Do I have to pay taxes in addition to the purchase price of the real estate?
No. Real estate taxes are levied and paid annually through the county assessor.
Do I need to be financially qualified before I bid on real estate?
Yes. If you are not paying with cash, please get pre-qualified through a lending institution up to the amount of your bid.
Do I have an opportunity to inspect the real estate I bid on?
Yes. All bidders are encouraged to personally physically inspect the subject property PRIOR to auction to satisfy themselves with the subject property in its entirety. Unlike a traditional real estate transaction where you make an offer, then you conduct a 10-day inspection; Buying at auction requires the bidder conduct their own independent inspections, appraisals, surveys, title research prior to the auction as the buyer is purchasing the subject property in as-is condition.
Who is responsible for title fees and closing costs?
Unless otherwise stated, the Bidder is responsible to pay for all title fees and closing costs. If a property is offered for auction and no title company has been employed (i.e. in a bankruptcy case) the Buyer can always choose any title company they want to issue title insurance.
When is payment due?
Unless otherwise stated, full payment is due by the end of the auction day in the form of cash, cashier's check, credit card, or wire transfer made payable to the escrow company (or Ch. 7 Bankruptcy Trustee).
What is a Buyer's Premium?
A buyer's premium is a fee added to the final bid. Usually the Buyer's Premium is 10% and is paid for by the Buyer. *Bankrupt assets do not have a buyer's premium added because the Seller pays the fee.
Where can I find out more about standard auction practices?
For more information on SAM's property services and proven reputation in the real estate industry, please visit our Properties page at SurplusAssetManagement.com.