It is essential that both
sellers and buyers are fully aware of their own roles and responsibilities.
In a real estate auction, each party has to go through procedures
that need to be followed to ensure successful closing at escrow.
Identify your requirements and preferences for a property.
Establish your interest and make a decision on your willingness
to bid on the property to be auctioned.
Contact a mortgage lender of your choice and get pre-qualified.
You need to make sure that they can provide you a loan and
process the loan within 30 days.
Be early on the property site on auction day to have a
property inspection. A cashier's check deposit with certain
amount made payable to Landmark Resources will be required
upon registration.
A personal check for 10% of the final price less the
amount of the required cashier's check deposit will be required
from the winning bidder. A purchase agreement will also
be required to be signed by the winning bidder in accordance
with state law.
The winning bidder will be given 30 days to close escrow
-- this includes the entire loan processing and submission
of fund requirements.
