Frequently Asked Questions

Question: I have never been to a “Live” Real Estate Auction. How does the process work?

Answer: We realize that you may have never attended an auction, and perhaps you don’t quite understand how the process works.  Before the auction begins, the Auctioneer will thoroughly explain the “live bid’” auction process. We will also conduct a “mock” auction to show you an example of exactly how the auction process works. The Auctioneer will disclose all of the terms and conditions of the sale. The Auctioneer will describe the property for sale in detail. The Auctioneer will ask the Buyers ,who have registered, if they have any questions before the auction begins.

The advantage in buying Real Estate from American Heritage Auctioneers, is that you are going to pay just one bid more than someone else is willing to pay, which lets you determine the price. The auction usually lasts less than 30 minutes from start to finish.

If financing is needed, try to get pre-approval for an amount that you would spend on this particular property and be prepared to close within 30 to 60 days, depending on the Terms and Conditions for each particular sale. Come to the sale prepared with a purchase price in mind that you would be willing to pay for this property, and simply bid up to that amount. If someone outbids you, you can always continue to bid.

Question: Does this property have a clear and marketable title?

Answer: Yes. When the title is transferred to you it is guaranteed to be free and clear of all liens and encumbrances, and is guaranteed with a Title Insurance Policy.

Question: Is a home warranty available?

Answer: Yes, at a minimal cost to the buyer. Contact our office prior to the closing date for more details.

Question: What is a Buyers Premium?

Answer: It’s an Auction tradition that helps offset the Seller’s cost for the production of the Auction event.  Here’s an example:
If your High Bid $100,000
The 10% Buyers Premium is $10,000
Which Creates The Contract Sales Price Paid To The Seller of $110,000.

Question: Is there a starting bid?

Answer: No – You can start the bidding process at any amount.

Question: Is there a charge to register to bid?

Answer: No, there is no charge to register to bid, and everyone is welcome to attend our Auctions.

Question: How much deposit do I need if I am the winning bidder?

Answer: The Earnest Money Deposit is usually 5-10% of the contract sale price. Because the deposit may vary, please read the terms and conditions for the sale that interests you. The terms and conditions are always disclosed and printed on each Auction flyer.

Question: Will you accept my personal check for the deposit?

Answer: Yes. We will accept personal checks, business checks and cash.

Question: Do I have time to transfer funds into my account?

Answer: Yes, however the funds need to be available within 3 business days from the Auction day.

Question: How long do I have to close the transaction?

Answer: Usually between 30 – 60 days. Again, please refer to the terms and conditions for the Auction that interests you.

Question: What does the term “Reserve Auction” mean?

Answer: The seller can accept or reject the last and final bid.

Question: What does the term “Absolute Auction” mean?

Answer: The property will be sold to the Highest Bidder regardless of the price.