Looking to Buy?
As a buyer, you determine the purchase price, and you know that the seller is fully committed to the sale.
At Morris Realty & Auction we are here for you! You determine the purchase price and we handle the rest. In multi-property auction, you can even view several properties at the same time. As a buyer, you know that you’re competing fairly and on the same terms as all other buyers.
- Smart investments are made when properties are purchased at fair market value through competitive bidding.
- Auctions eliminate long negotiation periods and reduce time required to purchase a property.
- Purchase and closing dates are known in advance.
- Buyers receive comprehensive information on the property via a due diligence packet.
- The buyer knows the seller is committed to sell
- In multi-property auctions the buyer sees many offerings in the same place at the same time
- Buyers determine the purchase price through competitive bidding
- Auctions reduce time to purchase property
- Buyers know they are competing fairly and on the same terms as all other buyers
How Do You Bid at an Auction?
- Do your homework.
- Attend the Open House when they are scheduled.
- Research what comparable properties are selling for by looking at past sales on websites such as Zillow.com or Trulia.com
- Prepare a list of repairs that are needed so that you may factor that cost in your bid.
- Get your financing lined up.
- Get pre-approved for a mortgage or other financing to be able to pay for the property. Even though you have 30 days to close, the sales contract does not allow any contingencies especially for financing.
- Make sure your money will be available on closing day.
- Attend the auction
- You will need your driver’s license or other form of government issued identification.
- Fill out a one page registration form.
- Raise your hand to bid. The auctioneer will call for bids and will keep on until no one advances the bid.
- Where does the bidding start?
- The bids will start at whatever level the bidders want to start; there is no minimum amount to start the bidding. As auctioneers, we only care about the highest bid, not the starting bid.
- How do I know if I get the property at my bid?
- First, you must bid the last and final bid above all other bidders. Generally, the seller then has the right to accept or reject the highest bid, but in most cases the seller does accept the highest bid even if it is below the reserve. Typically, you will be notified immediately if the seller will accept the bid or not.
- If you are the high bidder, you then sign the Sales Contract.
- You will sign the Sales Contract for the amount you bid PLUS 10% Buyer’s Premium.
- You will pay a Non-Refundable Deposit that will applied towards the purchase price.
- Once the offer is accepted by the Seller, the Buyer has up to 30 days to close.
We specialize in a variety of Auctions
Residential Real Estate
Commercial Real Estate
Industrial Real Estate
Recreational & Timber Auctions