Buyer FAQS
In order for our buyers to be better informed and take confidence in their buying decisions, we have made revolutionary changes in the way property is sold at auction. The answer to questions that you find here reflect our way of conducting real estate auctions. When considering listings of other auction firms, be sure to completely familiarize yourself with the terms and conditions for each property.
What is the Source of Properties Offered For Sale by Atlantic Auction & Appraisals?
The majority of the properties we handle are quality properties and belong to private individuals who are usually highly motivated to sell and desire a safer and more expedient way to market their property. All auction properties are not what they used to be.
How Can I Preview a Property Prior to Bidding on It?
When your are ready to visit each property in person simply visit an open house (see scheduled times on each property page) or call one of our Realtors for a private showing. Additionally, most properties are available for preview at least one hour before the auction begins.
Do I Need to Be Pre-Qualified for Financing Prior to Bidding?
Getting pre-qualified is always recommended prior to making an offer on any property. Contact the listing agent for assistance and additional information or contact your Mortgage Banker.
What Kind of Real Estate Title (deed) Will I Get When I Buy an AAMG Listing?
In most cases, you will get a General Warranty Deed. This the highest form of real property deed that can be conveyed.
What are the Terms & Conditions for Bidding on an AAMG Listing?
Each one of our listings has Terms & Conditions that are specific to that property. Please review this important information on each property that you are considering.
What do I Need to do in Order to Place a Bid at Auction?
On sale day, arrive early, register for a bidding number and obtain a property information package. The auction staff will be available one hour before the sale to answer any last minute questions you may have regarding the property or auction procedures. Bidding is open to the public. It is best to pre-determine in your mind what you are willing to pay for a particular property. As the auctioneer asks for bids, you need only raise your bidding card or instruct a bidders assistant to call out your bid for you. It’s that simple. Don’t worry about winking, blinking or scratching your ear… the Auctioneer will know when you are bidding!
If I am the Winning Bidder, What Do I Do Next?
Upon conclusion of the auction you will be instructed to complete the approved real estate purchase agreement. You will need to make a deposit in the amount stated in the terms section of each specific property listing. In most cases a personal check is fine. Your deposit will be held in an Escrow Account. Closing will be in approximately 30 days. The rest of the closing process will be just like buying a property through conventional means… Choose your own closing Attorney … Pick the lender of your choice … call the mover!
Can I Make an Offer on an AAMG Listing Prior to the Auction?
With most properties you can. In many occasions buyers want an answer right away and cannot wait until the auction occurs. We are required to present any and all offers to our clients for their consideration. It will be up to the seller to either accept the offer or to proceed with the scheduled auction. To make an offer prior to the auction contact the listing agent.
What is a Buyer’s Premium?
The Buyer’s Premium is added to the high bid and determines the final purchase price you will pay for the property. The amount of Buyer’s Premium if any will be indicated in the Terms & Conditions of each specific property.
Example: The Terms & Conditions of a property include a 10% Buyer’s Premium. The high bid on a property is $100,000. The total purchase price would be $110,000.
What are the Different Types of Auctions?
The most commonly used auction methods are Absolute and Reserve.
Absolute Auction: At an absolute auction the property will be sold to the highest bidder regardless of price. Using an absolute auction the only issue to be determined is the price itself. The property is sold as-is and there are no contingencies for property inspections and financing.
Reserve Auction: When a property owner sells using this type of auction they reserve the right to approve the final bid. These owners are just as committed to selling their property as in an absolute auction and they intend to have their property sold on auction day. The benefit to the buyer is that the reserve auction may allow for property inspections and provisions for financing.
Do you have other questions about buying at auction? Contact us today.
