Q. What must I bring to the auction?

·    Valid photo I.D.

·    $2500 cash or cashier’s check (made payable to yourself) for each property you plan to bid on

·    Cash or personal check to complete the balance of the 5% Earnest Money Deposit

o   Any pre-qualified financing documents and the last 2 yrs of tax returns and W-2’s

 

Q. Can I register on the day of the auction?

·    Yes, however to expedite your check in we recommend that you register to attend specific auctions 72 hours before the day of the event.

 

Q. Can I attend the auction without being a registered bidder?

·    Yes, however if we exceed the room’s capacity we must give priority to registered bidders

 

Q. Do all properties have a reserve price?

·    Many of the properties have a reserve price. Any properties without a reserve price will be specifically noted and mentioned to be auctioned “absolute”

 

Q. Can I bid without registering for the auction?

·    No. Onsite registration will be available for a limited time once the auction has begun.

 

Q. How long will the auction last?

·    Depending on the number of bids coming in on each property, our auctioneers average 20-30 properties per hour.

 

Q. Can I bid for someone not present at the auction?

·    Yes. You must have an original Power Of Attorney with you at the auction. If you are bidding online on behalf of your client, you must return a Power Of Attorney with the contract.

 

Q. Can I purchase more than one property in the same auction?

·    Yes, however you must check in as a multi-property bidder. You will need to show $2500 cash or cashier’s checks for each of the properties that you plan to bid on. Be prepared to pay cash or write a personal check for the 5% Earnest Money Deposit for each of the property that you are the winning bidder for. You must also agree to be pre-qualified by a designated lender or show proof of your ability to purchase the properties for cash. Any proof must be dated within 15 days of the event.

 

Q. Can I bring my realtor with me to the auction?

·    Yes, but it is not required

 

Q. How do I bid in the auction?

·    Raise your bidder card high above your head. Professional bid callers will identify you as the high bidder once the bidding slows down.

 

Q. What happens if I’m the winning bidder?

·    You will be approached to sign the Winning Bidder Card, then escorted to a processing station commence your purchase.

 

Q. What is the Buyer’s Premium?

·    The Buyer’s Premium is a service fee, used by most auction companies, to help cover the cost of marketing and performing the auction without the upfront cost to the seller. Check the specific terms and conditions for the auction you are attending to determine the Buyer’s Premium. The Buyer’s Premium is added to the Winning Bid to determine the Total Purchase Price.

 

Q. What is the Total Purchase Price?

·    The Total Purchase Price is the sum of the Winning Bid and Buyer’s Premium. This is the final price you will owe if you are the winning bidder.

 

Q. Can I cancel my bid after being declared the winning bidder?

·    No. Once you have been declared the winning bidder, you have agreed to purchase the property. Please review the terms and conditions for the specific auction for more information.

 

Q. Can I assign my bid to another buyer?

·    No. If you are the winning bidder, you are required to complete the purchase.

 

Q. Will my information be disclosed to the public after the auction?

·    No. We are prohibited from disclosure during escrow. Once escrow closes, your information becomes available at the County Recorder’s Office. 

Q. Are there any liens on the property?

·    No. The sellers provide insurable title. Please review the purchase agreement for more information.

 

Q. Who chooses the Title Company?

·    The seller chooses the Title Company. 

Q. Is financing available for every property in the auction?

·    Financing is available for most properties in the auction, however any properties that financing will not be available for will be designated as “CASH ONLY”

 

Q. If a property is listed as “CASH ONLY”, do I need to pay cash for my entire purchase on the day of the auction?

·    No, however you must qualify as a cash buyer, pay the required Earnest Money Deposit, and be able to pay the total purchase price within the specified timeframe specified in the purchase agreement.

 

Q. What is the total value of cash and/or cashier checks that I need to bring to the auction?

·    $2500 cash or cashier’s check for each property you intend to bid on, plus cash or a personal check to complete the 5% Earnest Money Deposit for each property you purchase at the auction.

 

Q. What is the Earnest Money Deposit?

·    The Earnest Money Deposit is the amount you must deposit with the closing agent. Generally it is 5% for each property you purchase. Please review the specific terms and conditions of the auction you will be attending.

 

Q. What happens if I default on closing within the required time?

·    You may forfeit your Earnest Money Deposit. Please read the terms and conditions of the auction you have registered for.

 

Q. Will lenders be on-site with financing options?

·    Yes. Our lending partners will be onsite to start processing loan applications on the day of the auction.

Q. Can I get financing through my own lender?

·    Yes, however you must provide a written unconditional lending commitment from your lender. Without it you will be required to complete a loan application with one of our onsite lending partners. Neither the sale nor escrow closing will be contingent upon your ability to secure financing.

 

Q. Where and when will closing take place?

·    Location information for the title company selected by the seller will provided during the initial processing after you have been declared the winning bidder. Closings generally take place 30-60 days after the auction, once the price has been approve by the seller. 

Q. How do I register as a participating agent?

·    Once you complete the Agent Alliance Registration Form, we will send you our Agent Alliance introductory package to help you understand how auctions can be integrated into your business model.

 

Q. How do I list my client’s property in an auction?

·    Register your seller online. Don’t forget to include your name and phone number on the registration form. Once registered you will be able to upload a property for that particular seller. To upload a property for multiple sellers you will need to complete the seller registration process for each seller.

 

Q. How will listing my client’s property in an auction affect my commission?

·    Your commission rate will remain the same if the property is sold before, during, or after the auction. Please refer to the Listing Agreement to more information

 

Q. Can I continue trying to sell my clients property if it is listed in an auction?

·    Yes. The property remain in the MLS, however you are required to add a specific comment regarding the auction in the remarks section of the MLS listing. Other agents may still write offers on the property with no involvement from Forte Auctions. We may also write offers at any buyer’s request.

 

Q. How does Forte Auctions get paid if the property sells before auction?

·    We only get paid if we facilitate the transaction. Please review the Listing Agreement for more information.

 

Q. What happens if the listing agreement with my client is set to end before the auction?

·    Our listing agreement amends your existing contract and extends the duration of your existing contract.

 

Q. How much time do I need to commit to pre-auction related activities?

·    Your only activities before the auction are to register in our Agent Alliance, register your seller, and host 2 open houses. Additionally, you continue to represent the property as you would for any of your clients. 

 Q. Do I need to attend the auction?

·    No. We will contact you after the auction to discuss the results of the auction and the next steps in the process.

 

Q. What happens if my client’s property sells in the auction?

·    Your client must approve or reject the offer. If approved, escrow will be opened and you will be required to assist in closing. 

Q. What role do I play in closing if the property is sold at an auction?

·    Your role in closing is the same as you would do in a conventional sale. 

 

Q. How do I register as a participating agent?

·    Once you complete the Agent Alliance Registration Form, we will send you our Agent Alliance introductory package to help you understand how auctions can be integrated into your business model.

 

Q. How do I register buyers with Forte Auctions?

·    Register your buyers online. Don’t forget to include your name and phone number on the registration form. Once registered, provide to login information to your buyer for them to use when saving properties and registering for specific auctions. If you are registering multiple buyer, you will need to complete this process for each buyer.

 

Q. Do I need to register my buyers for specific auctions?

·    Once you have registered your buyer, they will be able to login and register for specific auctions on their own. At their request, you can login to your buyer’s account and register them for the desired auction.

 

Q. How do my prospective buyers gain access to the property before the auction?

·    Your buyers may attend the scheduled open houses or you may show them the property at their request.

 

Q. How much time do I need to commit to pre-auction related activities?

·    Before the auction, you need to register in the Agent Alliance, register your buyer, and show them properties at their request. 

Q. Do I need to attend the auction?

·    No. We will contact you after the auction to discuss the results of the auction and the next steps in the process.

 

Q. What happens if one of my buyers purchases a property at an auction?

·    Once the purchase price is approved by the seller, escrow will be opened and you will be required to assist in closing. 

Q. What role do I play in closing if a property is purchased at an auction?

·    Your role in closing is the same as you would do in a conventional sale.