Buying

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MAKING "BUYING REAL ESTATE" EASY AND TRANSPARENT

Buying real estate through the auction process, let alone buying real estate period, can be daunting. At Southern California Real Estate Auctions, we are committed to providing you with as much information and documentation as possible to ensure you are comfortable and informed throughout the process.

KNOW THE ESCROW CLOSING DATE

You might be wondering, “why auction?” There are many reasons to choose auctions as opposed to a traditional real estate sale. First and foremost, you know the closing date beforehand. Also, the purchase agreement signed as part of the auction has no contingencies. Once the contract is signed, it is binding.

YOU CAN PURCHASE A PROPERTY PRIOR TO THE AUCTION DATE

As a preapproved buyer or bidder, you can submit offers on an auction property before the scheduled auction date. If you submit an offer that’s attractive to the seller, the seller may accept your offer before the property ever goes to auction.

Have confidence

By selling a property by auction, the seller is committing to a date for the sale of the property; thus, buyers can have complete confidence knowing the seller is committed.

Pay fair market value

Buyers or Bidders determine the final sale price representing the true market value of a property through competitive bidding. During the bidding process, you can see what others are bidding and adjust your bid accordingly.

See what others are bidding

At the auction, you make bids under transparent conditions where you can see all the other bids in real time. Auctions create an open platform that eliminates the need and uncertainty of a long negotiation and escrow period. You can see exactly how much money it will take to be the highest bidder and adjust accordingly, instead of wondering why your offer wasn’t accepted. If other bidders exceed the amount you’re willing to pay, you’re under no obligation to keep bidding.

Avoid competition

Buyers who bid at the auction are doing so as an “as is” sale without any contingencies. Because of this, bidders may find they have less competition for the purchase of the property than if they were to seek to purchase using the traditional sale method. Some buyers aren’t prepared to complete their due diligence or are unable to purchase without a finance contingency.

LEVEL PLAYING FIELD

As a potential buyer, your involved in a fair competition and are on the same terms and conditions as all the other registered bidders. You know the closing date in advance. You know that you’re bidding with no contingencies. You know your competition, and you know exactly what other potential buyers are willing to offer.

NO HIDDEN SURPRISES

Buyers receive and have access to extensive information and disclosures on the property by way of a property information and due diligence package. All reports, disclosures, analysis and inspections —typically completed by the buyer during the escrow period, have been completed prior to placing the property for auction by the seller.

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The Buying Process

PRE-AUCTION PREPARATION

Prior to a property going live on the market for auction, we work together to set the minimum bid, deposit amount and close of escrow date. Be sure you pay attention to the calendar of events, so you’re fully aware of the schedule for the entire process.

KNOW THE TERMS

Familiarize yourself with the Minimum Bid, Buyer’s Premium, Terms and Conditions of sale before you bid. The Minimum Bid, Buyer’s Premium, Terms and Conditions vary slightly for each property.

VISIT THE PROPERTY

Make sure the property is right for you. Drive through the neighborhood at different times of day. Get to know the area and amenities where the property is located. There are plenty of opportunities for you to visit the property and receive all the information you need to make an intelligent and informed decision.

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DO YOUR RESEARCH

The Terms of Sale are that there are no contingencies, and the property is being sold on an “as is” basis. Southern California Real Estate Auction will make complete and comprehensive property information, photos, reports, inspections and disclosures available. You’re expected to and required to complete your own due diligence and investigations and be able to close escrow within 14-30 days after the auction. Southern California Real Estate Auction will help you in any way possible to make an intelligent and informed decision. 

ARRANGE THE DEPOSIT

Deposit terms vary from property to property. Please see the auction terms and conditions.  The deposit will often be required to be paid on the day of the auction or before.

REGISTER TO BID

The Terms of Sale are that there are no contingencies, and the property is being sold on an “as is” basis. Southern California Real Estate Auction will make complete and comprehensive property information, photos, reports, inspections and disclosures available. You’re expected to and required to complete your own due diligence and investigations and be able to close escrow within 14-30 days after the auction. Southern California Real Estate Auction will help you in any way possible to make an intelligent and informed decision. 

AUCTION DAY

Upon confirmation of your registration, you’ll be admitted into the bidding room. Before the auction starts, everyone will be given plenty of warning when the auction will take place. 

When you’re ready to make a bid, type in your bid amount. You must enter an exact amount. For example, you can enter $570,000. Your bid can be rejected if incorrect. Don’t be disheartened by this. The auction process is to facilitate the sale of the property. The bidding process is setup to maintain structure and momentum and achieve the best outcome.

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POST AUCTION

Placing a property for auction does not guarantee a result. However, we can guarantee the auction process will reveal your property’s true market value. Appraisers and other agents giving you an opinion of price means nothing. Buyer’s determine the value of your property. Sometimes an auction property may not sell before auction or on auction day. This does not mean your property or the process has failed. Instead, it will allow you to gauge market feedback and where buyers believe your property is valued. 

ANY FURTHER QUESTIONS?

If you have any questions about bidding or buying please feel free to call or email us at any time.