Steps To Purchasing Real Estate At Auction

Steps to Purchasing Property at AuctionAs with any other real estate purchase, it's important to do your homework. Here are some steps we suggest:
 

• Study the information available on the property.
• Decide whether you wish to be represented by a real estate broker. If you do, be sure to have your broker review and register with our broker participation form as soon as possible.
• Request a Property Information Package (PIP). This packet contains detailed information about the property such as property disclosure, plats, pictures, survey reports, auction terms and conditions, demographics, zoning information and floor plans.
• Make sure you conduct all your due dilligence before hand and all your questions in regards to the property and the auction process have been answered- as there are no contigencies in the "Buy/Sell" contract
• Visit the property on preview dates. Open houses are held approximately 1-2 weeks prior to the auction date. During property previews you are encouraged to ask questions and become familiar with all aspects of the property. Our properties are sold “as is-where is” without contingencies of any kind (other than a clear title). We strongly encourage prospective bidders to inspect the property and become familiar with all aspects of the property and auction prior to auction day.
• Review all auction documents-You should know exactly what you are bidding on and  what terms and conditions you will be signing and agreeing to.
• Arrange financing, if needed. You'll want to have any needed financing arranged before auction day.
• Verify bidder registration requirements. Prestige Real Estate Auction requires a cashier’s check to be eligible to register to bid. This information is available on the auctions detail page or by calling 1.877.612.8494