WHAT TO BRING TO THE AUCTION:
1. Valid Photo ID - Driver's License, State ID or Passport
2. $5000 cashier's check, money order or certified funds made payable to yourself
3. Mortgage Approval or Bank Letter of Credit
4. Personal or company check for balance of 5% of property sales price.
HOW TO BUY PROPERTY AT THE AUCTION
Requirements to Receive Bidders Package on Auction Day:
Be sure to register for the Builder Clearinghouse Auction! It’s Free and Easy!
Call 708-645-2001 or register on-line at the link above. We recommend registering in advance, but you may register On Site the day of Auction.
· Pre-Qualify for Financing: Must Bring Pre-Approval Letter to Bid
Must bring Pre-Approval Letter from valid Lending institution or Bank Letter of Credit, for an amount equal to or greater than the total amount of your purchases for this event.
- OR -
Call 708-645-2001 for Loan Advisors to assist you / Lenders On-Site Auction Day
There is no cost or obligation to use these lenders, and it will give you a good idea of how much you can afford to purchase based on current interest rates.
· Attend Open House Dates:
Visit the homes during our open viewing dates and drive by vacant land. (Directions are available in all property descriptions.) You must sign the Viewing Registry at properties.
NOTE: It is the bidder/buyer responsibility to inspect the property to his/her satisfaction prior to auction. There are no inspection, mortgage or attorney contingencies in the contract.
· Broker Participation WELCOME:
The Auctionator and Builder Clearinghouse invite Licensed Real Estate Broker Participation. A (1%) referral fee, based on the amount of the Winning Bid, will be paid to Registered Brokers who have properly registered with Builder Clearinghouse as a “Registered Broker” prior to the Auction Day, and whose client(s) successfully purchase the property and close. Certain terms apply:
1 - Broker must register with client/bidder information prior to auction.
2 - Client must not have previously registered for auction for him/herself or with any other Broker.
3 - Broker must attend auction with client/bidder and assist client/bidder with auction process.
· Check In Auction Day: Bidder Registration and attendance is FREE!
All those wishing to bid must bring a valid form of photo Identification: Passport, State ID or Drivers License. Present a $5000 cashier’s check or certified funds written to yourself (it will not be taken) and a personal or business check for the remaining balance of 5% down payment.
· Information Booth
If you have any questions about the auction or last minute property questions, please stop by our information desk at the registration table. Our customer service representatives are ready to help you.
· “Practice-Makes-Perfect” Auction
The bidding pace at an auction is fast and exciting! Try to arrive at least 30 minutes prior to the start of the Auction. We will conduct a practice Auction to help give you an idea of how the process works and the pace of the sale. For the duration of the live auction we will also have a “bidder assistant” available to assist you in the bidding process.
· Bid
When one of your desired properties comes up for auction, raise you Bidder paddle high to ensure that your bid is acknowledged by the Auctioneer, or Auctioneer Representative.
As the bidding progresses, continue to bid up to your maximum amount. If you are the high bidder…You Win! You are the proud owner of that property! Remember: A 5% “Buyer Premium” will be added to all winning bid amounts. So, your final contract price may look something like this…
EXAMPLE:
Your Winning Bid: $300,000
5% Buyers Premium: +$15,000
Total Contract Price: $315,000
NOTE: Sellers have a minimum reserve requirement on all properties auctioned.
· WIN !!!
When you win you will be escorted to the Documentation Area after signing the Winning Bidder Acknowledgement, which will show your winning bid amount (including Buyers Premium) as well as the specific property you purchased. All documentation and financing will be done at this point.
You will sign the Purchase Contract. And, the Seller will also sign to produce a Fully Executed Contract. NOTE: THERE ARE NO CONTINGENCY TERMS IN THE CONTRACT.
You will then sign over your $5000 cashier’s check to be deposited into the Escrow Account, as well as the balance from your personal or business checking account to equal 5% of the Total Purchase Price.
EXAMPLE: Winning Bid $300,000
5% Down Payment: $15,750
$5K Cashiers Check - $5,000
Remainder – By Check $10,750
You will be required to close most properties in 30 days from the date of the auction unless otherwise stated in the contract. (Some properties will close at a later date due to required completion of certain construction items.)
At this point, your deposit becomes non-refundable (with the exception of Seller default).
NOTE: AUCTIONEER has full right and authority to determine bid increments. Changes in procedure and property listings may occur from time-to-time. Any updates or changes in information will be given at the time the property is auctioned and shall override any previously printed or communicated information.
If you have further questions, please feel free to contact our office at (708) 645-2001. 
