REAL ESTATE AUCTION BENEFITS TO THE BUYER:
Smart investments are made as properties are usually purchased at fair market value through competitive bidding
The buyer knows the seller is committed to sell
Auctions eliminate long negotiation periods
Auctions reduce long due diligence periods
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
The period leading up to the onsite auction is the time for the Buyer to get questions answered, prebid, attend open houses of the properties, and analyze each property’s characteristics carefully. Accelerated properties are sold “As Is Where Is”, unless otherwise detailed in the property specific terms and conditions.
It is important to understand all terms and conditions for the auction. A very important component to understand is whether the auction is "absolute" or "subject" to Seller’s approval. An absolute auction is one where the property will sell regardless of the highest bid amount.
Subject to Seller approval means the Seller will be able to consider the highest bid offer and either accept or reject the bid.
On auction day, prospective buyers register for a bidder number by showing a valid identification and filling out contact information. The registration period usually begins anywhere from 30 minutes to a few hours before a scheduled auction time. Check each schedule carefully. There is no cost to register for an auction.
Before the Bidding Begins
Auctions open with property disclosures and any last minute announcements. It is important to be present during these disclosures and announcements. Auctions are recorded to reference as a matter of record if any disputes arise. These comments usually take only a few minutes. If you have any last minute questions, they must be addressed before the bidding begins. If there are no questions arising from the opening statements, the bidding is ready to begin.
The Onsite Team
The onsite auction team is a part of the Preferred Partner Network, so you know no matter what auction you attend you will be greeted by professionals that employ a total accelerated solution and common practices. Assisting the auctioneer will be support staff, to make sure anyone trying to bid is recognized and that all bids are recorded with the Auctioneer. The support staff may also assist with questions during the auction. The auctioneer’s call is the final decision. Any issues regarding the bidding are handled by the auctioneer.
Auctions move very quickly. Upon determination of final bid presented, the auctioneer will call three times for any more bids. The third call, with no increase in bid, will result in “SOLD”. The highest bidder will then finalize the offer and present a deposit. The highest bid offer will be presented to the Seller, usually same day. Upon acceptance, closing is generally 30 days or less from the effective date.
General Terms and Conditions
Bidder must be at least 18 years of age.
By agreeing to the terms and conditions you will be granted access to participate in bidding. Each property sale will have its own distinctive set of terms and conditions. It is each Bidder’s responsibility to review those terms and conditions on a property by property basis before placing a bid. By bidding you are representing to Coastal Auctions and the seller that you have read and agree to be bound by the terms and conditions for a specific property. Do not bid, if you do not agree with all of the terms and conditions stated for each property. The terms are non-negotiable.
Coastal Auctions is not responsible for any malfunctions or system errors which cause a bid or bidder to not be recognized. It is each designated agent’s responsibility to monitor and control the bidding process at their sole discretion. It is their final authority as to who is or is not allowed to bid. Any and all decisions of the designated agent regarding conduct of the auction shall be final and absolute without liability to any party. Seller reserves the right to cancel or withdraw any property at any time.
There is no charge to register. If you are the successful highest bidder and the Seller accepts your bid you must make a 5% ($1,500 MINIMUM) non-refundable deposit per property at the conclusion of the auction. Electronic wire funds, credit card, check by phone and cashier’s checks are the only forms of payment accepted. This is accomplished by coordinating making the deposit with the property’s designated agent and the escrow agent. Their contact information is included on the property detail page. Once the seller approves the sale, the deposit will be credited to the contract. The balance of the purchase price and all closing costs are due within 30 days unless otherwise noted in the property’s specific terms and conditions.
Coastal Auctions is a property marketing firm that assists its preferred partner network in accelerating the real estate sales process. Each local Preferred Partner is the direct coordinator of all sales. Coastal Auctions does not represent the Buyer or Seller in any transaction, unless otherwise specified under a specific property listing agreement.
Each bidder is responsible for their own bidding decision. By registering to bid you are entering a binding contract to abide by the terms and conditions set forth for each property. An online bid accepted is a legal and binding contract to purchase. Any bidder that fails to meet their obligations, can and will be banned from bidding at any future events. Any violations of the terms and conditions, is grounds for pursuing civil and or criminal action.
Allow us to send you the free buying guide.
Let us send you our free gift, our Guide to Buying A Home. This goes beyond auction. Here you can find the best strategies to prepare for an exceptional life through the right real estate. Find out the best secrets to buying.