By now you've probably toured the home with your agent or attended an open house to view the property in person.
Next, is when you prepare and register to bid.
Make sure that you've done all your due-diligence on both your finances as well as the house you're intending to purchase. At auction, you are purchasing the home "As-Is" without contingency, so it's advisable to make sure all docs are reviewed and financing is in order.
Unlike traditional real estate sales, with us, you are able to download a complete due diligence packet which will inform you on the details of the property. Reviewing and approving this information in advance, lends to the clarity and transparency in your offer or in this case, bid and eliminates the need for post contract inspections or document review. Does this mean that you could potentially close earlier than traditionally? You bet! But don't worry, you'll still have up to 30 days to close.
Another perk is knowing the contract terms up front. At auction, the contract is already written and the only items that need completing is the final purchase price. (The final purchase price is the highest bid at close of auction, aka the hammer price.) as well as the earnest money due.
Once the Auction Terms and Conditions are accepted and you have registered, you'll be able to take part in the bidding process. Unlike traditional sales where everyone has to blindly guess at offer numbers, terms and simply hope they win in a multiple offer situation, you can actually watch and see what the current bid is and have the opportunity to beat that number. Isn't transparency so much better?!
At the end of the auction, if your bid is the highest, you win! The contract that has already been reviewed and approved is completed with the sale price and earnest money amounts and sent to you to sign electronically.
From there, Earnest Money is to be deposited and your agent and title representative will guide you to closing your new property.
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