Buying Real Estate at Auction

In all of YOUNT AUCTION AND REALTY auctions, we represent the seller only in all transactions. That is where our fiduciary responsibility lies.

However, it is our responsibility to supply you with as much material information about a property we are auctioning in order for you as a buyer to make an informed decision regarding any property you might be interested in bidding on at auction. As an informed buyer, you can take advantage by participating in determining fair market value for a particular property. Other reasons for buying real estate at auction are:

• Smart investments are made as properties are usually purchased at fair market pricing through competitive bidding
• Buyers know the seller is serious about selling the property
• Buyers are the ones who determine the true market price and eventual purchase price
• Auctions reduce the time to purchase the property, usually 30 days
• Auctions eliminate long negotiation periods
• The purchasing and closing dates are known in advance, and there are no worries about contingencies
• In an auction environment, buyers know and understand they are competing fairly and with the same terms as other buyers

Buyers can have representation in the form of Licensed Real Estate Agents, and those agents will be compensated as long as the registration requirements of YOUNT AUCTION AND REALTY are met. However, should you as a buyer decide to represent yourself in the auction process, YOUNT AUCTION AND REALTY recommends that you follow the following basic procedures before auction sale day:

• Research the property
• Inspect the property or have a qualified home inspector inspect it
• Pre-qualify yourself with a lender to make sure you have appropriate financing
• Register yourself to bid on the day of the auction
• Make sure you have the funds available for the required deposit if you are the successful high bidder
• Familiarize yourself with the Terms and Conditions of the auction