1. Trust the auction professional conducting the auction, Gilbert & Gilbert Auctioneers Inc. has been in business for over 44 years and it's our pleasure to answer any of your questions.

2. When buying at auction it is a good idea to contact your lending institution prior to the auction to ensure you can obtain financing prior to bidding on the real estate.

3. It is normal procedure to view the real estate prior to the auction at an Open house.  These times and dates are posted in the auction advertisement.

4. Real Estate at auctions is sold As-Is, however, it is sold free & clear of any leans, taxes, mortgages, etc.  This means you always get a clear & clean title otherwise you are not obligated to take the real estate.

5. Sellers selling their real estate at auction are required to fill out and complete a Sellers Disclosure form, however, when selling for an Estate the Executor:  Administrators etc. are not required to complete a seller’s disclosure.

6. When buying at auction closing costs are associated with the sale, one of these is a title search, transfer tax, etc.  Taxes such as School tax, County Tax etc, are prorated.  This means the sellers pay what they use and the buyer pays what they use.

7. All real estate auctions are with reserve unless advertised as a absolute auction

8. Real Estate auctions require signing a Condition of Sale This is the contract between the seller and the buyer.  Example of Condition of Sale

9. Bidding on real estate is no different then bidding on any other items, with one exception.  When the auctioneer takes the bids on the real estate, he may take a recess.  At the point in time the bidding is on hold, and the auctioneer talks with the sellers to decide whether or not to sell the real estate (this is called meeting the reserve). The auctioneers will then open up the bidding again and announce the decision of the seller, to sell the real estate or not.

10. If you are the successful bidder on the real estate you will be required to pay 10% deposit that day.  This can be done with a Personal Check.  Then depending on the terms advertised you will have 45 to 60 days to settle.  It is a good idea to contact your Attorney, Bank or Settlement Company shortly after the auction.

 Condition of Sale (Word Document)

 Acceptance (Word Document)

Please feel free to email concerning any questions you may have either buying or selling Real Estate at Auction.