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BUYING OR SELLING REAL ESTATE AT AUCTION

 

We understand many of you have never participated in an auction and especially a real estate auction. Auctions are popular in the South, Mid-West, Europe and other parts of the world; but, while not as well-known in the West, auctions are becoming more and more the way to sell real estate and personal property. Graystone has conduct over 1300 successful auctions.

Graystone Auctions does not sell foreclosures or real estate in distress, which is the perception that many have of the auction process. Graystone’s typical clients are estates and heirs of estates.

Our Sellers like that they can pick a date to sell their real estate. Graystone Auctions works for sellers who typically have little to no debt. Sellers look at the time value of money and like that the open bidding process gives all bidder/buyers an equal opportunity to be the successful bidder/buyer on the real estate they are selling.

Our Buyers like the transparent, open bidding process where everyone has an opportunity to bid, and the real estate goes to the highest bidder. Buyers are all in the same room and can see in real-time who is bidding on the real estate. Buyers need to have their due-diligence (i.e. home inspections are welcomed) completed before the day of the sale. All of our estates are sold “as-is”.

Buyer’s need to fill out a Buyer’s Bid Packet before the day of the auction. Along with the bid packet, buyers must show either proof of cash or proof of financing. There is a 10% buyer’s premium added to the winning bid to determine the final sales price of the real estate. The successful bidder will write a non-refundable check in the amount of ten percent of the final bid made out to Old Republic Title Company on the day of the sale. Personal or Business checks are fine. Clear title is received at the close of escrow. Escrow can close in 5-7 days for cash buyers and approximately 30 days for those using financing. Sellers and buyers are responsible for title and escrow fees. We are here to answer any questions, so please don’t hesitate to contact us.