I am always amazed at how many myths there are about real estate auctions. When I meet with sellers and buyers I do my best to dispel these myths. This 10 part series will hopefully help dispel some of the most common myths that I have encountered.
Myth 1 - If I buy a property at auction I will have to produce the total amount of cash on auction day.
Not all auction companies utilize the same terms and conditions, so make sure as a buyer you have a complete understanding of the terms and conditions of the auction.
Most public real estate auctions require a deposit on auction day, and allow 30 days for closing.
The deposit will usually be a flat amount, or a percentage of the total contract price.
Although the majority of the properties that are sold at auction are sold with no contingency, including financing, the 30 days to close allows for most buyers to utilize financing and purchase a property at auction without having to have the entire amount in cash.
If you have any questions about buying or selling at auction, please feel free to call me at 816-361-2600. Mayo Auction & Realty - www.auctionbymayo.com
Myth 2 coming soon..........
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Mayo Auction & Realty, a Kansas City real estate and auction company, specializing in selling residential real estate at auction or traditionally. We look at your specific needs and give you options.
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