How to Buy at an Auction

Before buying real estate at any auction, please be sure to do the following:

PREPARE FOR THE AUCTION
Read the Terms & Conditions of the Auction. The terms will clearly explain what is expected of the high bidder. Be sure to read about the Buyers Premium, Deposit Requirements and Required Settlement Date. Know how much you can afford before you enter the auction. Mortgage Pre-approval is highly recommended before bidding at an auction.

GET TO KNOW THE PROPERTY (Do Your Homework)
Properties offered at auction are available for viewing by potential purchasers. One may schedule a "private" viewing or attend an open house. Most auction properties are sold "as is, where is" make sure that you obtain professional advice on the structural condition and the mechanics' of the home. The seller will give marketable title, subject to restrictions of record, on the day of close via a Warranty Deed. Taxes will be pro-rated per appropriate local taxing authority method.

KNOW THE PROCESS
Know when and where the sale is to be held. If there is anything that you do not understand or if you need additional information, please call the Preferred Auction Alliance Department for clarification or further information. Be sure to listen to all announcements made prior to the start of the auction. If there is any segment that you do not understand, ask questions until you are clear. Do not bid unless you fully understand all the terms and conditions of the sale.

FINANCING (Arrange for Financing Prior to the Auction)
Auction Purchase Agreements are not Contingent upon buyer obtaining financing. Bidders should contact the lender of their choice to make all financing arrangements prior to the auction. Buyers must come to the auction prepared to buy with financing in place.