With Real Estate Auctions all the rage right now, I would like to offer some advise and tips on how to be prepared to bid on real estate at auction.
A REALTOR(R) can be a GREAT asset to the auction process. Many Auction Companies provide a cooperative commission to REALTORS(R) that register a buyer and attend the auction.
It makes sense to have someone in your corner. A REALTOR(R) can bring to the auction the very same expertise that benefits buyers in a conventional transaction. Knowledge of the transaction process, qualification of target properties including current and relevant Comparative Market Analysis, and knowledge of the market.
Tips for buying at auction:
- Have a REALTOR register you for the Auction. In many cases the Auction company will provide a cooperative Brokerage Commission the the REALTOR. Use the REALTOR and his/her expertise to help you with the following:
- Review the terms and conditions of the auction. Before auction day get a copy of the purchase agreement and the auctioneer’s terms and conditions including any Buyer’s Fees. Read and understand them.
- Conduct due diligence well in advance of the auction. Be sure to attend any pre-sale property inspections or tours. Inspect the property! Review any available documentation, such as previous inspections, appraisals, and seller disclosure statements.
- Review the title search. The seller’s representative usually requests this at the time of the listing.
- Arrange for financing. Clarify with the lender the qualifications and the amount available for a loan. In most cases payment to Auctioneer will be in the form of Certified Funds or Bank Check many times on the day of the sale.
- Know the market! Check comparable properties and what they have sold for, and analyze nearby listings including current actives, withdrawn, expired and RECENTLY solds. Your REALTOR can invaluable for getting this information.
- Know your financial limitations and check your emotions at the door! The Auction House is counting on emotional bidding!
Kind regards, Mike Foate- By Land or By Sea!
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P.S. If you like our service please don’t keep us a secret!
We GREATLY appreciate all referrals.
SEE ALL WATERFRONT CONDOS FOR SALE!
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MIKE’S CELL: 850-596-4236
VIVIAN’S CELL: 850-814-2372
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Mike and Vivian Foate-REALTORS®
Prudential Shimmering Sands Realty, Inc.
400 S. Hwy 79
Panama City Beach, FL 32413
Popularity: 61%
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