Auctions are a great way to network and purchase commercial real estate for both present and future sales opportunities. Auctions are designed to provide a setting that is ideal to connect buyers with sellers in a fair, professional and legal bidding environment. Auctions, especially commercial real estate auctions are a sales avenue that can be utilized to purchase property at reasonable prices that may not have been available to you in the open commercial real estate market.
Tips to Successful Biding & Buying of Commercial Property at a Real Estate Auction
Real Estate Auction Posts, Brochures, Booklets & Flyers Marketing
The knowledgeable experts at Central Texas Auction Services recommend visiting our website to search upcoming auction events. If a piece of property should catch your attention, you can browse the upcoming auction which contains all of the important information and photographs pertaining to the property as well as a promotional flyer. You will also find a detailed list of instructions for viewing the property before the date of the auction. The upcoming auction post will contain a list of the auction terms of sale such as the registration procedure, any specific requirements, financing opportunities and earnest money requirements. There is an also an easy to complete contact us form to obtain a bidder packet and any other important information that pertains to the final sale of the property.
Previewing the Commercial Property Before the Auction
If you are seriously thinking about purchasing commercial property at auction it makes perfect sense that you would want to view the property prior to attending the auction. You will have an opportunity before the auction at a predetermined date and time range prior to the actual auction date. It is a good idea to bring your contractor with you to ask any questions about the property that may arise as you walk through your inspection.
Commercial Property Bidder Packet
A bidder packet contains all of the information regarding the property in question such as tax information, property records, surveys, financial statements, repairs, receipts and prior utility reports etc. In addition, the bidder packet will also contain the purchase and sale agreements for purchase of the property on the day of the auction. The experts at Central Texas Auction Services advise you to get your bidder packet early so you can review the contents with your attorney before the auction.
Commercial Real Estate Financing Options
If you are planning to finance your potential auction property you must arrange financing prior to the day of auction. This will give you the ability to bid with the confidence of knowing that you have the full commitment of your bank or financial institution. Many auctions come with a list of recommended financial lenders that are familiar with the property and have the ability to approve and provide financing. If financing is available directly through the seller of the property, the details will be provided in the purchase and sales agreement found in the bidder packet.
Attending the Commercial Property Auction
As a general rule, registration will begin one hour before the actual auction event begins. You will be required to provide identification along with the cashier’s check for the predetermined earnest money amount required for the property in question. This information can be found in the terms of sale on the applicable upcoming auction post on our website. Once these requirements have been met, you will be given a bidder card that you will use to bid on the purchase. If you are successful and you achieve the winning bid, your bidder card, driver’s license and cashier’s check will be collected. You will then be asked to proceed to a waiting area where you will sign the purchase and sales agreement in its entirety before taking legal ownership of the property.
Commercial Property Real Estate Auctions in Belton, Killeen, Temple & Central Texas
For more information about buying and selling real estate at auction along with upcoming auctions in Central Texas and the surrounding areas, contact the experienced auctioneers and real estate professionals at Central Texas Auction Services today!