After the Auction

At the end of the auction the winning bidder will be sent an automatic e-mail notification that they are the winning high bidder.

Please follow the directions in that e-mail to begin the settlement or closing process.

The process after the auction is usually very simple and here are the steps:

1) Payment of bid deposit, usually 10% (or more) of the high bid amount.

No action can be taken until you, the winning bidder has made payment of the deposit or purchase price as agreed.

The amount of the deposit may be different from sale-to-sale and especially with government sellers or foreclosure properties.

2) Complete the memorandum of bid and deposit receipt

After payment has been received a memorandum of bid and deposit receipt will be sent e-mail, usually in a pdf file format.

This is a simple one-page document that acknowledges you as the high bidder, identifies the property, amount paid and amount owed along with estimated date of final settlement or closing.

THIS DOCUMENT IS IMPORTANT. YOUR CONTRACTS AND 'TITLE VESTING' INFORMATION WILL BE USED. PLEASE CORRECT ANY ERRORS!

The document must be printed, signed and faxed back to us to complete processing of your paperwork. Failure to complete and return your auction memorandum may cause you to lose your deposit!

3) Payment of the balance of the purchase price

In many auctions there is payment of a deposit with the balance due in 30-days. Your paperwork will be processed from the memorandum of bid, but your deed will not be recorded until the entire amount owed has been paid.

The reason for this is once the deed has been recorded in your name, the property is yours.

Please communicate with use about any money owed or special requests for your deed.

4) Wait for the paperwork

A buyers package will be sent to you usually US Priority Mail containing the paperwork related to your purchase.

After payment has been made a deed will be prepared and recorded in the County the property is located.

A copy of the deed will be provided in your package with the original usually sent direct from the County recorder. Delivery of your recorded original deed usually takes 4 to 8 weeks.

5) Enjoy your property!

Congratulations you have purchase real estate at auction and are now a landowner.

The property is yours to do as you wish.

We are a little old fashioned and try to answer the phone when it rings. If you have questions that are not answered on-line or the auction page, pick up the phone and give us a call we would love to hear from you.

Call Toll free 1-866-486-SOLD (7653) or direct 410-957-4786

Remember ALL SALES ARE FINAL BY PLACING A BID YOU ARE ENTERING INTO A LEGAL CONTRACT TO PURCHASE REAL ESTATE.