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HOW TO BUY YOUR HOME AT AUCTION The Auction Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 As-Is, No Contingencies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Your odds of success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Improving your odds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Preparing to bid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Bidding and winning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 A little on the auction business may help . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 eBay® Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 Buyer Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 Disclaimer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 The Action Check List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 An exam for your auction friendly buyer agent . . . . . . . . . . . . . . . . . . . . . . . . 27 Bid You Well® LLC This material is easily adaptable to sealed bid auctions as well. As-Is, No Contingencies is a scary, little phrase that creates opportunity for the auction buyer. Reduced to its essence, it means what you see (and don’t see) is what you get and the successful bidder has no outs from closing. To be a competent real estate auction buyer, you must have a deeper understanding of As-Is, No Contingencies. So let’s look at:
Why are Auctions As-Is, No Contingencies? As-is, No Contingencies creates a level playing field where everyone is bidding on the same thing. All positive and negative aspects of the property, as they are understood by each bidder, are settled in dollars. Bidder 1 cannot bid X dollars if seller repairs the foundation nor Bidder 2, Y dollars if seller rewires the breaker box. The seller is spared from repairs and negotiations. This is one reason sellers opt for auctions versus negotiated sales. 6 Bid You Well® LLC
At Bid You Well® LLC, we will provide the support you need to be competent and comfortable in the auction process. Our knowledge, experience, and contacts help you prepare. We stay with you through closing. You will have your own designated agent who will represent only you at an auction. You may share your bidding strategy in confidence with your agent or keep it to yourself, as you choose. Your agent will be at a live auction. Unless the auctioneer allows other arrangements, you must also be present to bid and to sign the Sale Contract if you are successful. Bid You Well’s agency compensation is negotiable and is earned if and when you close. Most auctioneers offer to pay a buyer agent if that agent’s client closes. Such payment normally satisfies all of your obligation to pay Bid You Well® LLC. Bid You Well® principals are members of the National Auctioneers Assn. and the National Assn. of Realtors®. Bid You Well® is licensed to practice real estate agency in Kansas and Missouri. If you are buying outside of the Kansas City metro area, Bid You Well® can refer you to an auction-friendly, buyer agent in your local market. If you are buying eBay® style, you can also be represented. It’s merely a matter of whether you or the seller or a combination agree to pay a buyer’s agent. (Once begun on eBay®, the eBay® part is completed.) If you can have your own agent representing you at no additional cost, why wouldn’t you? 22 Bid You Well® LLC |
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