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FREQUENTLY ASKED QUESTIONS
What is a Real Estate Auction?
- Real Estate auction is an intense and accelerated buying/selling of a property through a competitive bidding.
It is my first time to attend an auction, do I need prior experience?
- You are not required to have any experience to attend to an auction. We welcome everyone from first time buyers to veteran investors. But if you decide to participate in bidding, it’s very simple to know the basic procedure on how to obtain a bidding number and how to bid. Our staff members are willing to assist in the process.
What is the Buyer’s Premium?
- There will be a 5% service fee for each winning bid paid by the buyer/bidder to Greenlight Auction Center. The service fee goes towards marketing costs, staff, and other general auction expenses. The Buyer’s Premium also distributed out to Broker Participation.
Is there a FEE to attend G.A.C. auction?
- There is no fee to attend any G.A.C. auctions. We welcome everyone to our public auctions.
Is there a FEE to Register in any of G.A.C. auction?
- There is NO fee to register to any of G.A.C. auction. We welcome everyone to our public auctions.
Do I need to have an earnest deposit?
- Once you become the winning bidder, there will be a $1,000.00 (One Thousand Dollars) Earnest Deposit written to a designated Title Company.
Are the properties available for viewing?
- Yes, the properties will be available for viewing prior to auction day. Properties will have an open house date by a real estate agent and can also be seen by appointment. (Appointments depend on Availability of the Real estate agent). Please see dates for open houses. We encourage our buyers to do their diligence prior to sale day for their own protection.
Can I use my own financing?
- Yes, you can utilize your own financing other than the associated and designated lenders in our auction. There is no contingency for financing and failure to gain approval within the specified escrow time-frame may result in liquidated damages.
What if I am Interested in bidding on more than one property?
- We welcome you to bid on multiple properties. It is very important for you to carefully read and understand the terms and conditions. You will be required to have buyer’s premium and deposits for each successful bid, on “each” property.
What requirements do I need prior to auction day.
- $5,000 cashiers check (written to self) for a single bid/purchase. (If you are bidding/purchasing more than one property, you are required to have $5,000 per properties.
- 5% Buyer’s Premium toward each property.
- A $1,000.00 Earnest Deposit written out to designated to Title Company
- Valid Personal Identification. For verification purposes, some form of identification must be presented in registration prior, to have a bidding number.
- Financing: If you are planning to use your own financing, you must bring a verified pre-approval letter from your lender. You must present a pre-approval letter in order register. If you are using other financing or outside financing, it is the purchasers/bidder’s obligation and responsibility to obtain financing. There is no contingency for financing and failure to gain approval within the specified escrow time-frame, may result in liquidated damages.
- Must Complete Registration Form and obtain a bidding number by one of the G.A.C. staff.
- If you don’t have a realtor with you before the auction starts, we will have realtors available for you to utilize for questions and representation.
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