Buyer Resources and Auctions
All real estate sold by Clapper Auctions at auction is sold in “as is” condition. The buyer would be guaranteed a good marketable deed, free of liens, back taxes, mortgages, etc. In most cases, the buyer is required to put down 10% of the purchase price the day of the auction and will be given either 30, 45, or 60 days to pay the balance and have a settlement.
It is at the buyer’s expense to do a title search on the property after they are the successful high bidder. If a lien is found and the seller cannot pay the lien off, then and only then, would the buyer not have to go to settlement and the buyer would receive their down payment back. Otherwise, the property is sold in its “as is” condition with no warranty and if the buyer does not comply with the conditions of sale, the buyer forfeits their down payment and the property may be resold by the seller.
* Real estate sells with reserve unless advertised as an absolute auction.
* Taxes will be prorated between buyer and seller.
* If a survey of the property is desired, it is to be done at the buyer’s expense.
The described terms above are for general information. Each property is sold with its own unique conditions of sale and should be viewed prior to the auction by the buyer.The auctioneer will start the auction with the reading of conditions of sale, and then ask for an opening bid. There is usually no set opening bid; the bidding will start at whatever a prospective buyer is willing to pay. After the auctioneer receives an opening bid, then the bidding will start, advancing until the bidding stalls. At this point the auctioneer will take a recess and talk with the sellers to see if the property has met the reserve price.
If it has met the reserve, the auctioneer will come back and start asking for a higher bid from the point of where the bidding had last stopped. Whoever is the highest bidder when the auctioneer says sold will be the purchaser of the property. If the property does not meet the reserve, the auctioneer will come back and put the property up for bid again until the bid has met the reserve and is sold. If the reserve is not met the second time the property is withdrawn from the auction at which point it would not be sold that day.
Interested Sellers & Banks
Are you a real estate broker? Is one or more of your buyer clients interested in bidding on our auction properties?
1. Brokers Information: Firm name, address, city, state and zip code
2. Agent Information: Name, phone number, fax number and/or email address.
3. Clients full name and/or DBA name as it would appear on the purchase agreement.
4. Deadline: Registration must be received 24-hours prior to the scheduled auction.
5. The referred buyer client must go on to conclude the transaction.