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Like other real estate transactions, you should conduct careful due diligence before purchasing a property at auction. Common research items include local market value, property condition, and title report.
Please note, Auction.com is not the seller for any property made available online, and all information and photos to Auction.com have been made available on this page.
If you are the highest bidder at the end of an auction, here are your post-auction obligations:
- Contract Information: You'll receive an email confirming you have the highest bid. You will then need to provide important contracting information by filling out a form online. You can preview the required information on this form as a printable checklist. Make sure to submit the form within 1 business day.
- Purchase Agreement: Once everything is verified, the Purchase Agreement will be generated and you will need to sign and return the document for the seller to review and sign.
- Proof of Funds: You need to provide Auction.com a copy of your Proof of Funds by email within 2 business days.
- Earnest Money Deposit: Unless otherwise specified on your purchase agreement, you will need to send the Earnest Money Deposit to the closing company within 2 business days of receiving the transfer instructions. Send Auction.com a copy of your confirmation receipt within 1 business day of sending funds.
- Property may be sold Subject to Seller Confirmation. Seller must approve your auction bid before the sale can be finalized.
- Free Owner's Title Insurance when you use the seller designated title company. A title policy helps ensure the property is free and clear of liens and provides protection against certain defects in title
- Earnest Money Deposit of 1% of the total purchase price or $1,000, whichever is greater, is required.
- Buyer will be offered a Special Warranty Deed or Equivalent.
- Property is being offered as is, where is.
- Bank of America, N.A. associates, household members and business partners are prohibited from purchasing REO properties, either owned or serviced by the Bank, whether directly or indirectly.
- Buyer may be assessed a $35 Document Preparation Fee paid at closing to a third party provider.
- Until the seller's reserve price is met, Auction.com may counter bid on behalf of the seller. Counter bidding gives buyers and sellers more flexibility to find a mutually agreeable price. Counter bids do not occur after the seller's reserve price is met. Learn more about reserve pricing.
Auctioneer Licensing Information
Auction.com, Inc. Lee Leslie RE Brkr Lic No. 1537318