “Terms and Conditions” on the property brochure. If you have questions be sure to contact us.
Q. Is the condition of the property warranted?
A. No. The condition of properties varies. Properties are usually sold “as is-where is” without a warranty or guarantee of any kind other than a clear title. Marty Rogers Auctioneers encourages all bidders to inspect the property prior to the sale.
Q. Is the auction method successful?
A. Yes and its popularity is growing annually. In 1990 $10 billion worth of real estate was sold at auction. In 2002 that figure had jumped to almost $60 billion. Why the growth? Smart buyers now recognize that market-driven sale by auction is a cost-effective means to efficiently buy properties.
Q. What do I need to know before bidding?
A. Before you bid you should inspect the property to determine its conditions. You’ll want to check property records for relevant information and find out what is included in the sale. You will also need to obtain a pre-approved mortgage or line of credit—the purchase and the sale agreement will not include any financing contingency. You’ll also want to review all auction documents and obtain professional advice.
Q. What type of property is sold at auction?
A. All types of properties—condominiums, town homes, single family dwellings, vacant lots, spec homes plus commercial, investment and agricultural properties— are effectively marketed and sold through the auction method.
Q. I understand there are several types of auction. What are they?
A. There are two types of auctions: absolute and reserve. Absolute auctions always draw the largest crowds. In an absolute auction, the seller agrees to sell the property at the final bid. In a reserve auction a non-published minimum selling price is established and the highest bid or offer is presented for immediate seller confirmation.
Q. Doesn’t an auction suggest that the property is undesirable?
A. Absolutely not. Most auctions today don’t result from distress situations, but rather are the result of a seller choosing a cost-effective, accelerated method to sell their property. Many builders or financial institutions prefer auctions rather than months or maybe years it takes to sell a property by other means.
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