Because we offer a unique service to sellers of real estate, our programs for licensed Brokers and Realtors should compliment your efforts. We are licensed and bonded in North Carolina and have extensive experience using the auction method of marketing real estate. Below are answers to the most commonly asked questions from licensed real estate professionals:
1. Does the buyer need to have all cash on the day of the auction?
NO, the successful bidder pays typically 5-10% of the final accepted total contract price as a non-refundable deposit at the auction. The balance is required in about 30 days. By requiring a larger upfront/non-refundable deposit, our escrows usually close on schedule. This makes "payday" for our Realtor friends more predictable.
2. If our clients/buyers require financing can an appraiser have access to the property after the auction during the escrow period?
YES, we can allow appraisers and other inspectors access throughout the escrow period. If the property requires termite work and the buyers want to have it done, the work can also be completed prior to closing.
3. Is the seller obligated to do repairs or any termite work?
NO, the properties sold at our auctions are sold "as is" with no contingencies. The buyer does however receive a copy of the termite report and a transfer disclosure statement filled out by the seller. Many sellers at auction give a home warranty policy to the winning bidder.
4. Who pays the escrow and title costs?
Usually the buyer pays for title insurance and the normal pro-rata charges such as property taxes between seller and buyer.
5. Are the sellers who sell their property by auction through your company, obligated to accept whatever the highest bid brings?
NO, only if the auction is absolute does the seller need to accept the highest bid. We also offer confirmation auctions that allow the seller to accept or reject the highest price the auction brings.
6. Can any inspections be made to the property prior to the auction?
YES, unlike foreclosure and tax sale auctions, we hold usually one or two previews prior to the auction and one immediately prior on auction day. We recommend all potential buyers thoroughly inspect the properties. The properties can also be scrutinized by a home inspection company if the potential buyer wants to pay for this service. We also provide a recent termite inspection, and transfer disclosure statement in our bidder's packages. We truly want all potential buyers to be fully informed on the condition of the property.
Below are a few examples of properties and situations we might be able to assist you with:
1. Properties you have listed and the listing period is near expiration. 2. Properties where mortgage payments are behind and a foreclosure or tax sale is scheduled. 3. Properties that need a lot of fix up and/or have future liability concerns (i.e. faulty foundations, wiring, plumbing, etc.). 4. Hard to sell real estate like land, commercial, and industrial properties. 5. Expensive/luxury homes that usually sit on the market for months. 6. Probate properties. 7. Properties where the owner has been transferred or a divorce is involved.
Note: If you have a client with a property or situation above that you feel would be suited for an auction, just call us at 1-888-940-0642. We'd be happy to meet with you and your client to discuss all the options.
If we sell your client's property and the buyer closes, you would be paid a commission based on the final bid price. Call us at 1-888-940-0642 for details.
We hope this information is helpful and we can work with you in the future.