With the downturn of the current real estate market a new sales trend has risen; home auctions. Today you cannot go one week without seeing an advertisement for a Real Estate Auction. Real Estate Auctions have risen in popularity all around the country and the Lake of the Ozarks is no different.
One question that I have received from several of my prospects is can they be represented at an auction by a Buyer’s Agent and the answer is typically, yes. As of today I have yet to find an Auction company that does not have some sort of Cooperation policy with Licensed Buyers Agents.
If you are considering purchasing a home at an auction and would like representation there is a process that must be followed. According to my research every Auction company requires that prospective bidders who will have a Buyer’s Agent must be registered for the Auction by the Agent prior to the scheduled auction. Each of the Auction companies that I have researched requires that your Buyers Agent attend the auction with you and be a part of the entire process if you are the winning bidder for a home.
As a prospective buyer all auction companies will allow you and your buyer’s agent an opportunity to tour each of the homes that are scheduled during a prescheduled open house. This is your opportunity to view the residence and perform any inspections that concern you.
Your Buyers Agent will be able to assist with scheduling inspections, reviewing title work, setting up the closing, scheduling the final walk through and any other services that are necessary to facilitate the closing.
If you are considering purchasing a home at an auction and would like one of John Farrell Real Estates Realtors to assist you please call us immediately.
