3 Property Auction Rules You Should Be Aware of
If you are planning on attending a property auction, you will want to make sure that you understand how the process works. Here are a few property auction rules that you might want to be aware of.
1. Registration
If you plan on being involved in the auction, you are going to need to register when you get there. You will need to provide the auction company with your information and they will tell you how the auction is going to work. If you do not do this, you will not be able to bid on the property.
2. Funds
Every auction is going to be different when it comes to proving that you have enough money to pay for the property. You may have to show them cash or proof that you have a loan that is already approved. You are going to most likely have to put a certain amount of deposit down in cash immediately if you win the auction.
3. Type of Auction
You will also want to make sure that you understand the type of auction that you are at. They could be using a minimum bid format, a reserve auction, or an absolute auction. With a minimum bid, they start at a minimum and work up. With a reserve auction, a certain price has to be reached. With an absolute auction, there is no minimum.
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