PIP - 3315 Lockwood St Detroit MI 48210

BippusUSA.com Frequently Asked Questions

Regular Real Estate Auctions (not applicable to tax sales)

“Winners don’t dawdle, dither, or delay. Winners Act.” John Bippus

• If I win the bid, when is the ten percent down payment due? Live auction: The down payment is due, and the contract is signed at the conclusion of the bidding. On-line auction: Immediately after the bidding ends the auction company will contact you by phone and email to confirm and congratulate you on being the winning bidder. We will make arrangement for you to deliver in person or overnight mail the down payment and the signed contract to us. • Why is the property being sold at auction instead of using the ordinary listing method? Some owners require an accelerated sale for various reasons including, foreclosure, divorce, bankruptcy, estate settlement, transfer, surplus disposal or corporate liquidation. Our Clients need to know when their property will be sold. • Why sell at auction? To sell on a known date, with the maximum number of interested parties present, and prepared to purchase on the day of the sale. • What is the minimum or starting bid? If the property is designated as an absolute property: the property will be selling to the highest and last bidder regardless of price. The bidders will start the bidding. If the property is not designated as an absolute property: the sale is subject to seller confirmation. In the event there is no minimum bid, and/or no suggested opening bid: the bidders will start the bidding. The final bid is subject to seller approval and or probate court approval. The seller is very motivated, and BippusUSA.com expects to sell the property on auction day. (NOTE: the seller reserves the right to make the sale absolute day of sale.) • What will the house/property sell for? It is not possible to give a correct answer. It all depends on the bidders on the day of auction. • How much will the house/property bring? There is no way of predicting the selling price prior to the day of sale. Neither BippusUSA.com nor any realtor is able to accurately predict the outcome of a sale. • How much is the house/property worth? A current appraisal or the last list price may give a guide. • What is S.E.V.? State Equalized Value and Assessed Value are essentially the same thing. They are calculated at 50% of market value by the tax assessor. • What about title? Will I buy a property with unpaid taxes or liens? What is the mortgage? The properties are sold with insurable title, no liens, judgments, mortgages or back taxes. If the title cannot be cleared and insurable title delivered the down payment will be refunded to the buyer. There are no assumable mortgages on auction properties. If a property has a mortgage, and the price comes in below the mortgage, the seller will bring cash to closing to pay off the mortgage. • If I can't be present at the auction can someone bid for me? Can I bid by telephone? Yes. You may appoint a representative to bid on your behalf or BippusUSA.com offers remote bidding by telephone for both live and on-line auctions. • Can I make an offer before the auction? You will have to ask the auctioneer about the specific property you are interested in. You must be prepared to tell the auctioneer the price you are willing to offer when you ask. We will not provide you a price. We will write the offer and present it to the owner for acceptance. Terms and Conditions of the auction should be followed. We recommend that you make your best offer at this time.

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