A real estate auction is an accelerated method of buying and
selling property by the public sale of the real estate in open competitive
ARE ALL REAL ESTATE AUCTIONS THE SAME?
No. There are two kinds of auctions, reserve and absolute.
A reserve auction means that the sellers have a figure that they will not sell
below (the reserve price). This number is not disclosed. At the end of the
bidding process, the sellers will then accept or not accept the highest bid.
The other type of auction, absolute, means that whatever the highest bid is will
be accepted as the sales price. LREALLC deals only in voluntary sales of real
estate through these methods. We do not handle foreclosures or forced sales.
WHY DO I NEED TO BRING A SUBSTANTIAL AMOUNT OF DEPOSIT
TO THE AUCTION?
Since sales at auction are final and binding, it is only fair
that bidding be between serious buyers. Bidders with deposits by bank check or
cash are allowed into the auctioning process. (NO PERSONAL CHECKS!) Checks
should be made out to bidder. We will collect checks/cash prior to auction,
returning them to losing bidders at end of sale. The winning bidder will then
sign check over for deposit to trust account pending closing.
CAN I INSPECT THE PROPERTY?
The property is open for inspection an hour before the sale.
All properties are sold on an “as is” “where is” basis. We post all the
disclosures and public information we have.. We urge due diligence by all buyers
prior to sale date.
WHAT ARE TERMS OF SALE?
Generally closing is to take place within 30 days.
WHAT IS A BUYER'S PREMIUM?
The buyer’s premium is service charge added to high bid,
usually 10% of the high bid, and paid by buyer. See specific terms for each
auction for the specific buyers premium for each auction posted.
WHAT IF I HAVE MORE QUESTIONS? CONTACT
US: *FOR INFORMATION* MARY HELEN LEVINE - BROKER REPRESENTING SELLER PHONE: 203-525-4753 or CLICK HERE TO EMAIL US!
COPYRIGHT 2008 - 2015 - LITCHFIELD REAL ESTATE AUCTIONS,