South Florida Hudson and Marshall Auction- May 10th at 1:00 PM
April 17th, 2009 categories: Tips For Buyers
Are You Ready to Bid For a House? On any bank owned property you will be bidding anyway…
The South Florida Auction will be at FORT LAUDERDALE MARRIOT NORTH located at: 6650 North Andrews Ave. Ft. Lauderdale FL 33309.
The Hudson and Marshall Auction Process:
1. Find a House: for a list of the Properties that will be auctioned go to Hudson & Marshall. You can search based on location, size… You can attend the Open Houses or call your Real Estate Agent to show it and accompany you to the event-she/he will be compensated by H&D. Get information about comparable properties and decide upfront how much is the maximum you are willing to pay for the property. Inspections should be made prior to the auction to determine the cost of any needed repair. You don’t have to be represented by a Real Estate Broker to buy in the auction but it doesn’t cost you and you will a professional who will help you in the process.
Some properties sell in the pre-auction program, the site will be updated right up to the day of the auction with last minute accepted offers.
2. Pre-Qualify for a Loan: you have to make sure you will have funds to close. All the terms of the sale are disclosed upfront and if you are not sure if you understand every word of it consult an attorney.
3. Prepare for your Auction: bring a picture ID, Social Security #, Cashier Check or Money Order for $3,000. If you are taking title in the name of a company or trust bring your articles of incorporation, trust documentation, or other proof of signing authority.
4. Wind the Bid: registration starts at 11:00 AM until 1:00PM. You will get your bidding number. With the help of the bidding assistants bid on the houses you like. When you win the bid the closing process starts. Unless identified as absolute, each property sells subject to reserve.
YOUR FINAL PURCHASE PRICE will be your winning bid plus a 5% buyer’s premium.
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