Buyer’s Guide to Auctions
Attending an auction can be a really exciting experience! Delozier Realty & Auction specializes in a variety of auction types including: real estate, business liquidations, and estate sales in the Blount County and Knoxville Area.
Below is a brief guide explaining how our auctions work for buyers.
- The winning bidder pays a buyers premium based on the final sales price. A deposit based on the overall sale amount (sale price + premium) is due at the conclusion of the auction in regards to real estate. Money owed for personal property purchases are due in full at the end of sale.
- Remaining funds (for real estate) are to be paid at closing.
- For real estate auctions, pre-arrange finance through your preferred bank or mortgage broker so you are in a position to bid on a cash unconditional basis. Be able to pay at least 10% deposit (by cash, personal or bank check) and sign a contract as soon as the auction is over.
- If you are interested in a property, be sure to formally register your interest with the auction firm. That way, you can be contacted if a property does not close and given the opportunity to submit your best offer.
- All sales are final and sold in as-is condition.
Advantages to Buying a Property at Auction
- Set your own purchase price
- Eliminate the potential of long drawn-out negotiations
- Reduces time to purchase property
- Eliminate the need for contingencies – purchasing & closing dates are already known
- Deal with sellers who you know are motivated to sell
Please don’t hesitate to contact us at 865-681-7797 if you have any questions!