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Disclaimer:
All information is deemed reliable, but not guaranteed.
Copyright 2008
Hockman
Auctions, LLC
FOR
BUYERS
Helpful
Facts | Absolute vs. Reserve
How to Buy at Auction: Pre-Auction | At
the Auction | After the Auction
- Lien
Free! ALL of
our properties are sold under the terms that the purchaser will receive
a lien-free, clear and marketable title.
- Unlike
the conventional real estate market where properties sold in
"as is condition" may imply that the property is in need
of repair or fixing up, ALL of our properties are sold in "as
is"
condition. This simply means that the contract will be non-contingent
and that you are buying it in its current condition.
- Hockman Auctions adds a 10% Buyers Premium in the sale of ALL of our properties. When you make an offer, or bid at the auction, keep in mind that you will be adding 10% to that price. For instance, if you bid $100,000 on a home, the contract price of the home is actually $110,000. We advertise and announce the 10% buyers premium and do our best to make certain that each buyer is very well aware that a buyer's premium is in effect. Our sellers are not charged a commission to sell, so the buyer's premium is used to compensate the auction company.
Absolute Auctions vs. Reserve Auctions
- When an auction
is advertised as an "Absolute Auction" it
means that the real estate will be SOLD TO THE HIGHEST BIDDER, regardless
of price, no minimum will limit the bid, and the seller may not
withdraw the property from the auction after the first bid has been
received. In other words, don't miss this opportunity, because the
property will be sold!
- If the auction is not "Absolute" then the seller has set a reserve that must be met in order for the real estate to be sold. Don't be discouraged from attending an auction that is being sold with a reserve! Often the seller will set a low reserve only to protect an existing mortgage, etc. In other words, the reserve might be far less than the value of the property. It IS worth your time to attend!
Next > (How to Buy at Auction)
