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Auction Services International
p: (561) 746-1633  •  f: (561) 745-8395
e: info@auctionservicesintl.com

Auction FAQs

Real Estate AuctionsCan anyone attend?
Yes! It is a live auction open to the public, to take place on the premises of each specific auction property.

Is there a fee to attend/register?
No! It is free to register.

Is there an opening bid?
No! The public will start the bidding.

What am I required to bring?
In order to bid you must have a photo I.D. and present a cashier’s check made payable to yourself or cash in the amount of $2,000. The $2,000 check is not deposited with us. Only if you are the high-bidder will you use this $2,000 as part of your 5% down payment. It is deposited with the listing agent. If you are not the high-bidder, you simply sign-over this check back to yourself and re-deposit into your account. The auctioneer can waive these requirements at his/her sole discretion.

How much earnest money must I put down if I win the bid?
5% of the total purchase price (high-bid amount + 5% Buyer’s Premium). Minimum earnest deposit is $2,000.00. Example: You are the high-bidder, and your high-bid amount was $50,000. Add the 5% Buyer’s Premium ($2,500) to the high-bid for the total purchase price of $52,500. Your 5% minimum earnest money ($2,625) will be comprised of the following: your $2,000 certified funds check and a personal check for the remaining amount of $625.

How long will I have to pay the remaining balance?
30 days to come up with the remaining balance (95% of the total purchase price). Using the example above: $49,875 is due within 30 days.

Can I get financing or do I have to pay cash?
A common myth is the seller requires you to pay cash. This is false. You can finance the purchase of this foreclosure, but there will be no financing contingencies. Therefore all transactions are considered to be cash transactions and are not contingent upon financing. Buyers should obtain their financing arrangements prior to the auction date as all earnest money deposits are non-refundable.

What is the “buyer’s premium”?
It is a 5% fee that is added to your high bid amount, which comprises the total purchase price.

Do I have to pay back taxes or liens?
No! Each transaction is subject to the seller being able to convey insurable title to the property to the buyer as set forth in the Purchase and Sale Agreement.

Who pays for the owner’s title insurance?
The seller will pay for and provide owner’s title insurance to the property.

 

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