Frequently Asked Questions
Q: I’ve never bought Real Estate at Auction; how does this process work?
A: Buying Real Estate at an Auction is a very simple process. However, it is important for you to be informed, view the property and complete your due diligence in advance in order to be prepared to bid. Please do not wait until the last day to register online. It is important that you register a few days in advance in order to become familiar with the online bidding process. We are happy to assist!
Q: Will the property be available for inspection prior to the auction?
A: Yes! Along with multiple photos available on the website, you may personally view the property by by attending an open house or scheduling an appointment with Finke Team.
Q: What does it mean to buy the property “As Is”?
A: All properties are sold in “As Is” condition with no warranties expressed or implied. Buyers must rely on their own inspections, judgements and due diligence. All interested parties are responsible for completing their own inspections; however, the sale of the property IS NOT CONTINGENT upon inspections.
Q: Are there any liens against the property or back taxes?
A: No! At closing each property will be conveyed with Title Insurance and clear title. All taxes will be prorated by the Seller to the date of closing.
Q: Can I finance the purchase?
A: Yes! The property may be financed; however, the sale of this property IS NOT CONTINGENT upon financing.
Q: How much time will I have to pay the balance and close?
A: Unless otherwise agreed the closing is generally within 30-40 days after the close of the Auction.
Q: What is the deposit amount required after my bid is accepted?
A: This amount normally ranges from $2,500 - $10,000. The exact amount required for the auctions will be detailed in the Terms and Conditions section of www.finketeamauctions.com. Immediately following the Auction a non-refundable deposit is required, made payable to Re/Max.
Q: Does the successful bidder sign a contract to purchase?
A: Yes! The successful bidder is required to sign a contract to purchase Real Estate immediately following the Auction with Finke Team.
Q: What is a “Buyer’s Premium”?
A: Buyer’s Premiums are an Auction industry standard. A Buyer’s Premium will be added to the successful bid to determine the contract purchase price. For example, if the Buyer’s Premium is 7% and the successful bid is $100,000, the contract purchase price would be $107,000.
Q: Will Brokers be compensated for representing successful bidders?
A: Yes! We encourage you to use a Finke Team Agent or another qualified Real Estate Agent. The Agent must properly complete a registration form for their bidders 24 hours prior to close of the Auction (see Buyer/Broker Registration Form in order to be compensated).