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WHAT WILL I NEED TO DO PRIOR TO AUCTION? |
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Register and review the property information of available properties. Select those properties that appeal to you and if you plan to bid, do your due diligence well in advance of the auction date. Each property is assigned to a local Realtor who will be a good contact source for you. The properties are held open for inspections and contract bids on at least two dates prior to the auction-once during the week and once on a weekend date. These dates will be posted on the catalog portion of our website. Coordinating and verifying these dates with the listing agent is advised due to last minute changes. This is an ideal time to inspect the property or to get bids on work that may need to be done. Your inspector can remit a report to you within 24 hours in most cases if you choose someone who is ASHI certified and works from a laptop computer. Pest control reports and home warranties and even preliminary title checks can be performed prior to the bid date. Your contact listing Realtor may be a good source for someone to administer these tasks for you. We provide some useful "Great Links" on our website as well. Tie up all loose ends before you bid and you will have far more satisfaction with your end results. Please read all terms and conditions carefully and follow those procedures. |
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WHAT HAPPENS IF I AM THE SUCCESSFUL BIDDER? |
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Immediately after the event, you will pay a 5% non-refundable deposit, or amount which is indicated in the catalog, and sign a contingency free contract, agreeing to close within 30 days. As you bid, remember that the actual price will include a buyer's premium of 5%, added to the final bid. The auction team as well as the listing agent will assist you from contract to closing. |
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CAN I MAKE THE CONTRACT CONTINGENT UPON FINANCING OR INSPECTION? |
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No, the auction contract is contingency free. For this reason, it is important that you finish your property evaluation and arrange any financing before the auction. |
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WHAT IF I WANT TO BE REPRESENTED BY A BROKER? |
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He or she must complete the required Buyer Broker registration form. This form is available by contacting International Realty Auction Network, LLC. This must be done 48 hours in advance of the auction. Additionally, the Broker or agent representing the buyer must sign the contract to purchase after the high bidder receives it in order to be paid a commission and then follow up until closing as in a traditional sale. |
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WHAT IS THE DIFFERENCE BETWEEN AN ABSOLUTE AUCTION AND A RESERVE AUCTION? |
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In an absolute auction, the property sells to the highest bidder, regardless of price. This type auction tends to get the best results because it attracts the largest number of bidders. In a reserve auction, the seller retains the right not to convey the property if the high bid is deemed unreasonably low. The reserve is usually not communicated. |
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