Buy at Auction!
Auctions are just one of many methods of marketing a property that’s for sale. When purchasing real estate through conventional means, the terms and conditions are negotiated back and forth between the buyers and sellers. At auctions, the terms and conditions are pre-set and the only unknown is the price. This allows you to do all your due diligence prior to the auction and have an estimated price of what you wish to bid.
Auction Day Tips
Century 21 Bradley's Auction Division will have Property Information Packets available on the property and be ready to answer your questions regarding the property or the auction process. The successful bidder will be required to sign the real estate purchase agreement and addendums and submit their earnest money deposit at the conclusion of the auction. Auction advertising will specify the earnest money required for that specific auction.
Title Insurance
Title insurance assures you a clean, clear, marketable title to the purchased property. Title insurance will be offered on the property. The cost of the title insurance, is in most cases, shared between the buyer and the seller.
Closing
The real estate purchase agreement will usually call for the closing on or before 30 days following the auction. Customarily, the closing cost will be shared between the buyer and the seller. When both parties are prepared to close, we often accommodate the buyer with an earlier closing. Time is of the essence for both the buyer and the seller and our services cater to the needs of both parties.
Possession
Keys and possession will be given at the time of closing, subject to existing lease or rental agreements, if any.
Taxes, Leases, and Rents
Taxes, leases, and rents will be prorated to the day of closing.
Absolute Auctions vs. Seller Confirmation
Seller Confirmation: A seller confirmation auction is when the seller is able to set a minimum amount that the property must bring the day of the auction. If it does not meet the seller’s expectations they have the right to decline the offer on auction day.
Absolute Auctions: An absolute auction is when the seller is willing to take any offer on the day of the auction regardless of price.
Properties sell “As Is” in present condition on the day of the auction. All inspections must be done prior to bidding on the property. Information given is from sources deemed reliable but NOT guaranteed by the seller(s) or the Realtor(s)/Auctioneer(s).
Getting Ready
The 30 days leading up to the auction is the time for you to get questions answered, attend open houses of the homes you are interested in, and determine what you can afford to spend. The actual auction is simply the time to offer the price you are willing to pay for those properties.
Auctions go fast
The auction itself moves fast. First time attendees are usually surprised to learn that the sale they are attending is over within a few minutes. In many cases, if the auction is for a single home with nothing else to be sold, the entire process lasts less than 15 minutes. So, don’t be late!
Registration
On auction day, prospective buyers register for a bidder number by showing a valid driver’s license and filling out some simple information. The registration period usually begins 1 hours prior to the scheduled auction time. There is no fee to register at the auction and high bidders may use cash or personal checks for down payment. You can also get all last minute questions answered and tour the home one final time, if you wish.
Before Bidding Begins
The auction begins promptly at the appointed time with opening remarks summarizing, for the record, the terms of sale, the methods of bidding, and any last minute changes or disclosures. These comments usually take only a few minutes, concluding with the auctioneer answering any final questions. Then the bidding is ready to begin.
Multi-Tract Auctions
In multi-tract Auctions, properties are offered in individual tracts, any combination of tracts, and as the complete property. There will be open bidding on the individual tracts, tract combinations, and the property as a whole as determined by the Auctioneer. Bids on the tracts and the total property may compete. If you have never purchased property in a multi-tract Auction, our Auction Staff will be standing by ready to answer any questions you may have and will gladly walk you through the process!
Auction Day Tips
Century 21 Bradley's Auction Division will have Property Information Packets available on the property and be ready to answer your questions regarding the property or the auction process. The successful bidder will be required to sign the real estate purchase agreement and addendums and submit their earnest money deposit at the conclusion of the auction. Auction advertising will specify the earnest money required for that specific auction.
Title Insurance
Title insurance assures you a clean, clear, marketable title to the purchased property. Title insurance will be offered on the property. The cost of the title insurance, is in most cases, shared between the buyer and the seller.
Closing
The real estate purchase agreement will usually call for the closing on or before 30 days following the auction. Customarily, the closing cost will be shared between the buyer and the seller. When both parties are prepared to close, we often accommodate the buyer with an earlier closing. Time is of the essence for both the buyer and the seller and our services cater to the needs of both parties.
Possession
Keys and possession will be given at the time of closing, subject to existing lease or rental agreements, if any.
Taxes, Leases, and Rents
Taxes, leases, and rents will be prorated to the day of closing.
Absolute Auctions vs. Seller Confirmation
Seller Confirmation: A seller confirmation auction is when the seller is able to set a minimum amount that the property must bring the day of the auction. If it does not meet the seller’s expectations they have the right to decline the offer on auction day.
Absolute Auctions: An absolute auction is when the seller is willing to take any offer on the day of the auction regardless of price.
Properties sell “As Is” in present condition on the day of the auction. All inspections must be done prior to bidding on the property. Information given is from sources deemed reliable but NOT guaranteed by the seller(s) or the Realtor(s)/Auctioneer(s).
Getting Ready
The 30 days leading up to the auction is the time for you to get questions answered, attend open houses of the homes you are interested in, and determine what you can afford to spend. The actual auction is simply the time to offer the price you are willing to pay for those properties.
Auctions go fast
The auction itself moves fast. First time attendees are usually surprised to learn that the sale they are attending is over within a few minutes. In many cases, if the auction is for a single home with nothing else to be sold, the entire process lasts less than 15 minutes. So, don’t be late!
Registration
On auction day, prospective buyers register for a bidder number by showing a valid driver’s license and filling out some simple information. The registration period usually begins 1 hours prior to the scheduled auction time. There is no fee to register at the auction and high bidders may use cash or personal checks for down payment. You can also get all last minute questions answered and tour the home one final time, if you wish.
Before Bidding Begins
The auction begins promptly at the appointed time with opening remarks summarizing, for the record, the terms of sale, the methods of bidding, and any last minute changes or disclosures. These comments usually take only a few minutes, concluding with the auctioneer answering any final questions. Then the bidding is ready to begin.
Multi-Tract Auctions
In multi-tract Auctions, properties are offered in individual tracts, any combination of tracts, and as the complete property. There will be open bidding on the individual tracts, tract combinations, and the property as a whole as determined by the Auctioneer. Bids on the tracts and the total property may compete. If you have never purchased property in a multi-tract Auction, our Auction Staff will be standing by ready to answer any questions you may have and will gladly walk you through the process!