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Buying Real Estate at Auction

Real estate auctions are not just for foreclosures. Often sellers choose to sell by the auction method of marketing. It is fast, efficient and everyone has an equal opportunity to win.

Our property information packages are available online in Adobe Acrobat (.pdf) format. Just click on the Adobe Arcobat icon for the free software.

If you have never attended a real estate auction, it may seem confusing. Here are the basic steps to understanding how real estate auctions work.

1. THE PROPERTY

Start by learning all you can about the property. In most cases you can obtain all the detailed information directly from this Berman website.

We provide:

• Physical description of the property.
• Assessment and tax bill.
• Deed and legal description.
• The “open house” times for physically inspecting the property.
• Other required state and federal disclosures.

2. THE REGISTRATION PROCESS 

In order to bid, you must register. The registration form lets the auctioneer know who you are, specifies what kind of deposit is required and explains the other terms and conditions of the auction.

You should:

• Complete the bidder registration form.
• Procure the required deposit. Deposits are usually a cashier’s check, certified check or money order.
• Contact us by phone or Email if you have any questions.

3. DO YOUR HOMEWORK

• Make a thorough analysis of the property and the area it is located in.
• Pre-arrange your financing. Most real estate sold by auction is not subject to a financing contingency.
• Open houses may differ for each property. They can be held 2 to 4 weeks prior to the auction, just before the auction or not at all. Prospective bidders are encouraged to attend, ask questions and learn everything they can about the property.
• Properties will differ as to condition, and are usually sold “as is” without any warranty or guarantee. (other than clear title). The winning bidder gets the property with no other liens.
• You are always welcome as a spectator at our public auctions. It is recommended that you attend a few auctions to get familiar and comfortable with them before bidding yourself.
• Review all auction documents and know exactly what you are bidding on and the terms and conditions involved.

For further questions see our FAQ section. We can also help you by email david@bermanamg.com or you can obtain professional advice from an attorney, real estate broker or appraiser.

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