PREPARE YOURSELF FOR THE AUCTION
Understanding the auction process strengthens your positions as a bidder. Attend auctions as an observer prior to attending as a bidder. Plan your approach…bid strategy and bid limits.
In all cases, there are no mortgage contingencies for properties sold at auction. The terms of sale for most auctions, state you must be able to close on the property within 30 days of the auction date. If you are the successful high bidder at an auction, your deposit is non-refundable. Be sure to know what you can afford to pay and that you will be able to get the necessary financing (if needed) prior to bidding at an auction.
It’s also not uncommon for auctions to be postponed or cancelled. Although postponements are announced at the time and location of the published auction date, you should always call or visit our website to view the auction calendar for the most recent updates to our auction schedule.
ABOUT THE PROPERTY
Research the property by performing your own due diligence. Check public records or check with the city or town tax assessor to see what municipal liens may be owed on a property. When you buy at foreclosure auction, you are also buying the property subject to these liens, which means you are buying them in addition to the price you pay at auction. Properties are sold “as is” and “where is”. There is no contingency in the purchase and sale agreement for property condition. It is best to understand your responsibility as a buyer prior to attending and bidding at any auction.
In order to participate and bid at an auction, one must have the appropriate deposit amount, as stated in the foreclosure notice. The deposit should be in the form of cash or a bank treasurer’s check, made payable to yourself.
Unless otherwise indicated, auctions take place at the property address. Registration done on-site at the auction. All deposits must be shown to the auctioneer along with a photo ID in order to register to bid at the auction.
When the property is sold, the highest bidder will be required to endorse the check over to the attorney, immediately upon the property being sold and hand the check to the auctioneer. The auctioneer will prepare the necessary paperwork on site and the successful high bidder will be required to sign three executed copies of the purchase & sale agreement prior to leaving the auction site. Unless otherwise indicated, and in most cases, the balance of the purchase price will be due in 30 days.