Is there a buyer’s fee?
The buyer’s fee determined on an auction by auction basis. Please see the specific auction terms for the actual buyer’s fee.
How do I bid on a property?
All bidders must register with Believe In Auctions on the day of the auction with a valid drivers license. The winning bidder must pay an earnest deposit (cash, cashiers check, or personal check) on the day of the auction.
Are there closing costs?
Yes. The seller pays all closing costs which generally total at least $1500 including title exam, title policy, closing fee, filing costs, and any other fees noted for the sale.
Will I receive a good title?
Yes. The properties we sell are transferred by Deed prepared by the Seller with Insurable Title as determined by the Title/Closing company. The Title/Closing company also prepares and issues a customary Owner’s Title Insurance Policy.
Can I bid for someone else (i.e. friend or family member)?
No. Whoever is the high bidder must execute the Contract in their own name unless they have written proof of being an Attorney of Fact.
Can I use my own title company?
Yes. You may use your own title company. If you do not have one, we can refer you to one of our reputable title companies.
Can I use bank financing?
Yes. You must be “pre-qualified” by a lender as to the amount you can afford to spend for the property being auctioned.
I am a real estate agent, can I earn a fee?
Possibly. Any licensed professional who represents the winning bidder may be eligible for a finder’s fee. The finder’s fee is determined by the seller. Please ask us if a finder’s fee exists for a specific auction.
Is the down payment deposited?
The winning bidder’s down payment is deposited into Believe In Auctions, LLC’s premium trust account.
As the winning bidder, can I work on the property before closing?
Buyers are not allowed to do any work on the property until after the closing.
Do I get the keys?
No, access or keys are only provided after the closing. The closing date is typically 30 days or less from the auction date. If a professional needs access prior to closing, they should contact Believe In Auctions to arrange access.
Will I be responsible for back taxes and/or liens owned by the seller?
In most cases, no. Any back taxes or liens will be cleared by the seller prior to closing, or the buyer will receive a refund of his/her deposit, unless otherwise indicated in the description of the property.