Steps to buy Real Estate at an Auction
|View the property:
|If you are interested in the property, set up a showing with the Real Estate/Auction
Company or attend an open house to find out if this is the right property for you. If
it is make sure you are ready day of auction because when a property is sold through
auction, it is considered an "As Is" Sale. This means the sale will occur with no
contingencies or negotiations.
|Financing must be prearranged either having cash or by your Bank or mortgage company.
If they require an appraisal, this must be done before the day of the auction.
|When a property is sold through auction, it is considered an "As Is" Sale.
Seller will not guarantee, warrantee as to the condition of the property.
If Buyer has any question or concerns about the property it would be the Buyers
responsibility to do any inspections, testing or searches they wish to do prier
to the Auction to satisfy Buyers only. Any cost incurred for these services would
be Buyers responsibility. Buyer must get permission from Seller and Real
estate/Auction Company prior to doing any inspections or testing on the
property and notice must be given before entering the property.
|The successful bidder will be required to pay NON-REFUNDABLE Earnest Money in the
amount of 10% of the final purchase price. This will be held in Judd Realty LLC's
Trust Account and apply to purchase price at closing which will be approximately 30
days from acceptance, if this offer does not close due to the Buyers inability to perform
in 30 days, then the Earnest Money will be dispersed to the Seller.
|Check the terms of the Auction, Sellers may add a Buyer's fee to the final bid to determine the total purchase price
|Day of Auction:
|The property will be sold in the manner resulting in the highest total sale price,
the Seller has the right to accept or counter within 48 hours. The successful bidder will
be required to sign a standard Offer to Purchase with
no contingencies, Broker Disclosure to Customer and an Addendum S- Lead Base Paint
Disclosure immediately following the auction.
|Closing should take place 30 days or earlier after the auction, all Real Estate Taxes, garbage, fuel when applied, will be
prorated as of date of closing. Seller will provide Title Insurance and a Deed.