The auction platform we use for online auctions can be found at mcewengroup.hibid.com. On that site, click the Login / New Bidder option to complete the registration information and to create a username and password.
When the auction opens, you are able to place bids on one or multiple properties.
The typical terms and conditions for auctions:
10% buyers premium. When applicable, buyer’s agent commission will come from the aforementioned 10% buyer’s premium. Buyer’s agent to submit a letter of representation 48 hours prior to the conclusion of the auction. 10% deposit at the conclusion of the sale, with the balance due in 30 days. Current year taxes prorated. Possession with Deed. The seller has the right to accept or reject the final bid. All Property selling “As Is, Where Is” both surface and subsurface with no warranties. Bidders should complete their own due diligence prior to the sale.
As part of the auction process, it is the buyer’s responsibility to complete their own due diligence prior to the sale. At McEwen Group auctions, we strive to provide as much information on the property available to potential buyers. We will provide a preliminary title report for review. If there is a home or other structure on the property, there will be a scheduled open house to view the home. You may contact the auctioneer to request an additional showing if necessary.
The auction fee is a 10% buyer’s premium that is added onto the final winning bid to be paid by the buyer. In addition, closing costs will also apply.
On the final day of the auction, the willing bidder will be required to pay a 10% deposit on the property. The property closing will be held at a title company within 30 days of the end of the auction. The buyer is responsible for having funds/lending secured and ready for closing within this timeframe.
A: A real estate auction is an effective and innovative method of selling real estate. It offers another option to the traditional real estate transaction. It is an intense, accelerated real estate marketing process that involves the public sale of any property through competitive bidding.
A: There are many advantages to the auction process. Speed is the number one advantage. You are able to sell your property quickly, receive fair-market value, have a no-contingency contract, and typically close 30 days after the end of the auction. An auction is especially advantageous for selling a highly desirable property with multiple interested buyers by ensuring that all potential buyers have an equal chance to purchase the property.
A: An absolute auction has no reserve price set at the beginning of the auction while a reserve auction has a set, undisclosed price that the seller will not sell below. An absolute auction creates a much greater interest with potential buyers. Absolute auctions consistently generate greater interest and sell for higher prices. It attracts purchasers from the broadest geographic region because buyers can justify their time and efforts to inspect, bid and buy, knowing there is no question that the property will be sold. The decision to sell absolute or reserve should be discussed in detail with your auctioneer.
A: A detailed marketing plan is developed by the auctioneer and the McEwen Group marketing team. Generally the marketing plan includes national marketing platforms, local, regional, and targeted print advertisements, the McEwen Group website and newsletter, as well as our social media platforms and established auction customer base.
A: There is no seller disclosure form for sellers to complete. However, if there are blatant defects, those must be disclosed to potential buyers. In addition, we have found that the more information available to potential buyers about the property, the more confident buyers are in placing bids at auction.
A: It is a common misconception that auctions are solely for bank foreclosed properties and properties in distress. In reality, auctions are a great option for many properties. Our auctions are positive and enthusiastic events that provide positive results for both the seller and the buyer.
A: We conduct all of our auctions online. This process reaches the most potential buyers for each property.
A: Typically, after the contract is signed, it takes about 30 days for the auctioneer and marketing team to prepare for and promote the auction. The auction typically runs for three weeks. After the end of the auction, closing usually occurs within 30 days. That is 90 days or less from when the contract is signed until you receive payment for the property.
A: Typical auction terms and conditions: 10% buyers premium. 2% buyers agent commission (included in buyers premium). Buyers agent to submit a letter of representation 48 hours prior to conclusion of the auction. 10% deposit at the conclusion of the sale, with the balance due in 30 days. Current year taxes prorated. Possession with Deed. The seller has right to accept or reject final bid. All Property selling "As Is, Where Is" both surface and subsurface with no warranties. Bidders should complete their own due diligence prior to the sale.
A: As a buyer you are responsible for creating an account at mcewengroup.hibid.com, conducting your own due diligence, reading and understanding the terms and conditions of the auction, understanding the terms of the auction sales contract, securing funds for purchasing the property, being prepared to pay 10% deposit on the day the auction ends, being prepared to close on the property within 30 days of the end of the auction.
A: Yes, we offer competitive cooperating broker commissions. Agents must submit the Buyers Agent Representation form at least 48 hours before the end of the auction to qualify for the commission.
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