| RealEstateAuctionByOwner.Com DBA ULTIMATE AUCTIONEERS |
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Frequently Asked Questions
| Why has there been a name change? Answer: RealEstateAuctionByOwner.Com, Inc has simply added a Doing Business As (DBA) name. This name change allows other auction firms to now join our team of Auctioneers throughout the country to serve our clients better. There has been NO CHANGE in ownership. What is an REO or a foreclosed property? Answer: REO stands for "Real Estate Owned" and is generally a lender owned property. Foreclosure, in REABO terms, means the property has been repossessed by the lender by legal means, and the lender now has legal ownership and can liquidate the property. All property sold through REABO will have a title insurance policy in the amount of the selling price to guarantee against unknown liens. Most foreclosure and REO properties are quality properties. However, it is the bidders sole responsibility to perform any and all inspection of the property BEFORE offering any bids. All property, including REO/foreclosures are sold AS-IS. Do I need to have a real estate agent involved with the sale of my property? Answer: No. The owner of the property, including a business or corporation, may sell their property without the use of an agent. Additionally, the lack of agent involvement generally means a lower sales cost, with the savings of the agent commission. This lower sales cost may make the likelihood of a successful sale more likely. If you do not have an agent involved, but would like to have one represent you, REABO can recommend a Nevada licensed agent, as well as associate agents in other states who can represent you with a lower negotiated fee. My property is currently listed with an agent. Can I sell my property by auction? Answer. Yes, but it must be allowed by broker. A listing is a contractual agreement and the broker has a described time to perform. The broker will be required to enter into a Sellers Brokers Agreement with REABO. Advise your broker of your desire to sell by auction with REABO, and have the broker contact us. REABO reserves the right to decline any property. My property is not in Nevada. Can I still sell it with REABO? Answer. Yes. REABO has associates in virtually every state, to partner with if necessary. I still have a mortgage on my property. Can I sell it with REABO? Answer. Yes, It is your property to sell any way you choose. Just like with any other format, any encumbrances will have to be cleared at the time of closing. You should be aware that in many cases, property values have decreased, resulting in substantial decreases in true equity of properties. Do I need to offer a guarantee if I sell my home by auction? Answer. One of the benefits of selling your property with REABO is the AS-IS no contingency condition of the sale. As with all real estate sales you will be required by REABO and most state laws to fill out a sellers property condition statement. If you fail to disclose known facts which alter the value of the property you will most likely put yourself into a legal peril. By being honest on the statements you will be able to sell the property AS-IS with no guarantees required. A benefit of a buyer purchasing a property through REABO is the availability of a home warranty at closing, at the buyers cost, on most properties. This allows the buyer to make a purchase with confidence, and bid accordingly. Why do I have to bidders deposit check to bid? Answer. When you have the cashiers check drafted, you have the payee stated as yourself. No one other than yourself can assign or cash it. If you do not make a purchase, you simply cash or deposit it back into your regular account. The successful bidder must open escrow with an amount equal the required escrow amount listed on each individual property, immediately following the declaration of high bid by the auctioneer. You simply assign the check to the appointed tile/closing company, and add with a regular check any amount needed to bring the total to the required amount. Using cashier checks insures both the seller and the buyer that the escrow account is opened immediately without delays. All funds are accepted and dispersed by a licensed title/closing company to further increase both seller and buyer financial safety. Can I bid online from my home, on properties offering online bidding? Answer. Yes, if internet bidding is allowed on the event you wish to participate in. You must be pre approved by REABO and received a password to access the bidding screen. You must be authorized for each individual auction. How can I check out the property before I bid on it? Answer. Yes. At REABO, we strive to give you even more information regarding the property than you would normally have. All properties will have the information provided by the seller available through the REABO website. In many cases at least one open house will be conducted on the property. If you can not make it to the open house, all honest attempts to show the property to you will be offered. Remember that it is the sole responsibility of the bidder to perform all due diligence prior to the auction. Additionally, all information is provided by the sellers and independent vendors, and is believed to be true, however, none of it is guaranteed to be 100% accurate. There are no contingencies allowed, and all properties are sold 100% AS-IS. Bidders are allowed, at their expense, to have independent professional inspections performed. What if I am not sure the bank with approve my financing? Answer: Financing is the sole responsibility of the buyer, just as in any other real estate transaction. Some auctions do not allow for financing contingencies, and you will lose your escrow amount if you are unable to close on the property within the alloted time. It is the buyers sole responsibility to understand the financing terms of any auction event. If in doubt, REABO strongly suggests you do not offer any bids at any auction. If you have any other questions please contact us today info@ultimateauctioneers.com |