Buyers

Bidding at our real estate auctions is simple! Just follow the 6 easy steps below and you will bid like a pro. Remember, you're guaranteed clear title and you have 30 days to close with our auctions.

1. Call Troop Home Auctions @ (800) 501-Sold (7653) if you have any questions... we are there to help you. Go to the auction section on the website, contact your real estate agent, or contact us directly to obtain a bidder's package. The bidder's package includes auction registration forms, auction terms and conditions, seller and buyer disclosures, information about the Home Owners Association (if applicable), termite inspection report, home inspection report, and other information that is necessary for you to fully evaluate the property and its value to you as a potential buyer. You will be guaranteed clear title if you are the successful bidder. A title insurance policy will be issued from a reputable Title Company at the close of escrow at buyer's expense. ALL AUCTIONS ARE HELD RAIN OR SHINE!

2. Come to an open house to view the inside of the property. Feel free to bring a home inspector to check out anything you feel is necessary. The property will be sold in "as is" condition.

3. A specified amount is needed to participate as a bidder for each auction, whether it is a Live Auction or Sealed Bid Auction. As a qualified auction bidder, you will be required to submit a certified or cashier’s check at the time of the auction. The amount of this check varies based on the price of the property being sold, but it is typically 1-3% of the estimated purchase price. It is important to check the specific financial requirements for each auction to determine the minimum bidder requirements. Escrow will be opened on the day of the auction with the escrow company.

4. For a Live Auction, when you check in you'll be given a card with a number on it. If you want to bid just raise your card. The auctioneers are very friendly and will help you, so don't be intimidated by the process. For a Sealed Bid Auction, you will simply need to submit your bid with all required contracts at a pre-determined time, date and location. Please verify the specific requirements of each auction property to ensure that you are properly prepared to participate in the auction process.

5. A “buyer’s premium” is often added to the final bid to determine the price. Depending upon the property and the negotiated contract with the seller, this buyer’s premium ranges anywhere from 3-10%. For example, using 8% as the buyer’s premium, if the final bid was $1,000,000, $80,000 (8%) will be added to determine the price the winning bidder paid for the property. In this case, it would be $1,080,000 (1,000,000 + 80,000). Please check the specific auction requirements associated with the property being auctioned to ensure that you are accurately calculating your total price to be paid for the property

6. You will have 30 days to close (if there is a different escrow period it will be posted) with the balance of the amount needed. If you don't close in this time frame, the upfront money could be non-refundable. It is advisable that if you need assistance from a lending institution to help fund the transaction, that they are efficient in providing the necessary money to close in the appropriate time frame. Bidders planning to finance a portion of the purchase price may be required to be pre-approved through an approved lending source. Verification of liquid funds may also be required in order to be pre-qualified and registered as a bidder. Please note that this requirement is based solely on the need to ensure that only qualified bidders participate in the auction process and ensure that the winning bidder can successfully close escrow in the defined time frame.