1. Do I get a clean title to the property?

Yes. all properties are represented as being sold and transferred free and clear of any liens and encumbrances, and each seller will provide the buyer transfer of deed by Warranty Deed, Special Warranty deed, Bargain and Sale, Quit Claim, U.S. Marshal’s, Trustee’s, etc.) With insurable title as determined by the title/closing company indicated on the contracts, which also prepares and issues a customary owner's title insurance policy. Current year’s property taxes are pro-rated through day of closing as customary.

2. Can I inspect the properties prior to the auction?

Yes, please visit the property profile page on the website for specific dates, times and directions. Generally all auction properties have open houses the two Saturdays prior to the auction closing date, or can be seen by appointment by calling our office.

3. I'm a real estate agent. How can I participate and benefit from Real Estate Auctions?

As a Real Estate Agent, you can be a Buyers Agent or Sellers Agent and earn the same normal commissions from either side, depending on who you represent. The auctions are set up in such a way to encourage the assistance of Real Estate Agents with buyers and sellers. Please refer to the Real Estate Brokers Participation link under Buyers for details.

4. What is the amount of earnest money deposit amount required?

All properties are sold with an earnest money deposit requirement of $2,500.00 or 5% of the High Bid. This amount is applied to the total purchase price at closing. (If a sale is not accepted, your earnest money is immediately returned).

5. How do I register to bid on an Online Auction Property?

Click on the “become a buyer button on the home page” there you can register as a buyer. It is FREE and only takes a few minutes. Next find the property you wish to bid on and click the "Bid on This Property” Complete the simple registration and accept the terms of the sale. Your bid will be posted once confirmed.

6. Will my registration for an auction automatically put me on an email list?

Yes, you will receive auction alerts on all upcoming auctions, be sure to add us to your “safe sender” list to avoid the auction alerts going to your junk mail.

7. Is my information safe?

Yes. All personal information is strictly confidential, and will not be disclosed to any third party.

8. Is there a Buyer’s Premium, or buyers fee charged above the final bid price?

No, the seller pays the commissions to the agents/brokers and auction company. However you will have the normal closing costs associated with any real estate transaction.

9. How much time do I have to close on the sale?

Once you have been awarded the high bid, and the offer has been accepted, you have 30 days to close.

10. Can I use bank financing?

Yes. However, there are no contingencies (i.e. financing, appraisal or inspection) to these sales, so you should be pre-qualified by a lender as to the amount you can afford to spend for a property being sold. We do provide a list of preferred lenders under the buyer information button.

11. What is the difference between On-Site and Online Auctions?

The difference is simply where the auction closes, and the final bidder is awarded the high bid. Some auctions will close on-site meaning at the property or at a venue, while others will close online. In either case they are scheduled for the convenience of both sellers and bidders. Please be aware that some properties selling online may be simultaneously sold live at a venue or live on the property.

12. Where can I find more information about each property?

Generally, any and all information about a specific property can be found on the property profile page, by simply clicking on the property interested in, then referring to the “Important property information and documents” section of that page. Institutional and fiduciary sellers (courts, government agencies, banks and trustees) as well as US Auctions have typically not occupied the properties being sold so some have very little information provided, so a physical inspection is always advised.

13. Is this an absolute auction?

No. All sales are subject to the Bank, Court, 3rd Party, or Seller approvals that require that the non-revocable offers be delivered to them for execution.

14. Is there a reserve price?

No. The properties are liquidated to the highest bidder subject to approval of the sale and execution of the offers.

15. Can I assign the contract?

Yes, provided that all the terms and conditions remain the same for the assignee, and provided that the assignment does not interfere with financing on the property.

16. Do I need to use a Real Estate Agent?

An auction provides a clean, time definite, exchange between the parties and traditionally allows the buyer to minimize the number of intermediaries separating them from the Seller. Although the Auction Company represents the Seller, we have the responsibility to treat all parties fairly and in accordance with real estate law. In all cases where the Buyer is not represented by a preregistered buyer’s agent, The Auction Company or its affiliate agent will represent the buyer in a limited agency agreement. That being said, if a buyer feels more comfortable having other representation at an auction, they are welcome to have an agent register the buyer as a client, attend the auction, and assume the role of a buyer’s agent.

17. How do I know if my bid was accepted on-line by the auctioneer?

We recommend you start bidding as soon as the auction begins. The current high bid amount will always show the last highest bid, once the bid has been confirmed and accepted, it will be posted to the site.

18. How will I know if I am the high bidder at the close of the on-line auction?

You will receive confirmation via a phone call, email or text that your bid was accepted as the highest bid, at which time, US Auctions will coordinate a time to complete a Real Estate Purchase Contract, and collect the appropriate earnest money deposit, which must be completed within 48 hours. Once that is completed the offer will be presented to the seller.

19. What is an overtime period for the end time of the Online Only Auction?

If a bid is placed within twenty (20) minutes of the close of bidding, then another twenty (20) minute period commences from the time of the last bid until no bids are placed within the next twenty (20) minutes. The last bid shall be made final.

20. What are the minimum bid increments for an Online Auction property?

The minimum bid increments for Online Auctions are set at $1000.00.

21. What happens if I lose my Internet connection while I'm bidding for an Online Auction property? Or if I have no access to the internet?

If you have made at least one bid on the property, the auction facilitator agent closing the sale will have your information and will always attempt to contact all interested parties before officially closing the sale. If you have no access to the internet, bids can be taken by phone, and in many cases the auction will close with a conference call involving all interested parties/bidders on a specific property. This is also how it is handled with a live on-site auction where a buyer cannot be present.

22. Can I cancel my bid?

No. By bidding you are representing to US Auctions and the seller that you have read and agree to be bound by the terms and conditions for this sale. If you do not agree with any of the terms and conditions DO NOT BID as you will be bound by those terms and conditions.

23. Can I have another person place a bid for me?

For security reasons, your legal representative and/or your agent are the only persons allowed to place bids on your behalf. If a representative is bidding on your behalf s/he must have an original Power of Attorney (POA) or Attorney in Fact in place at the time of the auction. The Power of Attorney (POA) must be returned with the contract.

24. Can I (still) register for online bidding on the day the auction closes?

Yes, but we do recommend you register at least three days prior to the sale. Please refer to the terms and conditions of each auction for specific details of that auction.

25. Can I use my own title company?

Yes. The terms of sale which are pre-stipulated will still govern, however, specifically including that the insurable title as prepared and offered by the indicated title/closing company shall be the standard agreed to and accepted by the parties for conveyance and that buyer shall pay all costs already incurred and required by that company.

26. Can I assign this contract?

Yes, provided that all the terms and conditions remain the same for the assignee, and provided that the assignment does not interfere with financing on the property.