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Real Estate Auction


❖Offers welcome until 24 hours prior to scheduled  Auction.  

  • ❖Brokers are protected when representing a buyer at auction but must register 24 hours prior to the scheduled start time of the auction. 

  • ❖Bidder registration forms are to be obtained from listing agent or

  • ❖Registration is not considered complete until these forms are submitted to the Auctioneer/Listing Agent or Broker. 

  • ❖Buyer must sign a Contract for Sale and Purchase reflecting the remaining balance due (at closing), an amount to include the 10% Buyer’s Premium, on auction day.

  • ❖Buyer must close within 30 days of the auction.

  • ❖Buyer must have 10% down payment of Purchase Price in negotiable funds available on auction day.

    • ‣purchase price ( includes the 10% Buyer's Premium. This is the amount to appear on line 35 of the Contract for Sale and Purchase. *See Example of calculations below*) 

    • ‣ negotiable funds (cash, personal or business check with bank letter of guarantee, cashier's check money order) available on auction day

    • ‣Buyer’s Premium  (A 10% Fee added to the Hammer Price (sale price) of Real property sold at auction. This fee is added to the hammer price to arrive at the purchase price as described above and is factored in to calculate the 10% down payment the buyer is responsible for on the day of Auction)

    • ‣ Hammer Price (the bid at which the auctioneer declares the property “SOLD”. This number does not reflect the buyer’s premium.   


*Example of Buyer's Premium & Purchase Price Calculation:

    • Purchase Price: $110,000  

    • Hammer Price: $100,000

    • Auction Day Deposit: $11,000  

    • 10% Buyer's Premium: $10,000*


Totals due using example above:

    • Day of auction: $11,000

    • Day of Closing: $99,000

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