An Auction is the process of buying and selling within a minimum time frame in an open arena of offers and escalation of purchase price dictated by rising offers until a final offer/highest price is accepted. There are two types of auctions: public and foreclosure. The Public auction is for an owner with no financial troubles selling property through the auction process. The Foreclosure auction is forced on the owners by his creditors. An absolute auction is a public auction with a reserved minimum sale price. Foreclosure auctions are not absolute. There are no contingencies with auctions defined “No Financial”. Buyers will need a cashiers check for the deposit money and the property is sold under “as is” conditions. Inspections are set up at times other than the auction time. Prior inspection is not a requirement for bidding. It is recommended that the buyer start the loan process immediately. If the buyer fails to close, the full deposit is not refunded. If the property title cannot be cleared, the deposit will be refunded. Closing costs are paid by the buyer. The buyer will also pay a “Buyer’s Premium” which is a service charge added to the highest bid in public auctions. Buyers pay all fees, not the seller. 5 Reasons to Sell Through An Auction: Sell property “as is” for cash Pay no commission on settlement cost No pre-sale fix up costs No financing contingencies Close deal in 30 – 45 days Advantages for Auction Buyers: Set their own purchase price Eliminate long negotiations Reduce time involved to purchase property Property owners sell at lowest possible price When attending auctions, look for: Sales contract on-site for review Registration process Knowledgeable staff to stimulate bidding Photos and other media with full property descriptions Call Norris Streetman if you would like to move property through our Auction process. (918) 313-8309. Or email NorrisStreetman@carwashforsale.net. |