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Frequently Asked Questions

A number of questions are often asked about using our website and purchasing real estate at auction with AuctionWorld USA. The following are some of the most common.


What is a “Corporate Auction”?

What is a “Bank Ordered Auction”?

Are these “Absolute Auctions” or do they have “reserves”?

How do I bid on a property?

Will the auctioneer talk so fast that I can’t understand them?

Do you know at what price the bidding will start?

What about liens, judgments or back taxes?

Can I view the property prior to the auction?

Can I make an offer before the auction?

Is there any “Buyer Premium” charged above the actual auction price?

What does "Buyer Premium" mean?

When I clicked on an address for property information, nothing happened...why?

I saw a sign on a property, but I can’t find it on your list. Am I missing something?

How do I access the listing, if I don’t have Adobe?

 

We hope this guide provides you with adequate information. For further questions please contact us directly. A representative will respond to assist you.

 


Frequently Asked Questions


 

What is a “Corporate Auction”?
A corporate auction means the subject property was acquired by a corporation when they relocated their employee, (the former owner). A corporation is always a very motivated seller. They do not want to own property, nor do they want to manage property. Their primary goal is simply to facilitate the relocation of their employee.

 

What is a “Bank Ordered Auction”?
A bank ordered auction typically means the subject property, is owned by a lender, often acquired through a foreclosure. A bank is always a very motivated seller. They do not want to own property, nor do they want to manage property. Their primary function is lending money, not owning houses.

 

Are these “Absolute Auctions” or do they have “reserves”?
Since the high bid for each property is subject to the seller's confirmation, these are not what are commonly known as "absolute" auctions. However, in addition to private sellers, many of our auction properties are acquired by government agencies, corporations, and lending institutions through foreclosure proceedings or to facilitate relocating employees.

Regardless of the source, every seller meets or exceeds our stringent criteria. They are extremely motivated, and do not want to own or manage properties. Further, the sellers that we accept understand that people attending an auction are looking for a bargain. In addition, they have the ability to deliver a bargain, and as a result, the buys at our auctions are truly exceptional.

 

Do you know at what price the bidding will start?
The auctioneer will suggest an opening bid and then work his way down until he has an opening bid from the crowd. There is no established opening bid. You can start the bidding wherever you'd like to start.  We are actually more interested in where the bidding finishes than where the bidding starts.

 

How do I bid on a property?
On auction day, listen carefully to the auctioneer’s opening announcements. When you wish to bid, simply raise your hand or nod your head and the auctioneer will acknowledge your bid. If you are the winning bidder, one of the auction team will ask you to sign a purchase agreement and give them a down payment. The rest is handled the same as any other real estate transaction.

 

Will the auctioneer talk so fast that I can’t understand them?
It’s our goal that you understand, clearly, both the current bid and the increase that is being asked. However, if you need help, motion for one of the auction team members. Their job is to make sure that you understand the process completely.

 

What about liens, judgments or back taxes?
Check the terms of the auction. Most of our real estate auctions guarantee that you receive good, insurable title to the property or you’re simply not obligated to buy.

 

Can I view the property prior to the auction?
Yes. The property will be open for inspection prior to the advertised auction time. See the individual auction brochure for the open inspection day and time. Viewing the property prior to auction day may also be arranged (with reasonable notice) by calling 1-800-262-3050.

 

Can I make an offer before the auction?
You do have the option make an offer now or simply wait for the auction. Do what's best for you, but please know that the auction is subject to prior sale, which means if an offer is made and accepted prior to the auction, the auction will be postponed. For additional details, please contact us at 1-800-459-3050.

 

Is there any “Buyer Premium” charged above the actual auction price?
In some instances, a Buyer's Premium will apply. In other cases, depending upon arrangements with the client, it may not be a factor. In either situation, you are always in control of how much you actually bid. Simply determine if the Buyer's Premium applies by carefully reviewing the terms for each auction property before you bid.

 

What does "Buyer Premium" mean?
The buyer’s premium is a percentage amount that is added to the winning bid in order to establish the final contract price. It helps cover expenses, applies equally to all bidders and can make the auction alternative more appealing to the seller. Many times, without it you would not even have the opportunity to bid on a property.

 

When I clicked on an address for property information, nothing happened …why?
We post each auction location to our list and erect a sign on the property immediately upon adding it to our auction inventory. In many cases the date will display as “Date and Time to be Announced” until a brochure has been produced. Once the brochure is available for distribution, the property address will become an active hyperlink.

 

I saw a sign on a property, but I can’t find it on your list. Am I missing something?
Occasionally, due to timing and schedules, an auction sign may be erected on a property shortly in advance of the property appearing on our website. When this occurs, the property will likely be added to our upcoming auctions during the next website update (approximately 24-48 hours).

 

How do I access the auction brochure, if I don’t have Adobe Reader?
Most computers come equipped with Adobe Reader pre-installed. If you currently do not have Adobe Reader installed, you may download a free copy of the latest version here.

 

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