Auctions are an efficient and time effective way to purchase real estate. Whether you’re an investor looking for income producing property or homeowner looking for a new home to purchase, there are lots of property opportunities at auctions.
If you’re new to auctions, the One Day REO team assist you through the process and answer any questions you may have. The Auction Terms & Conditions can vary from auction to auction so be sure to check each individual set of Terms & Conditions before bidding.
Also be aware that typically assets sold at auction are “as is” with no warranties. This means you will want to inspect the property or have it professionally inspected before bidding. If you’re purchasing real estate you will sign a “no contingency” contract to purchase, and pay a non-refundable deposit on auction day. Any inspections need to be done beforehand and your financing needs to be sure.
Whether you’re new to auctions or an experienced auction buyer, the One Day REO team values and appreciates your participation and will do our best to make your auction experience enjoyable and beneficial.
You do not have to be represented by a traditional real estate agent to buy at an auction. You can contact us directly to get all the information you need and inspect the property during one of the previews. If you have an agent that will assist you in your buying process, please have them contact us before the auction to register with us so they can be compensated for their efforts.
You do not need to attend a live auction to bid on a property. You can submit an Absentee Bid Form, and One Day REO staff will bid on your behalf at the live event.
The Auctioneer will include your bid in the auction, and will continue to bid on your behalf from your initial Bid Amount to the Maximum Bid amount you submit beforehand. In the event your bid ties with a bid from another bidder, the standard policy of One Day REO, LLC is to bid One Increment higher on your behalf to break the tie in your favor (usually One Increment is equal to $1,000). Please remember that Absentee Bids are accepted as binding contracts to purchase the Property, so that once you have submitted an Absentee Bid, you are committing to purchase the property if you are the winning bidder. There is paperwork required to be completed prior to the start of the auction, and One Day REO and/or the settlement agent (Surety Title Company) must receive a deposit of $5,000 if you want to be a valid bidder at the auction.
For more infomration, please contact the One Day REO team at firstname.lastname@example.org or call us at (732) 630-6630.
Buying A Real Estate Listing
Purchasing real estate can be a complex and intimidating process to a new buyer. If you’re new to purchasing real estate you may wish to retain a buyers agent to help guide you through the process. A buyer’s agent helping you with paperwork, submitting offers, and advising you about contingencies and inspections that you need to include can be very helpful.
Your first step in purchasing property should be to go to your bank and get a preapproval letter for your financing. This will help you determine what properties you should be looking at. You can waste a lot time looking at properties that are priced above your budget if you don’t know what loan amount you will qualify for.