BUYING REAL ESTATE
Looking to buy a property or home at auction? Anyone can! Buying real estate at auction is an easy process. You do not even need a realtor to buy a property at auction and real estate auctions are not all bank owned and/or foreclosures properties. Many of the properties our Pennsylvania auction house sells are sold on behalf of estates, or individual sellers.
Below you will find useful information about buying properties and homes at one of our auctions.
BUYING REAL ESTATE AT AUCTION
FIRST AND FOREMOST
As with all real estate purchases you need to do your research and be informed. Every auction that Magna Auction Company has terms and conditions that will serve as the contract for all purchases at auction, including real estate. Please review the terms and conditions associated with the auction you’re interested in and if you have questions, please contact us.
WHAT'S THE PROCESS TO BUY PROPERTY AT AUCTION?
1. Review the pictures and details of the property you are interested in online.
2. Review all of the documents available for that property, located with the auction listing on our site.
3. Attend one our open houses to view the property. You will receive a property information packet which will include all available information for the property and we will be there to answer any questions you may have. Feel free to bring contractor and/or inspector during the open house.
4. Contact us to register for the auction. Depending on the terms and conditions of the auction, funds for deposit, certified funds and/or bank loan pre-approval will need to be shown to the auction company in order to register and bid on the real estate.
5. AUCTION TIME! The auction takes 15 to 30 minutes. There will be an overview of the auction’s terms and conditions. The auctioneer starts the auction. The auctioneer may pause the bidding to see if anyone has last minute questions. Once, all final questions are answered, the auctioneer reopens the bidding so all potential buyers can place their final bids on the property. The auctioneer concludes the bidding and winning bidder is announced.
6. After the conclusion of the auction, the winning bidder will sign all the necessary paperwork and transfer the predetermined deposit to Magna Auction Company. Depending on the terms and conditions, a settlement date will be set. If you will be procuring a mortgage, this time frame will be an ample amount of time to complete the mortgage process. If the buyer chooses, the buyer can choose their own closing company for settlement.
7. Settlement day. The auction company, buyer and seller will meet at closing to sign and complete all pertinent paperwork. Keys are exchanged and the property is officially yours.
FREQUENTLY ASKED QUESTIONS
LIVE AUCTIONLive bidding is the traditional method of bidding. Prior to bidding, all bidders must register to receive a bidder number from our clerk. To receive your bidder number, buyers must give their name, address, phone number, and provide acceptable identification. To bid in the auction, raise your bidder number for the auctioneer to see. When you are finished bidding on your selected lots, bidders will collect their items and return to the clerk to pay for your items. Payment is required on the same auction day.
LIVE AND ONLINE AUCTIONThese auctions take place online and WITH, "in person" live bidding. They can take place on one online platform or over several online platforms being updated simultaneously as stated in the ONLINE ONLY AUCTION section along with an on location, live audience with a bidder numbers as stated above in the LIVE AUCTION section. Because bids can come from several sources, a tie for the high bid can be possible. In the event of a tie for the high bid, the first bid given - regardless of its source - wins. Magna Auction Company or any of its staff shall not be held responsible or liable for any human or technical issues, bidding errors, or internet bidding system shutdowns that may occur.
ONLINE ONLY AUCTIONOnline only auctions are open for pre-bidding until the specified date and time, at which time pre-bidding will cease and the auction will go live. Online auctions do not have an auctioneer calling the bids. There is a bidding window and the bidding window may or may not include a time auto extended feature. At the end of this period, the bidder who has submitted the highest bid wins the lot. Magna Auction Company or any of its staff shall not be held responsible or liable for any human or technical issues, bidding errors, or internet bidding system shutdowns that may occur.
LIVE ONLINE ONLY AUCTIONMagna Auction Company may offer one or several platforms to bid online. Online bidding allows you to bid via the internet. Please see the auction listing to see which platform(s) you can use to bid on items you’re interested in. These auctions are open for pre-bidding until the specified date and time, at which time pre-bidding will cease and the auction will go live. They are conducted over an extended period of time as listed on the auction listing. Lots will be sold one at a time, in numerical order, by a live auctioneer who will be taking bids from one platform or over several platforms being updated simultaneously on the day of the auction. These auctions take place with NO "in person live audience" bidding. Because bids can come from several sources, a tie for the high bid can be possible. In the event of a tie for the high bid, the first bid entered - regardless of its source - wins. Magna Auction Company or any of its staff shall not be held responsible or liable for any human or technical issues, bidding errors, or internet bidding system shutdowns that may occur.
ABSENTEE AND PHONE BIDDINGAbsentee and phone bidding is only available to those bidding at a LIVE AUCTION. Please fill out our Absentee and Phone Bid Form and present it to our clerk no less than 24 hours before the auctioneer starts. Magna Auction Company will not be held responsible for any errors, omissions or failures to execute the bid(s) stated on the form. Absentee and Phone Bid Form must be submitted in writing. Minimum Requirements - · Absentee Bids - A fifty dollar ($50) minimum bid is required per lot. · Phone Bid - A two hundred dollar ($200) minimum bid is required per lot.