Buyingatauction

auction, a deposit, as stated in the Auction Terms and Conditions, will be required as well as a properly completed Buyer's Registration form. If you are the successful high bidder, your deposit will be held in escrow by an on-site title company representative. There is no charge to register for the auction. If you are not the winning buyer your deposit will be immediately returned to you.

VIEWING/INSPECTING THE PROPERTY:

There will be several opportunities to view the properties. Some will require pre-set viewing times while others will be available for viewing with no appointment. If an appointment is required, this will be clearly published on the website, brochures, newspaper advertisements and property signage. We can also arrange for alternate viewing times for all qualified buyers. It is highly recommended that you have the property inspected prior to the auction (see Due Diligence below).

REQUEST PROPERTY INFORMATION:

You may contact us directly for a Property Information Package or download the information from this site.

DUE DILIGENCE:

Perform your due diligence on the property. Feel free to hire your own inspector or professional prior to the auction day so that you can be confident about your buying decision. We will make special arrangements to have your inspector access the property. Ask as many questions as possible about the property and obtain an understanding of the value of properties in the area where the property is located. Have your legal representative review the Property Information Package which will include a sample contract and other legal documents including but not limited to a survey, appraisal, plat, building inspection, easements, etc. We also suggest that you hire a real estate broker to assist you, just as you would with any real estate acquisition.

ARRANGE FINANCING:

The successful high bidder will be required to close the transaction, in cash, within 30 days with no conditions or contingencies. Therefore, you will not be able to bid on a conditional basis. You must know that prior to bidding you are pre-approved for financing from a bank or other lending source, or that you have the cash on hand. If you require financing assistance, please contact us and we will do our best to assist you. In some cases a seller financing option is available. This option will be clearly stated on all published marketing materials. We suggest that when working with your lender that you provide them complete information on the property including the Property Information Package. This will contain information that may be required to pre-approve your loan, except the price. Should the lender require a price, you may tell them the highest amount that you are willing to pay for the property. Keep in mind that a Buyer's Premium of 10% of the high bid price will also be required (See Terms/Conditions for each specific property that you plan to bid on for more information regarding the Buyer's Premium).

REGISTER TO BID:

You must register to bid on the property prior to any bids being accepted by the Auctioneer. You will be required to sign a Bidder's Certification that states, among other things, that you have received the Property Information Package, that you have read it completely and that you fully understand the information contained therein.

DEPOSIT REQUIREMENTS:

Make sure you have the required deposit amount available prior to the auction. A deposit from the successful high bidder will be required immediately following the auction and contract signing. This amount may be different depending on the high bid price but the initial amount required will be clearly communicated prior to the auction. The initial deposit funds will be required to be certified funds (i.e., Cashiers Check). Please make sure you read and understand the deposit terms and conditions and ask an auction representative if you are not clear regarding the requirements.

AUCTION CONCLUSION:

At the conclusion of the auction, if you are the high bidder, you will immediately sign the Purchase and Sale Agreement and provide any additional deposit (earnest money) based on the bid price if necessary. Your initial certified funds will be held by the title company for you to participate in the auction and will be applied to the deposit (earnest money) depending on the high bid price. The high bidder's deposit becomes "hard" earnest money immediately being declared the successful high bidder. If needed, you may use a personal or business check to cover any additional amounts required.

CLOSING:

Most closings are conducted by Gracy Title Company in Austin, Texas. You and your legal representative will be afforded the opportunity to review the title policy prior to the auction and will be assured of receiving a clear title with all taxes prorated to the date of closing which are paid by the seller.

Although TexTerra Realty, L.L.C., represents the seller in these transactions, we owe you, the buyer, a level of customer service and professionalism. We will be available at the auction site several hours prior to the auction and will also be available to meet with you and your Broker in the days and weeks leading up to the auction to answer questions and explain the process.