The buyer knows the seller is committed to sell. Buyers determine the purchase price. Auctions eliminate long negotiation periods. Auctions reduce time to purchase a property. Purchasing and closing dates are known. Buyers know they are competing fairly and on the same terms as all other buyers. Buyers receive comprehensive information on property via due diligence packet. Ideal for 1031 exchanges. In multi-property auctions the buyer sees many offerings in the same place at the same time. Smart investments are made when properties are purchased at fair market value through competitive bidding.

What do I have to do to become a bidder? To become an active bidder at a real estate auction prospective buyers must fill out and sign a REGISTRATION FORM and submit it along with a DEPOSIT in the form of certified funds (i.e., a cashier’s check made out to yourself). If you are the high bidder on a property, the cashier’s check will be endorsed and submitted as part of the 10% earnest money deposit on the purchase. The deposit from the back-up bidder may also be retained for 24-48 hours in case the high bidder defaults. All other deposit checks from all other bidders are returned at the end of the auction.   How much money do I need at the auction? A nonrefundable 10% earnest money deposit is required from the high bidder at the auction (or within 24 hours by wire transfer for an Internet bidder) with the balance of the purchase price due at closing within 30 days of the auction. The earnest money deposit you make on auction day is not refundable and is not contingent upon financing.   Are there any warranties on properties sold at auction? Properties at a real estate auction are sold “AS IS, WHERE IS” with no warranties except marketable title.   How do I become pre-qualified to bid? When speaking with your lender about financing, always present him/her with the complete Property Information Packet which should contain all of the pertinent information they will require to pre-approve you, less the price. If your lender insists you put a price on the property, name the highest amount you’d be willing to pay and get their approval for that amount.   Can I make an offer on a property before the auction? Yes. As an agent for the seller, Starrs Auctions will submit all offers received 48 hours or more before the scheduled time of the auction. No offers will be accepted within 48 hours of the start of the auction.