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 Frequently
asked questions are categorized into two sections: SELLING
and BUYING.
Please read through to find the answers to many questions we are commonly
asked.
If you don't see ther answer to your question here and/or would like additional
information,
contact us. We look forward to hearing from you.
Q. Why would I choose to sell
my property through an auction?
Q. Will my property be sold for
less than actual market value?
Q. How much is the commission
for an auction sale?
Q. What expenses are there if
I sell through an auction?
Q. I am interested in selling
my property through an auction. How do I get started?
Q. Do I need
any experience to bid at the auction?
Q. Do I need to register to bid
at the auction?
Q. Are there any liens on the
property?
Q. Should I look at the property prior
to bidding?
Q. What if I don’t have time to
look at the property prior to the auction?
Q. If I buy something, do I need
to pay the entire purchase price on auction day?
Q. Do I need to qualify for financing
and how long does it take?
Q. Can I buy as many properties
as I want?
Q. Do I pay any sales tax on my purchase?
Q. What if I buy a property and I find
out that it’s not what I want?
Q.
Why would I choose to sell my property through an auction?
A. Through the use of a high profile marketing
campaign your property will attract more pre-qualified prospects that are
prepared to buy. If you have one prospective buyer, they are in control.
But, if you have several prospective buyers, you are in control. By ensuring
as many buyers as possible see the property we are more likely to have multiple
buyers competing on auction day to find the one buyer prepared to pay a
premium.
Q.
Will my property be sold for less than actual market value?
A. Selling the property through an auction will
not change its market value. On the day of the auction, the value of the
property is determined by the market and what individual buyers are willing
to pay.
Q.
How much is the commission for an auction sale?
A. As the seller, you pay no commission when your
property sells at auction. The seller pays a marketing fee to the auction
company and no cooperating broker commissions.
Q.
What expenses are there if I sell through an auction?
A. The seller pays normal seller closing costs
which may include but are not limited to escrow, title, property liens,
tax prorations, home protection and termite clearance.
Q.
I am interested in selling my property through an auction. How do I get
started?
A. Please contact us today to set an appointment.
We will visit the property and discuss the many benefits of the auction
process with you. After an agreement is reached, we will provide a professional,
aggressive, high profile advertising and marketing campaign to promote the
property and the sale date.
Q.
Do I need any experience to bid at the auction?
A. No, but you do need to be registered. We
will provide you with the information necessary to ensure that your auction
experience is satisfying and fun.
Q.
Do I need to register to bid at the auction?
A. You must contact us to register or register
online at www.realauctionsusa.com If you are being represented by a Real
Estate Broker at auction you may have your broker handle the registration
process for you. Registration is free of charge.
Q.
Are there any liens on the property?
A. The auction sale is contingent upon you receiving
marketable title to the property. Prior to the auction, you will receive
a Preliminary Title Report showing the condition of title and which items
will be paid by the seller at closing. This is one of the many benefits
of purchasing at auction. You know the condition of title prior to bidding
and know that the title company is prepared to guarantee the transfer
of title.
Q.
Should I look at the property prior to bidding?
A. Yes. There are property preview dates scheduled
prior to each auction day. This allows you to make the necessary physical
inspections of the property required to make a sound, responsible decision
before bidding. It is your responsibility to make sure that a particular
property suits your needs.
Q.
What if I don’t have time to look at the property prior to the auction?
A. Then you probably
should not bid. We urge you to inspect the property personally before
bidding and to thoroughly review the Bidder’s Package that includes
any required seller disclosures and available reports including the preliminary
title report.
Q.
If I buy something, do I need to pay the entire purchase price on auction
day?
A. No, only the earnest buyer's deposit. The entire contract including the buyer's premium can be financed.
Q.
Do I need to qualify for financing and how long does it take?
A. If you intend to finance the property, it
is important that you have pre-qualified for your intended financing.
For assistance with this process, please visit First Capital Mortgage
by clicking here.
Q.
Can I buy as many properties as I want?
A. Yes, but you must post the required deposit
to bid on each property and for each property you successfully purchase
on auction day.
Q.
Do I pay any sales tax on my purchase?
A. There are no sales taxes incurred through
the auction process that are not normal taxes charged in the purchase
or sale of real property. For more information on the tax benefits of
real property ownership and on capital gains taxes you should consult
your tax professional.
Q.
What if I buy a property and I find out that it’s not what I want?
A. All sales are final and there are no buyer
refunds. That’s why it's so important that you investigate before
you buy.
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