Selling Real Estate at Auction
Trust the auction
professional conducting the auction, Gilbert & Gilbert
Auctioneers Inc. has been in business for over 44 years and it's
our pleasure to answer any of your questions.
When buying at auction it is a good idea to contact your lending
institution prior to the auction to ensure you can obtain
financing prior to bidding on the real estate.
It is normal procedure to view the real estate prior to the
auction at an Open house. These times and dates are posted
in the auction advertisement.
Estate at auctions is sold As-Is, however, it is sold free &
clear of any leans, taxes, mortgages, etc. This means you
always get a clear & clean title otherwise you are not
obligated to take the real estate.
selling their real estate at auction are required to fill
out and complete a Sellers Disclosure form, however, when
selling for an Estate the Executor: Administrators etc. are
not required to complete a sellerís disclosure.
buying at auction closing costs are associated with the sale,
one of these is a title search, transfer tax, etc. Taxes
such as School tax, County Tax etc, are prorated. This
means the sellers pay what they use and the buyer pays what
estate auctions are with reserve unless advertised as a
Estate auctions require signing a Condition of Sale This is
the contract between the seller and the buyer.
of Condition of Sale
real estate is no different then bidding on any other items,
with one exception. When the auctioneer takes the bids on
the real estate, he may take a recess. At the point in time
the bidding is on hold, and the auctioneer talks with the
sellers to decide whether or not to sell the real estate
(this is called meeting the reserve). The auctioneers will
then open up the bidding again and announce the decision of
the seller, to sell the real estate or not.
If you are
the successful bidder on the real estate you will be
required to pay 10% deposit that day. This can be done with
a Personal Check. Then depending on the terms advertised
you will have 45 to 60 days to settle. It is a good idea to
contact your Attorney, Bank or Settlement Company shortly
after the auction.
of Sale (Word Document)
Please feel free to
email concerning any
questions you may have either buying or selling Real Estate at