Get Pre-Qualified & Estimate Monthly Payments. Before bidding or putting in an offer, you will need to prove that you can afford to buy the home. If paying cash, just provide a "Proof of Funds" from your financial institution. If a mortgage is needed, a down-payment will be necessary at the day of the Auction... it's like a traditional "Earnest Money" deposit.
What are homes Selling-for near this property?The Auctioneer or any Realtor with access to the BLC (MLS) can get an ACCURATE list of "comparables" that have sold in the area. Simply ask for a copy. While MIBOR.com has accurate information, the site is a little tricky to dial-in a specific property location. Zillow.com is another decent source.
Obtain a Copy of the "Terms & Conditions" from the Auctioneer or their website(s). This explains the specifics of what is needed to complete the purchase before, during and after the Auction.
Schedule to Visit the Property Before the Auction. In order to stick to a planned Sale Date, most real estate is Auctioned "as is." Thus, it's important that you call & set an appointment to take a look at the home BEFORE the Auction or before making an offer. Typically, no contingencies are allowed as with a "traditional" offer where someone "backs out" of their commitment to buy. This promotes "due diligence" & builds confidence when offering or bidding on the home.
Inspect the Property on or before "Preview Day."Bring a checklist, flashlight & casual clothes, or bring a trusted contractor/ inspector to help evaluate the property. Remember, the home is being sold "as is"... but that should not be a reason to fear making an offer, or bidding at the Auction. We're here to answer ANY questions.
Make an offer! If you like the property & want to make a fair offer, send it to the Auctioneer / Realtor & they will get it to the Seller for approval. Remember to factor-in the Buyer's Premium. (See "Terms & Conditions below) If it's accepted BEFORE the Auction, it will eliminate your competition before they get a chance to challenge you on Auction Day. Or, you can........
Join the Excitement & Bid on Auction Day! Now you want to buy. You've inspected the home, the neighborhood, you know what homes are selling for in the area... now it's time to BID! Being prepared is the BEST way to bid at an Auction. While it might be "stressful" for some folks, fear not! The Auctioneer will personally answer any questions well ahead of the Auction & walk everyone in the crowd through all the details before the Auction begins. We WANT to. We LIKE to. And... it's the law.
You WON!.... Now What? It's really simple. You sign the Purchase Agreement, Promissory Note & deposit your down-payment on-the-spot. This contractually guarantees that you will be the Owner. Closing Date is already set. Processing begins.
Close on your new home! Your Loan Documents are processed, (unless paying cash) & the mortgage (or cash) will be applied to purchase the home on or before the Closing Date. Yes, the Realtor(s), Auctioneer & Title Co. will all make sure it's done properly & legally!