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Old 06-12-2012, 08:50 AM
 
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Its not every property, or every town. I was speaking in general. Yes, there are good deals on auctions out there. Depends on the state, depends on the town.
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Old 08-19-2012, 11:34 PM
 
Location: Brawndo-Thirst-Mutilator-Nation
15,436 posts, read 15,378,832 times
Reputation: 11154
So I am getting ready to make an offer on an auction property. But they allow outside offers......if the outside offer is highest, that is the offer that is taken. And the good thing is you do not have to pay the auction premium.

Has anyone done this???

I assume that the contractual obligation that binds me is the offer I make via a standard Ca RE contract....not the auction agreement??? So, would I be bound by any of the rules the auction company sets up??? How about contingencies that I put into the contract(financing, inspection...etc, etc.). I think that bidders at the auction waive contingencies and forfeit earnest money if they drop out of the sale for any reason.

I have tried to ask questions of the auction company via email, not much help forthcoming.

THANKS...........anyone....anyone??????
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Old 08-20-2012, 06:42 PM
 
6,368 posts, read 7,398,779 times
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All of the auctions I've participated in required that due diligence be done BEFORE the auction. No contingencies. Also, most required that financing (or cash) be lined up ahead of time. A few offered financing options, but that was rare.

You need to thoroughly read and understand the auction rules and proceedures. Don't assume anything. They run the show and you have to live by their rules.
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Old 08-20-2012, 10:52 PM
 
Location: Brawndo-Thirst-Mutilator-Nation
15,436 posts, read 15,378,832 times
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Quote:
Originally Posted by jackmichigan View Post
All of the auctions I've participated in required that due diligence be done BEFORE the auction. No contingencies. Also, most required that financing (or cash) be lined up ahead of time. A few offered financing options, but that was rare.

You need to thoroughly read and understand the auction rules and proceedures. Don't assume anything. They run the show and you have to live by their rules.

Thanks a lot, it is confusing!

I have bought property the regular way....this is a little more dicey.

I am actually going outside of the auction process via a regular offer.....that will be accepted if it is higher than the highest bid at the auction. Still have to iron out the details and legalities...yikes.
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Old 08-21-2012, 07:11 AM
 
Location: Phoenix AZ
5,920 posts, read 10,523,334 times
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They will counter offer with their contract if your bid is accepted. Dont count on any of the protections in the standard CA contract
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Old 08-21-2012, 05:57 PM
 
Location: Brawndo-Thirst-Mutilator-Nation
15,436 posts, read 15,378,832 times
Reputation: 11154
Well, I finally got an email from the auction company answering my questions.

All offers related to the auction process are cash......if you can find financing fine....but you still have to pay in full within a certain period of time.

If the best auction offer is not accepted by the seller, offers written outside of the auction process that are on file will be considered....these offers do are not subject to the 5% auction company fee.
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