
FAQs
Got a Question? We Have Answers.
We have been in the auction business for decades. Here are some commonly asked questions we often get. Reach out at anytime if you do not see your question answered here.
- 01
Pay no commission Pay no closing costs Receive all cash, non contingent contract Sold "as-is" Quick settlement We bring interested, serious buyers to you Accelerated method of marketing Seller sets terms of sale (reserve) One open house viewing on the day of sale Bidders compete for ownership of your property Only qualified bidders participate Cooperation with real estate brokers
- 02
Registration is free, but you must provide proof of deposit in order to bid on the property. You do not have to relinquish your funds unless you are the highest bidder.
- 03
Registration is mandatory. The information provided at registration is used for verification and used to begin the settlement process should you be the highest qualified bidder.
- 04
An advertised percentage of the highest bid added to determine total contract price paid by the buyer. Buyer's premium is usually a 10% fee paid to the auction company for services rendered.
- 05
The seller must abide by all applicable federal and state laws. All required disclosures must be made available, e.g. Lead based paint, ground rent cost, historic registry, etc.
- 06
An auction where the property is sold to the highest, qualified, bidder regardless of price.
- 07
All sales are final unless the seller cannot deliver clear title to the property. If you do not complete the sale, your deposit is lost and you will be charged any additional costs necessary to re-market the property. Read the terms and conditions of the sale prior to bidding on properties that you want to buy.
- 08
Reserve Auction: Subject to seller’s confirmation, auction is taken to highest bid, at which time bid is discussed with seller and seller decides whether to accept or reject that high bid or
Absolute Auction: This type of auction promotes the highest interest in your property and activity from bidders. It creates excitement and urgency. Absolute auctions have been known to create a bidding frenzy and consistently produce the highest final bid on properties.
Other: There are variations on both absolute and reserve auctions. One such variation is called a Sealed Bid Auction. In this type of auction, buyers are required to bid in writing. This method can be effectively combined with a live “out-cry” reserve auction to identify and extract the highest bids from an audience before buyers can get a feel for the competition. Auction Brokers will work with you to determine the best auction strategy for your situation.
- 09
A nominal property value-proportionate advertising fee is required upfront to promote your property using our “tried and true” target marketing tactics. Virtually all of these funds go directly to the marketing services. Visit the page "Advertising Details" for complete information.
- 10
30 - 45 Days
