HOW TO BUY AND SELL REAL ESTATE AT AUCTION

Buying Real Estate at Auction

1. Get pre-approved by your lender for the amount you are planning to spend on a house, just as you would if shopping any home. If lender has questions concerning the auction method of marketing, ask them to contact us.
2. Perform any due diligence necessary on the property. These include inspections, zoning and any other areas one may deem necessary. Any information the seller has regarding these areas will be shared with potential bidders. Attend the "Open House" and make further inspections and ask any questions to your satisfaction.
3. Go to www.SutherlandAuction.com and copy the “Real Estate Terms and Conditions” or pick one up at the open house or on auction day.
4. Upon arrival at the auction present the signed “Terms and Conditions” form to obtain your copy of the "Purchase Agreement" and bid card. This card will be required to bid.
5. Pay attention to the opening remarks of the auctioneer as these remarks are important and will supersede any other forms of communication other than the "Purchase Agreement".
6. The auctioneer will ask for the minimum opening bid. If you want to bid that amount just raise the bid card and the auctioneer will take your bid. If a minimum bid has not been posted, you may state your bid amount while raising your bid card. When selling real estate the auctioneer's chant will be slow so all can be aware of the asking and bid amounts.
7. When the high bid is established the auctioneer will stop the auction and consult with the sellers to determine if the bid amount is acceptable to them. Should the amount not be acceptable, the bidding will reopen for additional bids. This process will be repeated until an acceptable bid is received.
8. Upon receiving an acceptable bid, the winning bidder will immediately sign the “Purchase Agreement".
9. The agreed purchase price will include the high bid plus 5% Buyers Fee added to the high bid to reflect the full purchase price.
10. The high bidder will issue a check in the amount of $2,500 to Sutherland Auction.com as a deposit and will be applied on the purchase price at the time of closing. Should the high bidder fail to comply with the provisions of the purchase agreement, the deposit moneys will be forfeited to Sutherland Auction.com to offset auction expenses.
11. The property will be sold "as is, where is" with no contingencies or conditions.
12. Closing will be within 30 days following the auction.
13. Possession will be at closing.

Selling Real Estate at Auction

The auction method of marketing offers the following advantages:

• Auctioneers only work for the Seller utilizing "proactive" rather than "reactive" speculative marketing.
• Allows the seller to determine an acceptable price and market their property in a short period, often within a few weeks.
• Creates urgency for any buyers interested in your property to buy, for they know it will sell on a certain date and time.
• Offers seller the only opportunity to receive a higher price than the original asking price.
• Prices received at a well advertised auction is considered Fair Market Value by courts, IRS, trustees and businessmen.
• Eliminates high seller carrying costs such as mortgage interest, taxes, maintenance, insurance, utilities, upkeep and deferred depreciation.

If You have property to sell CALL US TODAY 

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