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Do I need to pay all cash
on auction day? |
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Why is the property
selling at auction? |
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Is the property being
sold free and clear? |
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Can I inspect the
property before the auction? |
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Where will the auction be
conducted? |
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I can’t attend the
auction. Can someone else bid on my
behalf? |
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How much is the deposit? |
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Is my deposit refundable? |
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What are the closing
costs? |
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How should I prepare for
the auction? |
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What do I need to bring
to the auction? |
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Can I attend the auction
as an observer? |
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What will happen at the
beginning of the auction? |
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Will I understand what is
happening during the bidding? |
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Do I need to be
represented by a Real Estate Broker in
order to bid? |
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Is the property
guaranteed to be sold regardless of the
winning bid? |
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What is a Buyer's Premium? |
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What happens if I’m the
winning bidder? |
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What if I have additional
questions? |
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Do I need to pay all cash
on auction day? |
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No. Most buyers at our
auctions use conventional financing and
close in 30 days. |
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Why is the property
selling at auction? |
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Sellers have many reasons for choosing
an auction. The most common is because
they simply cannot afford the luxury of
waiting months or even years to sell
their property conventionally. |
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Is the property being
sold free and clear? |
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Yes. The seller will
provide a Title Insurance Commitment
Letter for each property and will pay
off any loans on the properties at
closing. |
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Can I inspect the
property before the auction? |
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Absolutely. We encourage
you to inspect the property during any
of the scheduled showings and we
strongly recommend that you use the
services of a professional inspector.
Whenever possible we will provide
information (such as a Phase I
Environmental Review for commercial
property) to help reduce due diligence
expenses for bidders. |
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Where will the auction be
conducted? |
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Our auctions are
conducted either at the property or at a
nearby conference facility.(We do not
offer internet-based bidding.) Please
check the Auction Information page for
details. |
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I can’t attend the
auction. Can someone else bid on my
behalf? |
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Yes. Please contact
Northwest Auctions for full details. |
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How much is the deposit? |
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Please see the Auction
Terms and Conditions. |
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Is my deposit refundable?
What if I cannot get financing or decide
not to buy the property after I am
declared the winning bidder? |
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If a buyer does not close
by the closing date, their deposit will
be forfeited. There are no exceptions.
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What are the closing
costs? |
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Please see the Auction
Terms and Conditions. |
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How should I prepare for
the auction? |
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The time leading up to
the auction is when you must do all
necessary due diligence research and
arrange financing. |
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It is also very
important that you understand the
auction terms and conditions and
associated contracts.
We strongly recommend
that you review all auction-related
documents with your legal advisor
before bidding.
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What do I need to bring to the auction? |
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In order to receive a
bidders card, you will need to present a
cashiers check for the deposit amount
(made out to yourself) or multiple
cashiers checks if you plan to purchase
multiple properties. You will also need
a current photo ID. Registration begins
two hours before the auction; please
arrive early if possible.
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Can I attend the auction as an observer? |
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Observers are always welcome but please
note that registered bidders will be
seated first. |
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What will happen at the
beginning of the auction?
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The auction begins
promptly at the appointed time
with opening remarks summarizing the
terms of sale. Next, the auctioneer
will answer questions and conduct a
practice auction so bidders can
become comfortable with the bidding
process. Finally, the actual auction
will occur; most auctions take less
than half an hour.
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Will I understand what is happening during the bidding? |
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That is certainly our
goal; if you don’t, we’re not doing
our job properly.
The
auctioneer will speak clearly and at
a conversational speed.
If you are confused at any point
during the auction, please ask one
of the bid spotters for assistance.
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Do I need to be
represented by a Real Estate Broker in
order to bid? |
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No. We welcome broker
participation, but it is not a
requirement. (If you are a broker,
please see the ‘Broker Info’ section for
pre-registration requirements.) |
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Is the property
guaranteed to be sold regardless of the
winning bid? |
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Not always. Many of
our auctions are conducted “Subject
to Seller Confirmation” or “Subject
to Unpublished Reserve” to protect
the seller in the highly unlikely
event that the winning bid is
unacceptably low. An “Absolute”
auction means the property will sell
to the winning bidder regardless of
price.
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What is a Buyer's Premium? |
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A Buyer's Premium is
a percentage amount paid by the
buyer that is added to the high bid
to determine the final contract
price. The Buyer’s Premium is used
to help offset the costs of the
auction.
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What happens if I’m the
winning bidder? |
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You will sign a purchase agreement for
the total purchase price (your winning
bid plus the Buyer’s Premium) and
endorse your cashiers check to the
escrow company. You will then have 30
days to close and closing will be
managed by an escrow company. In the
unlikely event that the seller does not
accept your high bid, we will promptly
return your deposit check and all sale
documents.
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What if I have additional
questions? |
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Please contact Northwest
Auctions at (888)222-1882 or info@NWAuctions.com |
