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AUCTION RESOURCE GUIDE
dollars, he said. “The seller is willing to give the
buyer a good value, but the buyer has to give the
seller something,” he said. “The way we insure that
the buyer is making a real offer is to bring a little bit
of real money.”
5. The sale price may not be the whole price,
however. The auctioneer also will collect all the
fees and taxes that go along with a conventional
property sale. Commissions and fees paid to the
auction company and/or real estate agents who
are involved typically are premiums added to the
amount of the auction price.
The sale typically will close in 30 to 45 days after
the auction, Levin said. Thus, in this environment
of tougher lending standards, it’s important for
buyers to get a mortgage preapproval before the
auction in order to meet the deadline, he said.
Provided by: Mary Umberger,real estate writer in Chicago.
www.TExASAuCTiONEErS.Org
For More iNForMATioN or To LocATe A ProFessioNAL
AucTioNeer iN Your AreA, visiT TeXAsAucTioNeers.org.
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