Q. Can I inspect a property before the auction?
Yes. Most properties will have open public inspection periods and we recommend you perform any inspections or have the property appraised before auction day. The dates and times for public inspection are listed on each property's detail page. Additionally, properties are available for public viewing through licensed real estate brokers/agents and licensed, certified property inspectors upon registration of the viewing.
Q. Is there a reserve price?
All properties are auctioned subject to seller confirmation (a reserve auction) unless otherwise disclosed as absolute or without reserve. Properties sold subject to seller confirmation or reserve may not have a published reserve value, and the high bid is simply subject to seller approval. Properties auctioned absolute or without reserve have no reserve value and the property will sell to the high bidder on auction day.
Q. Can I use bank financing?
Yes. However, the properties are being sold without contingencies, "Cash, As Is, Where Is" so you should be pre-qualified by a lender as to the amount you can afford to spend for a property being sold for "Cash, As Is, Where Is."
Q. Can I use my own title company?
Yes. However, the terms of sale which are stipulated in the contract will still apply. Specifically, that the insurable title as prepared and offered by the indicated title company shall be the standard agreed to and accepted by the parties for conveyance and that the buyer shall pay all costs already incurred and required by that title/closing company. Therefore, you may use your own title company to close the transaction, but you may still be responsible for some costs incurred by the original title company.
Q. Do I need to use a real estate agent?
An auction provides a clean, time definite, exchange between the parties and traditionally allows the buyer to minimize the number of intermediaries separating him/her from the seller. Although as the auctioneer Madison's Auction & Appraisal Co. Ltd. represents the seller, we have the responsibility to treat all parties fairly and in accordance with real estate law. If a buyer feels more comfortable having representation at an auction, s/he is welcome to have an agent register the buyer as a client, attend the auction, and assume the role of a buyer's agent.
Q. Do you have to register for an auction?
all potential buyers are required to register as bidders before an auction begins and obtain a bidder number. The agent will need your name, address and proof of ID before your registration can be accepted.
Q. What is an Absentee Bid
A procedure which allows a bidder to participate in the bidding process without being physically present. A bidder who cannot attend submits an offer prior to the auction. All arrangements to payment have been made in advance.