Buyer & Seller Information

Buyers’ Information

Real Estate Auctions are innovative and effective methods of selling real estate. It is an intense, accelerated Real Estate marketing process that involves the public sale of any property through competitive bidding.

Bidders should feel free to ask any questions about the property or about the auction process.

Mel Foster Co. provides prospective purchasers with as much information as possible.

The buyer personally controls the purchase price.

As a buyer, you can choose whether or not to have a Real Estate agent representing you.

If you have an agent, you may want to print out the Potential Bidder Registration, complete it and give it to your agent to return to our office or have your agent contact us for details about this process.

Buyers should be sure that all financing is in place prior to bidding. These properties are sold without contingencies.

As a bidder you want to be aware of the different financial terms of the particular auction that you are looking at.

  1. How much is the earnest money down payment that you are expected to bring to the auction?
  2. Is there a “buyer’s premium” on this auction and if so how much?
  3. Is the property being offered Subject to Prior Sale or not?

We look forward to seeing you at one of our future auctions, and again if you have any questions feel free to E-mail or call us. We want you to feel comfortable with the process.

Want to be notified of upcoming auctions and new auction listings? Click here.

Click here for a glossary of terms!

Sellers’ Benefits

  • Real estate auctions offer a definite sale date and closing date with a shorter marketing period.
  • We evaluate the property to determine if it is suitable for auction. Most but not all properties can be sold at auction.
  • We discuss in detail the different types of auctions available to our prospective clients.
  • Once the auction type is selected, a marketing plan is outlined.
  • The contract is signed. It emphasizes that we work exclusively for the seller. All the details of the transaction are included.
  • A date and time is selected for the auction to take place. Usually this is scheduled just 3-4 weeks after the contract is signed. Open houses (previews) are normally planned prior to the auction.
  • A transfer disclosure statement and a preliminary title report may be completed. These would be included in the bidder’s packet.
  • The terms of the auction are established by the seller. All buyers are bidding based on a common set of terms and conditions. The seller stays in the driver’s seat throughout the process.
  • When the auction is over, the purchase contract is signed by the high bidder and escrow is opened with a non-refundable deposit from the buyer.
  • Escrow usually closes in 30 days or less. If it doesn’t close, the buyer’s deposit is declared forfeited.
  • Our programs address the needs of clients through innovative marketing ideas merged with proven sale techniques.
  • In addition, real estate professionals are invited to participate and assist or represent their clients at the auction.

Contact us today and let us see if we can determine a marketing plan that will fit your individual needs.