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.