Frequently Asked Questions
Our Process is Transparent
Q: Do I need to be prequalified to bid on the property or to attend the sale?
A: No - Everyone is welcome to participate. If this property should interest you, I recommend that you attend the sale. You will never know the selling price unless you are present.
Q: Is there a starting bid?
A: No - You can start the bidding process at any amount. The high bid will be presented to the seller for their acceptance. If this auction is an “Absolute” auction, it will be sold to the highest bid regardless of price.
Q: Can I finance this property if I am the winning bidder?
A: Yes, you can finance the purchase, however per the Terms and Conditions of this sale, this sale is not contingent on you obtaining financing or an appraisal. American Heritage Auctioneers has multiple lenders familiar with our process that we would be glad to assist you with financing at one of our sales. Please reach out to us for their information ahead of sale day.
Q: Does this property have a clear title?
A: Yes. When the title is transferred to you it is guaranteed to be free and clear of all liens and debt with a title insurance policy that the Seller has agreed to pay for.
Q: Can I have a professional inspection done on the property?
A: We will have a licensed home inspector conduct a 4-point inspection prior to the sale and that inspection will be provided to you at registration on sale day.
Q: Is a home warranty available?
A: Yes, at a minimal cost to the buyer. Contact our office prior to the closing date.
Q: What is a Buyer’s Premium?
A: The majority of Professional Auctioneers use it to help defray the Sellers cost of the sale.
EXAMPLE: High Bid of $100,000
The 10% Buyers Premium + $10,000
Creates The Contract Sales Price Paid To The Seller = $110,000
Q: Will you accept my personal check for the deposit?
A: Yes - If funds are available. If you need to transfer funds, please let us know on auction day when funds will be available (within 3 business days).
Q: Is there a charge to register to bid?
A: No – Just come to the auction. Our auction team will be happy to assist you.
The auction usually lasts less than 30 minutes from start to finish. If this property should interest you, we recommend that you take the following steps to prepare for the auction day:
On the auction sale day, you will attend the open house and register to bid.
If financing is needed, it is best to get pre-approval for an amount that you would spend on this particular property and be prepared to close within the time indicated under “Terms and Conditions.” The Contract for Sale and Purchase does not have a financing contingency.
The auctioneer will give a property disclosure during the opening remarks at the auction.