* What is the difference between On-Lawn, In-Studio and Online Only? They are simply venue differences, scheduled for the convenience of both sellers and bidders. Please be aware that some
properties selling online may be simultaneously sold live on the lawn or live in the studio auction venues.
* Can I inspect a property before the auction? Yes, please visit the property detail page of the website for specific dates, times and directions.
* Do you have more information available on the property? No. All the information we are provided or have available is published on our website, and then finally in the sale day notes you’ll receive at the auction. Institutional and fiduciary sellers (courts, government agencies, banks and trustees) as well as Williams & Williams have typically not occupied the properties being sold so have very little information to provide. Properties are sold "As Is – Where Is" and should be fully inspected prior to bidding.
* What is a Buyer’s Premium? On most properties, Williams & Williams charges a 5% fee (minimum $1,500 for On-line Only Auction, $2,500 for all others) known as a Buyer’s Premium. This fee is added to the winning bid (also known as the “hammer price”) and is payable as part of the total purchase price of the property.
Example: If the winning bid is $100,000, then the Buyer’s premium is $5,000 ($100,000 x 5% = $5,000). The Buyer’s Premium is then added to the winning bid to calculate the total purchase price ($100,000 + $5,000 = total purchase price of $105,000).
The Buyer’s Premium is used to compensate the Brokers and/or Auctioneer and to cover the costs of sale from pre-auction through closing. It is a standard practice utilized by most auction firms.
Please review the property specific page or the Sale Day Notes to determine if a property has a Buyer’s Premium (or an Auction Service Fee).
* What is an Auction Service Fee? On some properties where no Buyer’s Premium is charged, Williams & Williams applies an Auction Service Fee (minimum $1,500 for On-line Only Auction, $3,000 for all others). The Auction Service Fee is not part of the total purchase price and is payable at closing.
The Auction Service Fee is used to compensate the Brokers and/or Auctioneer and to cover the costs of sale from pre-auction through closing.
Please review the property specific page or the Sale Day Notes to determine if a property has an Auction Service Fee (or a Buyer’s Premium).
* Why do some properties have a Buyer’s Premium and some have an Auction Service Fee? Williams & Williams provides institutional property sellers different methods of marketing properties. As a result, some properties have a Buyer’s Premium, while others have an Auction Service Fee.
* Do I get a good title? Yes. Properties are transferred by deed prepared by seller (i.e. Special, Bargain and Sale, Quit Claim, U.S. Marshal’s, Trustee’s, etc.) with insurable title as determined by the title/closing company indicated on the contracts, which also prepares and issues a customary owner's title insurance policy. Current year’s property taxes are pro-rated through day of closing as customary.
* If there is a mobile home on the property do I get a separate title for it? No. Usually, any mobile home or manufactured housing has already been affixed to land and is considered part of the real property. If it has not, however, it will then be conveyed by a hold harmless agreement or quit claim bill of sale. If a separate certificate of title HAS been found or obtained, it will be noted in the disclosure for the property on the website or in the sale day notes.
* Can I use my own title company? Yes. The terms of sale which are pre-stipulated will still govern, however, specifically including that the insurable title as prepared and offered by the indicated title/closing company shall be the standard agreed to and accepted by the parties for conveyance and that buyer shall pay all costs already incurred and required by that company.
* Is this an absolute auction? No. All sales are subject to court or seller approvals that require that the non-revocable offers be delivered to them for execution.
* Is there a reserve price? No. The properties are liquidated to the highest bidder subject to approval of the sale and execution of the offers.
* Can I pay in full day of sale? Yes. If a Quick Close option is available (see property information or listen day of sale). Buyers can save all title closing costs (usually over $1,500) by paying the purchase price plus services fee and/or any other non-title fees noted in full on day of sale.
* Can I bid for someone else (i.e. friend or family member)? Yes. If you will be bidding on behalf of your client you must have an original Power of Attorney (POA) or Attorney in Fact with you at the time of the auction. If you will be bidding online on behalf of your client, then the Power of Attorney (POA) must be returned with the contract.
* Can I assign the contract? No. You may not assign the contract.
* Can I use bank financing? Yes. However, there are no contingencies (i.e. financing, appraisal or inspection) to these sales, 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.”
* 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 Williams & Williams represents the Seller, we have the responsibility to treat all parties fairly and in accordance with real estate law. That being said, 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.
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I'm a real estate agent. Can I earn a fee? Yes, you can represent any third party as long as you qualify and register per the terms of cooperation and policies published on the website and have proof that you submitted same at least 24 hours prior to the auction. There are no exceptions to this policy.
* Can I buy a property after auction? No. Practically all high bidders close on time, so opportunities to buy a property after an auction are very rare. A high bidder who defaults forfeits their down payment and is additionally liable for all costs and damages incurred to re-sell the property.
* Will I know on site if my bid was accepted? No. You will receive confirmation that your bid was accepted from the W&W Buyer/Agent Relations Group – usually within 14 days of the auction date.
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What is "true value?" Traditionally speaking, there are many ways to determine property value. There is what the seller is asking. There is the value the agent places on comparable properties in the neighborhood. There is the appraiser’s opinion of what a property is worth. At Williams & Williams, the true value of real estate is what a buyer will pay now, in an open and competitive auction environment. There’s a reason so many of the world’s assets are sold via auction. From stocks and bonds, to art and autos, to those forgotten treasures in Grandma’s attic, auctions effectively establish true market value at the most informed and competitive prices available.
* What does it mean when properties are sold "Buyer’s Choice?" If more than one property is being sold from a sale site the properties may be sold buyer’s choice. This means the “#” of the property does not indicate the order in which it will be sold. Instead, when the auctioneer concludes the bidding, the high bidder (whoever bids the most) will choose which property they’ve bought. They may choose any of the properties in the group and they may also choose more than one. The purchase price bid is per a single property. For example, if the high bid is $50,000 and the high bidder chooses two properties, they pay $100,000 total. After the high bidder makes their choice(s), the auctioneer will open and start the bidding again. The second high bidder does not get to choose; only the high/winning bidder gets to choose and buy. The process is repeated until all properties for that group have been sold. This is done to accommodate bidders who have second and third choices and/or are investors and want more than one property (rather than selling the properties in an arbitrary order, not selected by the buyers).
* A Studio Auction property shows only the sale date ... no time. How do I know when to show up? Studio Auction properties are lotted and grouped in approximately one (1) hour increments. The property detail page will indicate the time range in which each property will sell. It is recommended that you be present at the studio at least one hour before the anticipated selling hour for your property.
* What is a high bidder acknowledgement form? After a high bidder has been declared by the auctioneer, they will be asked to sign a high bidder acknowledgement form which will state which property they purchased and what their high bid was. The high bidder and the high bidder acknowledgement form will then be taken to the closing area to fill out the contract.
* What will my charges be if I am the high bidder for an On-Location or In-Studio Auction? There is no charge to register for an auction. Each high bidder (buyer) must make a 5% ($2,500 minimum) non-refundable deposit per property at the conclusion of the auction. Electronic wire funds, cash, credit card, check by phone and cashier’s checks are the only forms of payment accepted. Once the seller approves the sale, the deposit will be credited to the contract. The balance of the purchase price and all closing costs are due at closing. Closing costs generally total about $1,500 and include title exam, title policy, closing fee, filing costs and any other fees noted. A 5% Buyer’s Premium or an auction service fee of $3,000 is also due for the local services provided pre-auction through the closing. Deposits will not be forwarded to any title company, or other party, for closing until Williams & Williams bank has received cleared funds for the deposit.
* Is the down payment deposited? Yes. All down payment funds are deposited in less than 24 hours of the auction, so you should transfer funds into your checking account prior to the sale (if a sale is not approved, down payment is immediately returned).
SOURCE FROM : http://www.williamsauction.com
