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How It Works

SELLERS

REGISTER AS A SELLER through your real estate agent or online at the seller’s page. Once your real estate agent registers in our Agent Alliance, we will provide them with a listing package, containing an overview of our services and an auction agreement. Those who register online will be contacted within 1 business day to schedule an appointment to review the auction agreement.

• DEFINE THE MINIMUM RESERVE PRICE that you are willing to accept. This is an undisclosed minimum that you agree to sell your property for at auction. Winning bids below the reserve price will still be submitted for your consideration

COMPLETE AUCTION SERVICE AGREEMENT and pay the required auction service fee. Send all available Addenda from your agent’s listing agreement along with the auction agreement.

UPLOAD to ForteAuctions.com

IDENTIFY AVAILABLE DATES for open houses and agent showings

LEAVE THE MARKETING TO US. You may help spread the word by clicking the SHARETHIS button on our webpage and sharing our website by email or with friends on social networking sites. This is a unique opportunity to help attract more buyers to the auction in which your property will be sold.

• DURING THE AUCTION
, property will be sold to the highest bidder, subject to your approval. Closing usually occurs within 30-60 days, depending on the property type.


BUYERS

REGISTER AS A BUYER through your real estate agent or online on our buyer’s page. This will allow you to save listings and register to attend specific auctions. When revisiting our site, log into your account to review saved listing and auctions you have registered for. An overview of upcoming auctions can be viewed by visiting our auction calendar.

REVIEW the property listings. We provide pictures and all relevant information for each property.

REGISTER FOR AN AUCTION listed on our auction calendar. You must be logged into your account to do this. AUCTION REGISTRATION IS FREE and easy. Additional registration will be available on auction day, but does not guarantee that you will be registered before the auction begins.

PREQUALIFY FOR FINANCING with one of our lending partners or through your own sources.

VISIT & INVESTIGATE all properties that you plan to bid on. We provide open house dates, but you may also visit most properties with your real estate agent at your convenience. Contact Forte Auctions to confirm available times for private showings. Please physically inspect properties and do independent research, such as reviewing legal and disclosure documents.

ABSENTEE BIDS must be received at least 72 hours prior to the auction through our website.

ATTEND the auction you have registered for. ADMISSION IS FREE. Qualified buyers must bring a valid photo ID, a $2500 cashier’s check (made payable to yourself) or cash for each property you plan to bid on, and a method of payment (cash or personal check) to complete the 5% Earnest Money Deposit for each property purchased. In order to expedite all documentation on properties purchased, we also recommend that you bring any preapproved financing documentation, if you are using your own lender, and the last 2 yrs of tax returns and the last 2 yrs of W-2’s.

CHECK-IN when you arrive at the auction venue. Our check-in team will match your information with our registration list. Please be prepared to show your photo ID and cashier’s check, cash, and/or personal check for each property you plan to bid on. We will assign your bidder number and provide a numbered bidder card. Then you may proceed to enter the auction hall.

START THE AUCTION with a brief practice auction to help all bidders understand the process and pace of bidding. Bidder Assistants will be strategically located throughout the auction hall to help bidders during the auction. Remember, the bidding process is high energy and fast paced.

BID on your desired property by raising your bidder’s card high enough to be acknowledged by the auctioneer or bidder’s assistants. As the bidding continues, you may increase your bid to maintain the position of highest bidder. Please be aware to only bid as high as your financial capabilities will allow. If you are the highest bidder when the auctioneer says “SOLD”, you will be declared the winner and be led to our buyers’ tables to process your purchase.

COMPLETING THE PURCHASE starts by signing the Winning Bidder Confirmation sheet. This will confirm you acceptance of the total purchase price for the property you bid on. You will then endorse your cashier’s check along with the balance (in cash or personal check) to complete the 5% Earnest Money Deposit over to the closing agent. The Earnest Money Deposit does not include closing or financing costs. Escrow will be opened, financing will be approved, and you will complete all documentation for the transaction.

Example:
 
Winning Bid $100,000
5% Buyer’s Premium + $5000
Total Purchase Price $105,000
5% Earnest Money Deposit $5250
$2500 Cashier Check/Cash  -$2500
Balance: Personal Check/Cash $2750


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