Buying Real Estate At Auctions. Why?
You Set Your Own Price and Establish a Value
You are in control at an auction. You decide when to bid and how much to bid and how high or low you want to go.
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Certainty of Knowing What You're Getting
Auctioneers deal with a wide range of real estate. They are educated professionals who know value and price. Many have special certifications in Real Estate.
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Opportunity for Good Value
With the wide array of properties up for bid, there's always an opportunity to get a good deal. Sometimes it's a matter of just wearing down those other bidders.
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Fun and Excitement
There's no doubt that an auction is entertainment at its finest. Crowds of people competing for unique property, combined with that lively and rhythmic auction chant make for some great entertainment and fun. It's an event the whole family can enjoy.
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Honesty of the Transaction
Auctions are very organized and the rules are straightforward. Auctioneers who are members of the National Auctioneers Association, as Auction Brokers is, are bound by a code of ethics that protects consumers against unfair auction practices.
A Few Handy Tips To Know Before You Go!
A few suggestions to help you not only bid successfully, but to enjoy the auction experience:
Pack the items you'll need before you leave for the auction. Some suggestions:
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A small flashlight for the inspection in case that the property doesn’t have power.
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Deposit amount in cash or a cashier’s check made payable to you.
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Identification
Dress comfortably. Remember, it might be hot/cold outside but the air conditioning/heat might be working overtime inside.
Eat something before you go. There's a good chance you won't have access to food while you're there.
Ask what types of payment are accepted, if the auction house charges a buyer's premium Don't bid on anything you don't examine in the preview. Unless you really, really want to.
Raise your hand or paddle to bid. Once you've been acknowledged, further bids on an item can be made by a nod of the head, etc. Don't worry; sneezing won't accidentally put you into the poor house.
Agent/Broker Registration Form
Thank you for participating in our real estate auction sale. To register, please fill in the form below. If you are unsure or need additional information, please contact an Auction Brokers representative. Thank You.
SALES HELD AT THE PREMISES
Your Client's Name(s)
You are permitted to register more than one buyer - opening bid must be included for each buyer, and must match the opening bid on the registration form. If you have more than 2 clients wanting to bid, please contact us.
Realtor, Agent, or Broker Information
TERMS & CONDITIONS OF BROKER CO-OP PARTICIPATION REQUIREMENTS
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You must attend the Auction with your client(s).
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Agents must completely fill out the Broker Registration Form prior to auction.
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It is understood that this is a CASH SALE and any accepted Contract is not contingent upon any financing whatsoever.
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You must assist your client(s) throughout the purchasing term until settlement.
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A fee will be paid to the Broker at settlement at a rate of two percent (2%) of your client’s written opening bid and an additional one percent (1%) of the difference between the opening bid and final accepted bid. Agents will be paid only if the property is settled upon.
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In the event Auction Brokers needs to contribute part of their buyer’s premium to satisfy the seller, the total fee paid to the broker will be twenty percent (20%) of the NET buyer’s premium received. NOTE: If you do not understand this fee structure, please call the office for an explanation. No fee will be paid to brokers or agents acting as principals, or to any broker currently suspended or disbarred by the Real Estate Commission.
***In order to qualify to receive commission, agents must completely fill out the Broker Registration Form showing Opening Bid for each Client prior to auction, and completely fill out the bottom portion of the Bid Registration Form, which also shall show Opening Bid, and sign both forms. Commission is only paid in the event that the property settles according to the Real Estate Contract of Sale.
ATTENTION: Brokers, Agents, and Approved Representatives of Buyers: All of the information regarding fees and terms of fees that will be paid are subject to change without notice. Fees paid will be based on the NET Buyer’s Premium received.
I have read and understand and agree to the terms and conditions of the Broker Co-op Participation Requirements:
Thank You! We have received your form and will be in touch within 1 business day. Please call us at 410-426-2622 if you need help immediately.