At the end of the auction the winning bidder will be directed to the auctioneer in-charge of the auction event, where the contract signing will take place.
1) Payment of bid deposit, usually 10% (or more) of the high bid amount.
No action can be taken until you, the winning bidder has made payment of the deposit or purchase price as agreed.
The amount of the deposit may be different from auction-to-auction. Therefore, it is important to review the terms and conditions for the particular auction you are interested in.
2) Complete the Purchase and Sale Agreement, along with any accompanying forms (i.e. Lead Base Paint Disclosure Form or Tennessee Residential Disclosure “Exemption” Notification Form)
After the earnest money deposit has been received a Purchase and Sale Agreement, along with accompanying forms have been executed, you will receive copies on-site and the settlement process will begin immediately.
These are simple documents that acknowledges you as the high bidder, identifies the property, amount paid and amount owed along with estimated date of final settlement or closing.
3) Payment of the balance of the purchase price
In most auctions there is payment of a deposit with the balance due in 30-days. Your settlement paperwork will be processed from the Purchase and Sale Agreement, but your deed will not be recorded until the entire amount owed has been paid.
The reason for this is once the deed has been recorded in your name, the property is yours.
Please communicate with us about any financial institution you may be using or special requests for your deed. We will coordinate the closing with the Closing Agent identified within the Terms and Conditions for your sale.
4) Wait for the paperwork
A buyers settlement package will be sent to you usually US Priority Mail, email or fax containing the paperwork related to your purchase.
After payment has been made a deed will be prepared and recorded in the County the property is located.
A copy of the deed will be provided in your package with the original usually sent direct from the County recorder. Delivery of your recorded original deed usually takes 4 to 6 weeks.
5) Enjoy your property!
Congratulations…it’s all yours
We are a little old fashioned and try to answer the phone when it rings. If you have questions that are not answered on-line or the auction page, pick up the phone and give us a call. We would love to hear from you! Call: 615-346-4646