Frequent Questions About Auction Sales
Do you have more information available?
No. All the information we are provided or have available is published on our website, and then finally in the Sale Day Notes you’ll receive at the Auction. Institutional and Fiduciary Sellers (courts, government agencies, banks and trustees) as well as Liska & Associates Inc. have typically not occupied the properties being sold so have very little information to provide. Properties are sold ‘As Is – Where Is’ and should be fully inspected prior to bidding on.
Do I get good title?
Yes. Properties are transferred by Deed prepared by Seller (i.e. Special, Bargain and Sale, Quit Claim, U.S. Marshal’s, Trustee’s, etc.) with Insurable Title as determined by the Title/Closing company indicated on the Contracts, who also prepares and issues a customary Owner's Title Insurance Policy. Current year’s property taxes are pro-rated through day of closing as customary.
If there is a Mobile Home on the property do I get a separate title for it?
No. Usually, any mobile or modular home has already been ‘affixed’ to land and is considered part of the ‘real property’. If it has not, however, it will then be conveyed by a hold harmless agreement or quit claim Bill of Sale. If a separate Certificate of Title HAS been found or obtained, it will be noted in the Disclosure for the Property on the website or in the Sale Day Notes.
Can I use my own title company?
Yes. The terms of sale which are pre-stipulated will still govern, however, specifically including that the Insurable Title as prepared and offered by the indicated Title/Closing company shall be the standard agreed to and accepted by the parties for conveyance and that Buyer shall pay all costs already incurred and required by that company.
Is this an Absolute Auction?
No. All sales are subject to court or seller approvals that require that the non-revocable offers be delivered to them for execution. Over 95% of all sales conducted by Liska & Associates Inc. are approved within 4 business days.
Is there a reserve price?
No. There is no preset “reserve price” — the properties are liquidated to the highest bidder subject to approval of the sale and execution of the offers.
Is there a Buyer's Premium?
No. There is no “buyer’s premium” (percentage of the purchase price added onto the top of the sales price).
Are there Closing Costs?
Yes. Buyer pays closing costs which generally include title exam, title policy, closing fee, filing costs and any other fees noted for the sale.
Can I pay in full day of sale?
Yes. If a 'Quick Close' option is available (see property information or listen day of sale) All required closing cost must be paid.
Will properties be sold in a particular order?
No. If more than one property is being sold from a sale site the properties will likely be sold “buyer’s choice”. This means the “#” of the property does not indicate the order it will be sold in. Instead, when the Auctioneer concludes the bidding, the high bidder (whoever bids the most) will choose which property they’ve bought. They may choose any of the properties not yet sold, and they may also choose more than one (the Purchase Price bid is per a single Property, so for example, if the high bid is $50,000, and the High Bidder chooses 2 properties, they pay $100,000 total). After the High Bidder makes their choice(s), the Auctioneer will open and start the Bidding again. The second High Bidder does not get to choose; only the high/winning bidder gets to choose and buy. The process is repeated until all properties have been sold. This is done to accommodate bidders who have second and third choices and/or are investors and want more than one property (rather than selling the properties in an arbitrary order, not selected by the buyers).
Can I bid for someone else (i.e. friend or family member)? Can I assign the Contract? No. Whoever is the high bidder must execute the Contract in their own name unless they have written proof of being an Attorney in Fact (a form you can pick up at an office supply store).
Can I use bank financing?
Yes. There are no “contingencies” (i.e. financing, appraisal or inspection) to these sales, however, so you should be “pre-qualified” by a lender as to the amount you can afford to spend for a property being sold for cash “as-is, where-is”.
I'm a Real Estate Agent. Can I earn a fee?
Yes. You must qualify and register per the Terms of Cooperation and policies published on the website and have proof that you submitted same at least 72hrs prior to the auction. There are no exceptions to this policy.
Can I buy a property after auction?
No. Practically all high bidders close on time, so opportunities to buy a property after an auction are very rare. A high bidder that defaults forfeits their down payment and is additionally liable for all costs and damages incurred to re-sell the property.
Is the down payment deposited?
Yes. All down payment funds are deposited in less than 24hrs after the auction, so you should transfer funds into your checking account prior to the sale (if a sale is not approved, down payment is immediately returned).
Will I know on site if my bid was accepted?
Yes within 24 hours or 3 business days of the auction).
Am I responsible for the property before closing?
No. Field Service firms secure and maintain properties until Closing. Buyers are not allowed to do any work on the property until after Closing (filing of the Deed).