Robert Alexander / Rare Auctions-FAQ
Q. What happens after the Auction Purchase Agreement is signed?
A. Basically it’s like an ordinary real estate transaction. You have from 30 to 45 days to close depending on the contract terms. You choose your own title attorney and the property will be delivered free of liens and with a marketable deed and title.
Q. Are Auction Purchasing Agreements contingent upon the Buyer obtaining financing?
A. No. We encourage you to arrange assured financing with your lender.
Q. Can banks pre-approve me for financing?
A. Yes. Most banks will pre-approve you to bid & buy at the auction. Usually there is no charge for pre-approval.
Q. Am I getting a bargain?
A. Of course! Think of it this way – buyers get exactly what they want at cost of only one bid higher than someone else was willing to pay. An assurance that you are not over paying.
Q. What if the home or property is not exactly what I’m looking for?
A. Well, do we ever really know exactly what we are looking for? The great thing about auctions is that you bid up to where you are comfortable. You love the location – you love the curb appeal and you love the layout, however, that’s where it stops! You just don’t like the décor, or the shrubs, or whatever. Figure the expense of making the property exactly like you want into your bidding. Bargain price minus improvement price = an ideal purchase!