Everyone is Welcome to Attend

Bring your checkbook and a photo ID. At an American Heritage Auction you are never required to bring a bank check or proof of funds. If you are the winning bidder you will be required to place an escrow deposit the day of sale. Your Earnest Money deposit can be given in the form of Personal Check, Business Check or Cash.

Earnest Money Deposit: Only if you are the winning bidder will an earnest money deposit  be due at the end of the auction sale. Generally, the earnest money deposit required is 10% of the total contract sales price. However, check the terms and conditions of each property for accurate information. Deposits are accepted in the form of personal check, business check or cash. We do not require a bank check or proof of funds.

Registration: The American Heritage registration process is simple.  Everyone is welcome to participate at our auctions. You may register to bid when you arrive at the auction on sale day. There is no charge to register to bid. Arrive at the designated preview time. The registration table will be available at the entrance of the property. Our associates will help you register and fill out your bidders card (name, address, phone number, email address, etc.). We will have a property information sheet for you giving details about the property. We allow ample time during preview for you to inspect the property.  The American Heritage staff will be available to help you with any questions or concerns.

No – the bidding process starts when one of the registered buyers makes the first bid, which can be any amount.

No, you do not need a REALTOR® to bid. An American Heritage Associate will be the only one to accurately inform you of the auction process and property information, as a majority of REALTORS® do not fully understand the auction process. Please call American Heritage directly for information regarding the auction process or to receive additional property information at (727) 726-7272.

 

Yes - you may finance your purchase. However, the contract for sale and purchase does not provide a contingency for financing. You should pre-qualify with a lender as to the amount you can afford to spend on the property being sold and bid accordingly.

What is a Buyers Premium?

A Buyers Premium is used to offset the cost of the sale.

A 10% Buyers premium will be added to the bid price to create the total contract sales price.

For Example:
The winning bid = $100,000
10% buyers premium added =     10,000
The total contract price = $110,000

Will my Purchase be transferred free and clear of debt, liens, property taxes, etc? A Warranty Deed will be transferred to you free and clear of any liens, debts, property taxes and any other encumbrances which may cloud the Title. The Seller will pay for the Title Insurance Policy which guarantees the transfer free and clear of debt, liens, property taxes, etc.

Closing: Typically closing will occur within 45 days from sale day. The seller will pay for the title insurance policy and the documentary stamps. The seller will provide a General Warranty Deed. The property will be sold free and clear of all liens and encumbrances. Our legal department provides for our clients the appropriate documents and advice needed to make your sale and closing trouble-free. Our General Counsel, Attorney George Pappas of Pappas Law and Title, will prepare the documents necessary for a successful sale and will make sure the closing is timely and carefully executed.

Purchasing a property by auction allows YOU to determine the price. Buyers will always benefit by purchasing from an American Heritage Auction because it provides you with the transparency that only our auction process has. The advantage in buying Real Estate from American Heritage is that you are going to pay just one bid more than someone else is willing to pay, which lets you determine the price.

Answer: We realize that you may have never attended an auction, and perhaps you don’t quite understand how the process works. Our firm has simplified the process. 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 what the Auctioneer is saying and 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 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.

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.

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 paid for by the seller.

Yes. At a minimal cost to the buyer a home warranty is available.  Contact our office prior to the closing date for more details.

There are two different types of Auction

Absolute: At an absolute auction, the property will sell to the last and highest bidder regardless of price.

Reserve: At a reserve auction, the property will sell to the last and highest bidder subject to seller approval of bid price.