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WHY IS THERE AN AUCTION?
The Sellers of these properties have chosen this Accelerated Marketing Method in order to efficiently sell their properties, thereby reducing the high maintenance and carrying costs (e.g., real estate taxes, insurance, association dues, etc.). The Buyer(s) obtain these properties at a reasonable price and the Sellers can move on to make additional investments.
WHAT IS AN "ABSOLUTE" AUCTION PROPERTY?
A property offered at Absolute Auction will be sold to the highest bidder, regardless of price; there is no minimum bid and no reserve price.
WHAT DOES IT MEAN WHEN A PROPERTY IS SOLD "SUBJECT TO THE SELLER'S CONFIRMATION?"
Properties that are sold subject to the Seller's confirmation are offered with the Seller reserving the right to reject the high bid for a property. If the brochure does not reflect "Absolute" on the Auction screen or in the property description, then it will be sold subject to Seller's confirmation. However, Sellers invest a great deal of time and upfront money on an Accelerated Marketing Program and are definitely motivated to sell.
CAN I USE THE SERVICES OF A REAL ESTATE BROKER TO ASSIST ME?
AmeriBid welcomes and encourages Broker participation. Enter the broker information on the screen when you submit a bid on a property. (Step 1: Submit Bid screen).
WHAT TITLE EVIDENCE WILL THE BUYER RECEIVE?
The Seller will typically provide for title insurance on each property purchased and closed in accordance with the terms of the real estate sales contract.
IS THE DESCRIPTION INFORMATION IN THE BROCHURE AND NEWSPAPER ADS GUARANTEED?
No. In an Accelerated Marketing Program when numerous properties are involved, errors are possible. Buyers must rely on their own inspection, judgment, records and their own information. As indicated in the brochures, all announcements from the auction block will take precedence over any previously printed material or any other oral statements made. All sales made by the Seller are on an "as is, where is" basis and without representation or warranty of any nature whatsoever.
WHAT DOES IT MEAN TO BUY THE PROPERTIES IN "AS IS" CONDITION?
Buyers purchase the Properties with no guarantees as to the condition of the properties. Buyers shall rely entirely on their own information, judgment, and their own inspection of the properties. Properties are generally available for inspection prior to the auction event; buyers are encouraged to personally inspect and/or have professional inspectors view the property prior to entering a bid at auction. Please see Property Information section on the Auction Details screen for Open House schedule.
WHAT IS A 10% BUYER'S PREMIUM?
The buyer’s premium is the amount added to your high bid to compensate the auction company; the total of the premium plus the bid equals the total purchase price you will pay for the property at closing. For example, if the buyer’s premium equals 6%, then if you bid $200,000 for the property, the buyer’s premium would be 6% of $200,000, or $12,000. The total purchase price of the property would be $212,000.
Disclaimer: This document is intended to provide general answers to frequently asked questions. Please refer to the Terms of Sale posted at www.ameribid.com for controlling documentation.
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