- Auction Video from Media
- Testimonials
- Available Properties at Auction Prices
- FAQs
- How to Bid
- Sell at Auction
» How to Bid at Our Real Estate Auctions
Bidding at our real estate auctions is simple! Just follow the 6 easy steps below and you will bid like a pro. Remember, you're guaranteed clear title and you have 30 days to close with our auctions.
1. Call Elite Auctions @ 661-325-6500 if you have any questions... we are there to help you. Go to auction section on website or come to the auction to obtain a bidder's package. The bidder's package includes a recent termite inspection report, Transfer Disclosure Statement signed by the seller, and other disclosures. You will be guaranteed clear title if you are the successful bidder. A title insurance policy will be issued from a reputable Title Company at the close of escrow at buyer's expense. ALL AUCTIONS ARE HELD RAIN OR SHINE!
2. Come to an open house to view the inside of the property. Feel free to bring a home inspector to check out anything you feel is necessary. The property will be sold in "as is" condition.
3. A specified amount (click on individual auctions for details) is needed to participate as a bidder at an auction. Make sure to bring a cashier's check or certified check made out to Elite Auctions when you check in on the day of the auction. Allow plenty of time to get to your bank so you don't miss the auction. The auction will start promptly at the time advertised.
4. When you check in you'll be given a card with a number on it. If you want to bid just raise your card. The auctioneers are very friendly and will help you, so don't be intimidated by the process.
5. A 10% buyer's premium will be added to the final bid to determine the price. For example, if the final bid was $100,000, $10,000(10%) will be added to determine the price the winning bidder paid for the property. In this case $110,000 (100,000 + 10,000).
6. You will have 30 days to close (if there is a different escrow period it will be posted) with the balance of the amount needed. If you don't close in this time frame, the upfront money could be non-refundable. It is advisable that if you need assistance from a lending institution to help fund the transaction, that they are efficient in providing the necessary money to close in the appropriate time frame.
It's that easy! Please call us at 661-325-6500 if you have any questions, and make sure to inspect the property.