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Client Testimonial
"Thank you for your patience and professionalism in representing us on the purchase of our new home. You and your team were highly effective in making this transaction as easy as possible.

Your knowledge of real estate and management together is why we have chosen B.I.F Realty and Investments above and beyond any other management companies. The combination of buying and finding the right tenant on top of managing everything makes it such a pleasure to purchase an investment property. As we have in the past we will continue to refer you to our friends."


- Steve R.

postheadericon During the Auction

During the Auction

Bidding

Most properties have a silent reserve price which means the seller has set an unpublished minimum selling price.  However, the seller has the right to accept or reject all bids at the seller’s sole discretion. The starting bid is not the reserve price.

In person, at the Auction

Once you are registered with us, on auction day simply show up at the event at 10AM. There is no order that the homes will be auctioned. You will be requested to show;

  • A cashier’s check in the amount of the purchase price
  • A valid photo ID

A 6% buyer’s premium will be added to any final High Bid to determine the total purchase price.  A minimum buyer’s premium of $2,500 will be added or properties with a High Bid of less than $50,000.  For example, if you are the high bid at $300,000, your actual purchase price will be $315,000 ($300,000 bid plus $15,000 payer’s premium).

Please take into account this buyer’s premium as you decide how much to bid on a home at auction.  The buyer’s premium is not a real estate commission; it is the fee that we charge bidders for bringing them to auction.

Onsite Assistance

Our team has assistants working in the auction has to help you on your behalf. The assistants are available to answer questions about the auction and bidding process.  If you are a high bidder you will be ushered to the closing area to execute the required purchase contract, sign over your cashier’s check and write a personal check for the balance of the required Money, which is 6% of the total purchase price.

Online Bidding

For those who cannot attend the auction in person (although we strongly encourage you to attend if possible), we offer a connection using your computer and telephone to place bids.

  • We will email to your computer a list that allows you to see properties that come up for bid.
  • Dial into a teleconference number to place bids using your telephone keypad

If you are going to participate in the auction via our international telephone, you have to wire transfer funds to the Title Company.  We will walk you through this process.

Once registered, you will be sent an e-mail that will contain a list of all properties to be sold on auction day, and a teleconference number to dial unto during the auction. The list should be forwarded at least one 3 or 4 hours prior to the auction, and allows you to view the properties on your computer as they come up for bid. However, sellers have the right to remove properties from the auction at anytime.

Absentee Bids

If you cannot attend the auction in person or participate via the live telephone conference, Proxy Offers are accepted on auction properties at any time. A Proxy Offer is an offer made in writing, submitted to us prior to auction day. All Proxy Offers are held until auction day and compete with bids received onsite and online on the day of the auction. To submit a Proxy Offer prior to the auction please print out the Purchase Agreement found on the property details page and use this as a guide. The amount of your Proxy Offer will be deemed on include the 6% buyer’s premium; the actual bid entered on behalf of a Proxy Bidder on the day the auction will equal the total amount of the Proxy Offer less the portion of the Proxy Offer constituting the 6% buyer’s premium. A minimum buyer’s premium of $2,500 will be added to all properties less than $50,000. All offers must reflect no contingencies of any kind. All sales are “as is” without warranties or contingencies. All Proxy Offers must include a All funds, cashier’s check or wire and a check in the amount of the Earnest Deposit. Proxy Offers are submitted to our agent by sending an e-mail to Info@BuyingInForeclosureAuction.com. If a Proxy Offer is the high bid on auction day, you will be notified by our agent within 24 hours.

What to Expect at the Auction

Generally, homes or investment properties sell out at auction. Between 30 to 40 properties per hour, so the event will move rapidly. The length of each auction depends on how many properties are in the auction on an auction day.

Because the auction moves quickly, it is a bidder’s responsibly to know the auction bidding order. You should expect that other people may bid on the same property as you, so be informed bidder and know how much you want to spend. You should also thoroughly review all property disclosure documents. If you are high bidder on a property, you will be ushered to the closing area to sign the Purchase Contract.

What to Bring to the Auction

In order to have a smooth property buying process, you will need to bring the following documents to the auction:

  • Cashiers Check in the amount of your bid, made payable to yourself
  • Valid ID (Drivers License or Passport)
  • Any necessary corporate/partnership or trust documents
  • No cash or credit cards are accepted to bid

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