VIEW
THE PROPERTY All
of the properties that we offer for sale are available for
viewing at one or more pre-set open house times.The properties are available for public
inspection during each open house period.If you aren't available to view the property on any
of the pre-established open house dates, we'd be
pleased to arrange alternate viewing times for all
qualified candidates.
REQUEST
A PROPERTY INFORMATION PACKAGE If
you have some interest in bidding on a property, make
sure that you get a Property Information Package from the
Auction Company. Most
of the Property Information is listed on the Internet, but
the complete package includes more detailed information,
which may include copies of contracts, disclosure
statements, terms & conditions, sample bank letter,
surveys, maps, etc. can be obtained at an open house, or
by contacting the Auction Company to request one be mailed
to you. You may
not bid on a property at a LWBC Auction until you
have signed that you have received, read and understand the property
information package. A copy of this package will be
attached to the sales/purchase contract.
DO
YOUR DUE DILIGENCE Feel
free to hire a building inspector or real estate appraiser
before auction day to inspect the property that you intend
to bid on so you can be confident about your buying
decision. We'll
make special arrangements to have your inspector study the
property. Ask
lots of questions before auction day about the property and
or business that you intend to bid on. Acquire an understanding of the value of properties
in the neighborhood, community, city or region that the
property is located in. Feel free to have your lawyer review the Property
Information Package. Gordon's
represents the Seller of the property exclusively. If you'd like exclusive buyer representation, you
need to hire a buyer broker, or your lawyer, just like on
any other regular real estate transaction.
ARRANGE
FINANCING When
LWBC sells a property, it is for cash, with no
conditions and typically closing in 30 days. >This means that you will not be permitted to bid on
a conditional basis. You must know prior to bidding that you are
pre-approved for a mortgage from a bank or other financing
source, or that you have the cash in hand. If you require financing assistance, speak with a
LWBC's representative and we'll do our best to assist you.
Once
in a while when dealing with large family trusts, commercial
properties and/or business, a vendor financing option is
offered. If
this is the case, the financing option is clearly published
on all property marketing materials.
When
speaking with your lender about financing, always present
him/her with the complete property information package. This will have all of the pertinent information that
they will require to pre-approve you, less the price. If your lender forces you to put a price on the
property, tell your lender the highest amount you'd be
prepared to pay for the property and see if you can get
approved. If
you can get approved at your highest price, then you know
you can pay any number less than your approved number and
perhaps just a little more, if you have to.
SPEAK WITH THE AUCTION COMPANY Being
honest with Auction Company representatives about your level
of interest in the property will increase your chances of
buying the property. Most
properties sold by LWBC are sold subject to confirmation. Based
on this premise, we sell almost every property (over
90%) that we market through the auction process. During the auction of any asset, a Seller has a price
in mind of what he'd like to sell for and a Buyer has a
price in mind of what he'd like to buy for. As a buyer or seller, being honest with the auction
representatives will help your chances in accomplishing your
goal for that auction.
UNDERSTANDING
THE SELLER
As
a Buyer you should understand the Seller's level of
motivation. In
the case of a LWBC auction, our Sellers are always clear in
their intentions to sell. At LWBC's we select our customers carefully. Our Seller's aren't just giving the process a shot. Our Sellers have made substantial financial
investments in the marketing effort and in preparing due
diligence information for the sale. The Seller is
demonstrating a higher commitment level to selling.
Certainly a commitment to sell far beyond the act of hiring
a local agent, driving a for sale sign in the front lawn and placing
the listing in an MLS book.
REGISTER
TO BID
Prior
to any bids being accepted by the Auctioneer, you must
be register to bid for the property. For a live auction, LWBC will require you to sign
the registration form that states that you have received, read
completely and understand without question the Property
Information Package. You
may register to bid on the property at an open house, at our
offices, by fax, or in person at the registration desk just
prior to the live auction.
DEPOSIT
REQUIREMENTS
Make
sure that you have the required deposit amount on hand. Some auctions require a certified deposit with
registration prior to the auction. Some auctions only require a deposit from the high
bidder immediately following the auction and contract
signing. Sometimes
this amount needs to be certified and other times it does
not. The
deposit terms are always listed clearly in the Property
Information Package. Make
sure you read the deposit terms and ask an auction
representative if you are not clear what the requirements
are.
BIDDING
PLAN
Assuming
you have some understanding of the property's value and
a clear understanding of what you are prepared to pay for
the property, don't be afraid to open the bidding at the
auction with a strong beginning bid. One of the hardest parts of the auction for the
Auctioneer is getting the 1st bid. By being the first bidder with a strong opening bid
you will command respect from the Auctioneer right from the
beginning of the auction. Most people at an auction will value the property
similarly. However, the
buyer is the 1st person to that number on
that day. Further,
your strong opening bid will set the pace of the auction
quickly and others bidding against you may be intimidated by
your bidding strategy.
BID
ASSISTANTS
You
will see bid assistants at all LWBC real estate
auctions.These
people are there to answer your questions during the auction
and to assist you with bidding. If you are unsure where the bid is or what the
auctioneer is asking for, any bid assistant can help you. Don't be afraid of these people, they are at the
auction to help you.
ENDING
THE AUCTION
Following
the auction, if you are the high bidder, you will
immediately sign the agreements of purchase and sale and
provide a deposit for the specified amount if one was not
due upon registration. In a confirmation auction, if the property has not
already been declared sold to you, the Seller has
(typically) 24 hours to accept or reject your written offer,
but the majority of the time the decisions are made
immediately after the auction. With LWBC, 90% of the time the property gets
sold as a result of the auction.
