Certainly, Harcourts USA recommends you have an inspector review the property; however, this is required to be done prior to auction. All properties involved with Harcourts USA Brady & Co Auctions are available for preview and inspection. Anyone who wishes to undertake their own inspection, should contact the listing agent to arrange a suitable time
Who is responsible for closing costs?
Closing costs can vary. Potential purchasers should review the Sale and Purchase Agreement for each specific auction property.
I am interested in bidding on the property; however I will not be able to make it to the auction. Can I have someone else bid on my behalf?
The process of buying a property can be a daunting and emotional experience, however trough the auction process and being armed with a solid strategy may help you to come out a winner on the big day.
There are many benefits associated with bidding at auction. One of the benefits of successfully bidding at auction is that you get a definite result achieved through a transparent and timely process.
Auctions can be a bit intimidating for first timers; however it is the most transparent, simplest and quickest way to buy property. Harcourts USA is committed to providing you with as much information as possible regarding the auction process to ensure you love and understand them, just as much as we do.
Throughout this site, we make available everything we know about auctions and answer any questions you might think of. However, in addition if you would like to meet with our team or discuss anything over the phone or via email, please do not hesitate to contact us.
Harcourts USA conduct an auction process which is unique and superior to any other real estate company. There are many benefits associated with bidding at auction and through having a firm comprehension on these and also the process you will be fully equipped with the knowledge to ensure you are the successful purchaser on Auction day.
Benefits to Buying at Auction
Certainty of Closing
The closing date is known prior to bidding and is usually 30days after the date of the purchase agreement. Additionally, the purchase agreement signed at auction is exclusive of contingencies and, once signed, is binding on both parties.
Seller is committed
By taking a property to auction, the seller is putting a date on the sale of the property; therefore this gives a buyer confidence knowing the seller is committed to sell the property
At auction, buyers call their bids in a transparent and legitimate environment, so all buyers can see all offers in real time. Auctions create a very transparent arena where you eliminate uncertainty of long negotiation period. Buyers benefit by seeing exactly how much money it will take to be the “highest bid” instead of wondering why their offer wasn’t accepted in a traditional process. At auction, all offers are made publicly (in the form of bids) and a buyer can choose to increase their offer only as much as they want to above the last highest bid. If other bidders are surpassed an amount you would be willing to pay for the property a buyer is under no obligation to continue bidding
Buyers who bid at auction are doing so, on the basis of an “AS IS-WHERE IS” sale which is not subject to any contingencies. Because of this bidders may find they actually have less competition for the purchase of the property than if they seek to purchase a via the traditional method. This is because some buyers are not prepared to complete their due diligence or because they are unable to purchase without the inclusion of a finance contingency
Pay fair market value
The bidders determine the purchase price representing true market through competitive bidding. Seeing other bidders willing to pay a similar price reassures a buyer they are not paying too much
Level Playing Field
As a buyer at auction you are taking part in a fair competition and on the same terms as all other registered bidders. You know the terms and the closing date in advance, you know that you’re bidding with no contingencies, you know who your competition is and you know exactly what other buyers are willing to offer.
No Hidden Surprises
Buyers receive and have access to comprehensive information and disclosures on the property via a property information package
Pay Less than via Traditional Purchase
Sellers will often consider a less amount at auction because the certainty of sale, time value of money, and lack of contingencies outweigh the alternative of waiting months or maybe years for a higher offer. Some buyers have secured an excellent value at auction simply because a non-contingent purchase agreement was a high priority for the seller who chose to take the highest offer under auction conditions rather than consider contingent offers afterward auction.
In a traditional sale, where there is a multiple offer situation, you can be left ‘in the dark’ and may be simply asked to increase your offer; however, at an auction, buyers are fully aware of what others are willing to pay as bids are announced live, in a public arena