|
Frequently Asked Questions (for Buyers)
As a buyer, what are the benefits
to an auction?
The top ten reasons to buy at auction are:
- Smart investments are made by purchasing through the auction
method.
- The buyer knows the seller is fully committed to sell.
- In multi-property auctions, the buyer sees many offerings in
the same place at the same time.
- Buyers determine the purchase price.
- Auctions eliminate long negotiation periods.
- Auctions reduce time to purchase property.
- Purchasing and closing dates are known.
- Buyers know they are competing fairly and on the same terms
as all other buyers.
- Buyers receive comprehensive information on property via due
diligence packet.
- Auctions are lots of fun!
Why is property being sold at auction instead of using
the traditional listing method?
An accelerated sale is needed for various reasons including but
not limited to foreclosure, divorce, bankruptcy, estate settlement,
transfer, surplus properties, corporate liquidation or an immediate
move. These clients need to know that their property will
be sold.
What about the title? Will I buy a property
with unpaid back taxes or liens?
Properties are sold with good, insurable title and no liens, judgments,
mortgages or back taxes. If the title cannot be cleared,
the deposit will be refunded to the Buyer.
If I can’t be present at the auction, can someone
bid for me? Can I bid by telephone?
Yes, you can absentee bid or bid by telephone or internet. All
paper work must be filled out prior to the auction and submitted
in timely to Auction Louisianne, Inc.
How do I inspect auction properties?
Properties will be open 1 hour prior to auction for inspection
or by appointment.
What happens if the high bidder fails to close?
Auction Louisianne, Inc. immediately notifies the backup bidder
in order to secure a new Purchase Agreement. If the backup
bidder is not interested, the property is available to other
registered bidders and the open market.
Can I make an offer before the auction?
Yes. We will write the offer and present it to the owner
for acceptance. The Terms and Conditions of the auction
must be followed. We recommend that you make your best offer
at this time.
Will the Seller be bidding up the price?
No way. The property owners are prohibited from bidding.
This is my first auction. What should I do to be
prepared for bidding and possibly purchasing property at auction?
First, we recommend that you call your lender and pre-qualify. Then
check out the values in the neighborhood and inspect the property. Set
a limit for your highest bid and be prepared to bid up to that
limit. Arrive early to register and ask questions. Relax. Listen
to the Auctioneer. If you want to bid, raise your card, hand,
or simply say “bid” in a loud, clear voice. Bid
assistants will help you during the auction. Remember, to
have fun and the next great deal may be yours.
|
