Q: Has the property been appraised?
A: Often no because appraisals are usually required by the bank/lender financing the customer for a specific property.
Certified appraisals are always one person’s opinion (appraisers) required by the lender specifically for their customer, not the owner/seller of the property. NOTE: Since we are Certified Broker Appraisers and Mortgage Lenders ourselves, we provide a market range analysis on every property so as to give a prospective buyer an honest market value range we believe the property will sell for.
Q: What is the property assessment?
A: We almost always have the current assessment as provided by the county the property is located in. Note, however,
that while the assessment is used as the basis for taxation, it does not reflect the appraised or market value of the property.
Q: What are the yearly taxes for the property?
A: It is our practice to have the total current yearly taxes for each property listed on the brochures.
Q: Is this an Absolute Auction?
A: Since Absolute Auction by PA definition means the property will be sold to the highest and last bidder with no minimum
or reserve, the answer is often “no.” Often the seller/owner has a mortgage or minimum sale price needed to release
the property. If it would be an Absolute Auction, it would be stated in bold print at the top of the brochure.
Q: Is the auction of real estate being sold with a reserve or what is the seller/owner hoping to receive?
A: Yes. In most cases the seller/owner has the right to reject any and all bids if the price is not sufficient to remove the
reserve. NOTE: Every seller/owner has a unique and different set of circumstances in their life at the time of the auction.
Our collective goal is to approach the auction with an honest and fair reserve price so the objective to sell at auction is
accomplished the day of the sale. That decision is always up to the seller/owner. As a general rule, the seller/owner we
represent are serious about selling.
Q: What is the starting bid?
A: Sometimes someone will give us a starting bid at the auction but we won’t know what that starting bid is until the day of
the auction. We can, however, provide a market price range the auctioneer feels the property will sell for.
Q: I’ve been preapproved with my bank/lender but I need to sell my house first. What are my options?
A: As long as you qualify and since we are licensed lenders, we can provide you with the funds needed to purchase at our
auctions. Then when your current property is sold, you would pay off the loan we provided and be left only with the
mortgage you were preapproved for with your bank/lender. Our purpose is to simplify the financing process.
Q: What can I do if I don’t have the 10% deposit that is needed the day of the auction?
A: As long as you qualify with us, we can provide the amount needed so you will have the 10% the day of the auction.
Q: Can I see the house other than on an open house date?
A: Yes. We understand that it doesn’t always work for potential buyers to go see the property on the specified open house
dates, in which case you can call the seller/owner or designated person and schedule a private showing of the property.
Their contact information is typically found at the bottom right hand side of the brochure.
Q: Do you have a Seller’s Disclosure?
A: We typically do have a Seller’s Disclosure unless the auction is for an estate. Executors of Estates are not required to fill out a disclosure. Since the disclosure is coming from the seller/owner, we often don’t receive it until the week of or a couple of days before the auction. But PA disclosure law requires a Seller’s Disclosure to be a part of the Auction Sales Agreement.