NEED HELP BIDDING? Want one last look at the house? Pearce & Associates will be at the house on Friday from 10am until 2pm to show the property, answer any last minute questions and to assist those who need help with placing bids! If you need immediate help, call our auction team manager Pete Horton @ 251-600-9595.
Things to know....Frequently asked questions.
1. Why is the seller conducting an auction instead of using a traditional real estate listing agent? There are many reasons a seller chooses to conduct an auction. In this case, the seller is very, very motivated to sell the properties in the shortest amount of time possible so they can downsize and make that transistion without delay. A professionally managed auction will expose the property to potential buyers worldwide and allow them to sell it without contingencies.
2. Is there a reserve or minimum price? The State of Alabama allows for 2 types of auctions. If the word "ABSOLUTE" appears in the marketing, then the property sells without a reserve. All other auctions are considered to be "Subject To Seller Confirmation". Most real estate auctions are conducted with the sellers approval. However, Pearce & Associates only accepts projects where the seller is very motivated to sell and is willing to accept any reasonable offer produced by the auction marketing. We have a 95% Sale rate on all of our real estate auction projects! Bid with confidence.
3. Can an offer be made outside of the auction? Since we represent the seller, we are obligated to deliver any reasonable offer to the seller. We do require that the contract be written with the same "no contingency" terms as the auction terms require.
4. What are the terms of this auction? Every auction has each own set of terms and conditions. You are required to agree to the set of terms for each auction before our bidding platform will allow you to bid. Please make sure you read those terms and conditions before you accept them. The basics are: 10% buyers premium. Properties sell subject to sellers approval. Winning bidder pays 10% down payment and must close within 30 days. Purchaser pays all closing cost and title insurance. Seller guarantees free and clear title. Property sells as is. All auctions, including this one are conducted without contingencies! That means that you agree to the terms, sign the contract, pay your earnest money and cannot back out of the transaction. It is not selling subject to financing, inspection, appraisals, etc. As Is, Where Is. We recommend that you do not place a bid unless you have cash on hand or have full and complete confidence that your funds are available from your finance source.
5. Can I retract or cancel my bids once I have placed them. NO! We do not allow bid cancelations or bid retractions. Once each bidder has registered, agreed to the terms and placed a bid, it is not retractable. A bid placed is a legal contract between the purchaser and the seller and cannot be canceled.
6. Do I receive a clear title to the property? Or their any back taxes or liens I should worry about? NO. The seller is required to provide free and clear title to the property. Any liens or mortages must be paid by the seller at closing. Title insurance is paid by the purchaser, but the seller must guarantee that the title is clear.
7. Can I inspect the house & property before bidding ends? Yes. We, are holding a couple of open houses and those dates and times will be emailed to registered bidders. OPEN HOUSE SATURDAY, JULY 23RD, 2PM - 4PM EASTERN! We encourage you to register for this auction to receive notifications and upates. Undeveloped lots are available for inspection anytime.
8. What is required to set up a bidder account? All bidders are required to set up a bidder account using a valid credit card. The card on file is only used to verify that you are a legitimate bidder. Once you have set up an account, you can use that same username and password to bid on any of our auctions as well as any of our 65 MarkNet Alliance partners auctions nationwide. If you need assistance with setting up your account, please call our offices during weekday business hours at 205-664-4300 for help. We do not automatically charge credit cards for purchases unless the purchaser instructs us to do so. Also Real Estate earnest money is not payable by credit card. We accept Certified Funds, Checks with bank letter of guarantee or bank wire transfers.
9. Do I have to bid online? We do offer an alternative to online bidding in the form of an Absentee Bid Form". If you are not confortable bidding online or do not have internet access, you can request the absentee form, complete it by placing the maximum bid amount you want to give and our staff will set up your account on your behalf and place your bids. Absentee bid forms require a deposit equal to 10% of the bid amount you are placing. If your bid is declined or you are out bid, we will return your deposit back to you.
10. Bid Center. Pearce & Associates will set up a bid center on the last day of bidding for those bidders who need help placing online bids. The bid center will be located at a location to be determined.