Our Real Estate auctions are Open to the Public. We invite everyone to attend.
When selling Real Estate by auction, the most important aspect is that all Bidders are treated exactly the same. Everyone is treated fairly and equally.
Everyone has an opportunity to bid at our auctions, as long as they agree to the terms of the auction and the contracts used. Everyone bids at a Real Estate Auction agreeing to the same contract. It would be unfair to give one Bidder special conditions, while not giving any to others. Therefore the only fair process is to use one standard contract.
We utilize the either Greater Tulsa Association of Realtors or Oklahoma Real Estate Commission's Uniform Contracts. To adapt the contract to the Auction process, we add an addendum page that outlines the auction terms. Below you will find a JPEG rendition of that addendum. This addendum may differ from the sample at the auction you attend due to the specific needs of that Real Estate being sold or to future changes in our process.
In short, here are the terms for our auctions...
Real Estate Terms: Properties are sold at public auction "As Is" with no Buyer contingencies allowed for the condition of the property or for Buyer's ability to obtain financing. Any costs incurred by Buyer to obtain financing, will be the sole responsibility of the Buyer. High Bidders are required to submit a Down Payment of of 10% of the sales price on auction day (minimum of $2,500). Balance and closing costs are due within 30 days. Down Payment can be paid by cash, personal check with proper id or cashier's check. Sellers have the right to accept or reject the high bid. Suggested that all Buyer inspections be completed before bidding. Approximate closing costs to Buyers include; $375 to Closing Company, $400 Title Opinion, Optional Title insurance to be determined by purchase price, Final Abstract $250 with Optional Title insurance, $15 to file deed, Document prep $ 100, Courier Electronic fee $ 100, and other fees required. Property Taxes will be prorated through the day of closing.
We ask that when you attend one of our Real Estate Auctions, you ask for a Sample Contract, and read the addedum page before bidding. It is important that you agree to the Sample Contract and addendum before you Bid.
If you have questions, please feel free to call 918/639-7653.