FAQ's
Q. How do I know I’m getting good title with no liens or back taxes?A. The seller pays for a title search and you pay for your own title insurance policy showing the property free and clear of all encumbrances and the taxes will be pro-rated to the date of closing.
Q. The terms are Cash with a 10% buyers premium, do I need all cash on the night of the auction?
A. No, when we say Cash, that means there are no contingencies for anything! No contingencies for financing, appraisals, inspections, you selling your existing property - nothing, no contingencies. If you don’t close for ANY reason, your 10% buyers premium will be forfeited.
Q. What does 10% buyer’s premium mean and is that added to the price I pay for the property?
A. 10% buyer’s premium means 10% is added to the bid price at the auction and that total is the actual purchase price. Example: the bid price is $100,000 and 10% ($10,000) is added to the bid price so the actual purchase price is $110,000.
Q. Do I need cash or a letter of credit for the buyer’s premium that I pay down on the night of the auction?
A. No, a personal or company check will be fine.
Q. Will you hold my check or cash it?
A. We will cash your check and deposit it in the escrow account of Billy Long Auctioneers, Inc. until closing.
Q. If I find a property I like, can I buy it before the auction?
A. Yes, but the same terms apply: Cash with a 10% buyer’s premium and closing must be before 6:30PM Thursday, June 26, 2008. Exception: No properties advertised as “Absolute” will be sold before the auction as they must be sold at the auction with no minimum and no reserve price!
Q. Can the seller reject my bid?
A. Not if it’s “Absolute,” but if it’s not then the sale is subject to owner confirmation and we strive to get immediate confirmation and have the seller sign the contract at the auction.
Auctioneers Note: If we don’t feel an owner will be reasonable and accept a fair price, we will not let them enter their property in the auction. Further more, we proudly publish our results following the auction and we dislike publishing no sales! We love “Sold In 3 Minutes”! - Billy Long, Member Missouri Professional Auctioneers Hall Of Fame.