ACME REAL ESTATE: OCTOBER 2018 NEWSLETTERMonday 22nd October 2018
October 2018 Featured Private Sale Property
ACME's Auction Block
WHAT TAKES PLACE AT A PUBLIC AUCTION?
Auctions provide an opportunity to purchase property at excellent prices. But in order to take advantage of these opportunities, there a number of steps that should be taken first.
It is always advisable to arrange a viewing of the property you are interested in as early as possible. A very important step if you are purchasing with assistance of a bank or other financial institution is to speak to a credit officer about your personal finances. This discussion will help determine what monthly payments you can afford and what the highest bid you can make will be.
Having visited and had preliminary discussions about financial matters, the next step is the auction itself. On the day of the auction early arrival allows for smooth registration and prompt start. Be sure to have a valid government issued ID.
Usually the registered bidders (who have predetermined the most they can bid) will exchange offers until the highest bid is made. At this point the successful person is required to sign the sale agreement and make a non-refundable deposit of 10% of the sale price. The balance of 90% is due in 30 days.
The auctioneer will communicate to the attorneys for the seller while the successful bidder should take a copy of their sale agreement to their attorney to set the transfer process in motion.
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