REAL ESTATE AUCTION

2869 Gladstone 
Ann Arbor, Michigan 48103

October 18, 2019, at 6 p.m.
Onsite Registration Begins at 5 p.m.

Open House Dates

Thursday, October 3, 2019, at 6 p.m. -7:30
Stay Tuned for Another Open House Date TBD

2869 Gladstone
Ann ARBOR, Michigan

PROPERTY DETAILS

 SPECIAL NOTE: Look above for the detailed Home Inspection Report located in the File Attachments headline.

TAX HISTORY

THE AUCTION PROCESS: FREQUENTLY ASKED QUESTIONS

For hundreds of years, real estate has successfully sold at auction. The majority of the real estate auctions today don’t result from the foreclosure of distress situations, but rather are the result of a seller choosing a cost-effective, accelerate the method to sell a property.

An auction allows the seller to eliminate virtually all long-term carrying costs, passing the savings directly to the purchaser in the form of a reduced price.  The result is a win-win situation: sellers obtain immediate cash and buyers purchase properties at fair market value, the price determined by open, competitive bidding.

WHY IS THIS PROPERTY BEING SOLD AT AUCTION?   The auction method of selling this real estate is preferred by the family.  They wish to expedite the sale of the real estate due in part to their out-of-town commitments.

DO I NEED TO BE “PRE QUALIFIED” TO BID?  

No. However, it is important that should you become the successful bidder that you will be able to satisfy the balance within 30-days after the auction.   It is important to note that the sale of the home is sold without contingencies – including your ability to obtain financing.  If you are unable to close within 30 days after the auction, you will forfeit your $15,000 earnest money deposit that you put down on auction day.

I WANT TO BID.  WHAT DO I NEED TO DO?

1.      *  First of all, you should do your due diligence before registering to bid.   Learn all you can about the property. Attend the Open House (s). Ensure that your funds are secure so you can close within 30 days after the auction.

2.       * Understand that this is a cash sale.  No special financing is available such as a Land Contract or FHA Loans etc.

3.       * Obtain a $15,000 cashier’s check made payable to yourself

4.       * It’s time to register for the auction by completing a bidders contract.   We recommend that you complete this registration before auction day.  However, you can register on the day of the auction.

5.       * Auction Day!  The live auction will take place at the residence.  No Internet bidding is available.  You must be a registered bidder to witness the actual auction.    The professional auctioneer will open the bidding, and you will have ample opportunity to bid a higher increment.   When the bidding has concluded, it is likely the home has a new owner.

6.      *  The successful bidder will now sign a Purchase Agreement and endorse the back of their Cashier’s Check.  The paperwork will go to the Title company for processing.  You will have 30-days to finalize your transaction.   Time is of the essence.

BENEFITS TO YOU – THE BUYER

·         * Smart investments are made as properties are usually purchased at fair market value through competitive bidding

·      * The  buyers know 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 information such as what we are doing here.

BROKER PARTICIPATION WELCOME.  CONTACT US TO REGISTER YOUR CLIENT