If You are the Winning Bidder
Congratulations! Your bid has been declared the winning bid by the auctioneer. As spectators and your fellow bidders offer polite applause, it's time for you to proceed to the designated contract area to begin paperwork.
Upon arrival, you'll meet with a representative of RealEstateAuctions.com who will request your identification and the cashier's check you've brought in the designated amount for the subject property.
The real estate purchase contract and all related documents are presented for your signature.
Total Purchase Price has been calculated by adding the Buyer's Premium (typically 5 percent) to your winning bid amount. For example, if your winning bid was $100,000, a 5 percent Buyer's Premium would bring the Total Purchase Price to $105,000.
Earnest money required is typically five percent of the Total Purchase Price. Earnest money is collected by means of the cashier's check and a personal check.
With the contract signed and earnest money collected, a closing will be scheduled within 30 days.