Ohio real estate transactions are conducted through REAL ESTATE SOLUTIONS OF OHIO, LLC. Michigan real estate transactions are conducted through through REAL ESTATE SOLUTIONS OF MI, LLC.
Benefits for Buyers and Frequently Asked Questions: We maintain a large database of real estate buyers who have opted-in to our auction alerts email list. If you would like to subscribe to this list and be notified on a weekly basis of upcoming auctions, simply sign up on the home page of this website. Once you find a property that you wish to bid on, you should do the following:
- Review our upcoming auctions page which will include all pertinent information such as auction date and time, property description and basic terms.
- Perform any desired inspections or due diligence prior to the Auction
- Determine your bidding level
- Arrange financing if needed
- Be sure to remember your deposit money as indicated in the auction terms
- Attend the Auction
*Keep in mind that all properties are auctioned "As Is, Where Is," meaning financing cannot be contingent on inspections or appraisals. We encourage you to perform your research. Most properties will have open public inspection periods prior to the auction and we recommend you perform any inspections or have the property appraised prior to the start of bidding.
The amount you wish to spend is entirely up to you. This is what makes the Auction method fair to all involved. An Auction reveals the true value of a property, a value set by those who are interested in buying it and who compete against one another fairly and openly for the right to own it.
What type of real estate auctions do you offer?
We utilize the most advanced auction platforms to offer you live, real-time bidding opportunities that are convenient and best suit your needs. We conduct live auctions at the property and also offer on-line bidding in certain cases. Be sure to check the individual auction listing for auction location and bidding methods.
How do I register to bid?
To bid on site, bring a valid driver's license and complete the brief registration form. You will still need to show your valid driver's license as proof of identification. The process only takes a few minutes. Some auctions may require a bidder deposit to be made in advance of the auction. This information will be clearly spelled out when you go to register.
Can I have an inspection done on 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.
What is a Buyer's Premium?
The Buyer's Premium is paid by the buyer and used to compensate the real estate broker representing the buyer and/or the broker or auctioneer representing the seller. In most cases, we add 10 percent to the high bid to determine the final contract price.
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.
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."
Will I know on-site if my bid was accepted?
If you are the high bidder on a property selling "absolute" or "without reserve" that means there is no reserve value and the high bid is the sale price. If a property is not being marketed as "absolute" or "sells without reserve" the high bid is subject to seller confirmation or approval. For properties subject to seller approval, we generally try to have an answer back that same day.