FAQ'S ABOUT REAL ESTATE
AUCTIONS
WHAT IS A REAL ESTATE AUCTION?
A real estate auction is an accelerated method of buying and selling property by the public sale of the real estate in open competitive bidding.
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, LLC.
WHAT IS A REAL ESTATE AUCTION?
A real estate auction is an accelerated method of buying and selling property by the public sale of the real estate in open competitive bidding.
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, LLC.