Once a real estate auction has concluded, the high bidder completes a real estate sales contract to be signed by the buyer, seller and broker. At this time we will collect your earnest money, which is generally either 10% of your final purchase price plus any survey or utility fees. Earnest money can be paid on site using cash or a personal or certified check. In an auction situation, real estate sales are not contingent upon the purchaser obtaining financing. Because of this, earnest money is not refundable in the event the purchaser is unable to close within 30 days. If the auction is for personal property or equipment, the buyer will need to visit the clerks to obtain an invoice and pay for his/her purchases before moving anything from the premises. Payments can be typically be made by cash, personal or company check(with a bank letter of guarantee), certified check, or credit card.
If you are the winning bidder in a real estate auction, you are encouraged to contact the closing attorney as quickly as possible to schedule your closing. Often times, the closing attorney will contact the buyers to schedule closings. The purchaser must close within 30 days or on a mutually agreed upon date. At any time during the process, American Auctioneers will be able to answer any questions you may have and assist in the closing process.