• What happens if the high bidder fails to close? BippusUSA.com may notify the back-up bidder to secure a new purchase agreement. The property may also be made available to other registered bidders and the open market. • What guarantees are there? The seller provides title insurance and a warranty deed at closing, guaranteeing insurable title, clear of liens. The real property is sold "as-is". Any inspections must be completed prior to the auction. You are relying on your own inspections and determinations to bid. Personal property is not included in the sale and may or may not be removed prior to closing. In most cases personal property that remains after the closing becomes the property of the new owner. • What is the Buyer's Premium? The buyer's premium becomes part of the purchase price. Ten percent will be added to the bid to become the total cost of acquisition. • Is there any financing? No. The buyer is responsible for their own financing. Many of our buyers close with financing. If you win the bid and plan to close with financing let us know. We will work with your lender to aid them in getting the transaction to closing. • Who is responsible for municipal inspections? It is the buyer ’ s responsibility to pay for and obtain all required municipal inspections, make required repairs, and obtain any certificates of occupancy, including payment for the same. • This is my first auction, what should I do? First, we recommend that you call your lender and pre-qualify. Then check out the values in the neighborhood and inspect the property. Set a range of value or limit for your bidding and be prepared to bid up to that limit. For a live auction: Arrive early at the auction-site to register and get to know the auction staff. Get comfortable and relax. Listen closely to the Auctioneer. Raise your bid card to signal a bid. The Auctioneer will use his rhythmic "chant" to call bids. Bid assistants will be available to help you. Don't be bashful or you may miss a great opportunity. • How long will the auction last? Live auctions take only a few minutes and start precisely on time. It is advised that bidders arrive 15 to 30 minutes before sale time. • How big is the response to auctions? How many people show up or bid on-line? There is no way to predict this. You never really know how many bidders will participate. AUCTIONEER'S NOTE: If you are interested in an advertised property, whatever price you have in mind, BippusUSA.com strongly encourages you to participate in the auction. The process doesn't take long and it can be fun. We are not in this business for practice, at the end of the sale someone will be the lucky winning bidder.
Why shouldn't it be you!
“Winners don’t let what they can’t do get in the way of what you can do.” John Bippus
These are typical and general Q&A. Specifics are listed in each property information package. This auction is conducted by BippusUSA.com acting as auctioneer/listing real estate broker. BippusUSA.com is solely responsible for the terms and conditions of the auction and the manner in which it is conducted. Announcements made sale day or sale ending day take precedence over previously disseminated material. All rights reserved.
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