Frequently Asked Questions:

Do I need to pay all cash on auction day?

Why is the property selling at auction?

Is the property being sold free and clear?

Can I inspect the property before the auction?

Where will the auction be conducted?

How much is the deposit?

Is my deposit refundable?

What are the closing costs?

How should I prepare for the auction?

What do I need to bring to the auction?

Can I attend the auction as an observer?

What will happen at the beginning of the auction?

Will I understand what is happening during the bidding?

Can I buy a property by scratching my ear at the wrong moment?

Do I need to be represented by a Real Estate Broker in order to bid?

Is the property guaranteed to be sold regardless of the winning bid?

I can’t attend the auction. Can someone else bid on my behalf?

What is a Buyer's Premium?

What happens if I’m the winning bidder?

What if I have additional questions?

 

 

Do I need to pay all cash on auction day?

 

No. Most buyers at our auctions use conventional financing and close in 30 days.

Why is the property selling at auction?

 

Sellers have many reasons for choosing an auction. The most common is because they simply cannot afford the luxury of waiting months or even years to sell their property conventionally.

Is the property being sold free and clear?

 

Yes. The seller will provide a Title Insurance Commitment Letter for each property and will pay off any loans on the properties at closing.

Can I inspect the property before the auction?

 

Absolutely. We encourage you to inspect the property during any of the scheduled showings and we strongly recommend that you use the services of a professional inspector. Whenever possible we will provide information (such as a Phase I Environmental Review for commercial property) to help reduce due diligence expenses for bidders.

Where will the auction be conducted?

 

Our auctions are conducted either at the property or at a nearby conference facility.(We do not offer internet-based bidding.) Please check the Auction Information page for details.

I can’t attend the auction. Can someone else bid on my behalf?
 

Yes. Please contact Northwest Auctions for full details.

How much is the deposit?

 

Please see the Auction Terms and Conditions.

Is my deposit refundable? What if I cannot get financing or decide not to buy the property after I am declared the winning bidder?

 

If a buyer does not close by the closing date, their deposit will be forfeited. There are no exceptions.

What are the closing costs?

 

Please see the Auction Terms and Conditions.

How should I prepare for the auction?

 

The time leading up to the auction is when you must do all necessary due diligence research and arrange financing.

 

It is also very important that you understand the auction terms and conditions and associated contracts. We strongly recommend that you review all auction-related documents with your legal advisor before bidding.

What do I need to bring to the auction?

 

In order to receive a bidders card, you will need to present a cashiers check for the deposit amount (made out to yourself) or multiple cashiers checks if you plan to purchase multiple properties. You will also need a current photo ID. Registration begins two hours before the auction; please arrive early if possible.

 

Can I attend the auction as an observer?

 

Observers are always welcome but please note that registered bidders will be seated first.

What will happen at the beginning of the auction?

 

The auction begins promptly at the appointed time with opening remarks summarizing the terms of sale. Next, the auctioneer will answer questions and conduct a practice auction so bidders can become comfortable with the bidding process. Finally, the actual auction will occur; most auctions take less than half an hour.

Will I understand what is happening during the bidding?

 

That is certainly our goal; if you don’t, we’re not doing our job properly. The auctioneer will speak clearly and at a conversational speed. If you are confused at any point during the auction, please ask one of the bid spotters for assistance.

Can I buy a property by scratching my ear at the wrong moment?

 

No. You can only bid by holding up your bidders card.

Do I need to be represented by a Real Estate Broker in order to bid?
 

No. We welcome broker participation, but it is not a requirement. (If you are a broker, please see the ‘Broker Info’ section for pre-registration requirements.)

Is the property guaranteed to be sold regardless of the winning bid?
 

Not always. Many of our auctions are conducted “Subject to Seller Confirmation” or “Subject to Unpublished Reserve” to protect the seller in the highly unlikely event that the winning bid is unacceptably low. An “Absolute” auction means the property will sell to the winning bidder regardless of price.

What is a Buyer's Premium?

 

A Buyer's Premium is a percentage amount paid by the buyer that is added to the high bid to determine the final contract price. The Buyer’s Premium is used to help offset the costs of the auction.

What happens if I’m the winning bidder?

 

You will sign a purchase agreement for the total purchase price (your winning bid plus the Buyer’s Premium) and endorse your cashiers check to the escrow company. You will then have 30 days to close and closing will be managed by an escrow company. In the unlikely event that the seller does not accept your high bid, we will promptly return your deposit check and all sale documents.

What if I have additional questions?
 

Please contact Northwest Auctions at (888)222-1882 or info@NWAuctions.com

 
 

 

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