1. Look through the "Auction Dates" tab on this website and find the properties that you are interested in. Then call the office (847-356-9500) and request the information package on those properties. **It's important that you call so we can make sure you get all of the information necessary. Also, this will register you as an interested party so we can make sure to inform you of any open house date or time changes, auction changes, or any additional information that might come up on any property.
2. The information package will give you the terms and conditions of the auction as well as the open house dates and times. Choose an open house and go out to see the property. Feel free to bring anyone along with you who will be important to your decision making process (spouse, inspector, parent, etc.) This is also a great time to think about getting pre-approved for a loan (if you will need one)...see number 9 below.
3. After you have previewed the property, fill out the "Bidder's Registration Form" in your package or print it out on this website under "Contracts/Forms" tab. With this form, you must attach a check for $250. This will allow you to bid on the property. Get this form filled out ahead of time so you can have it in your hand, ready to go on auction day. You can also give it to us ahead of time at any open house or mail it in. This form will have your bid(s) on it. **We are also working hard to put together the "Bid Online" program...watch for more on that coming soon to this website.
4. Now, if you would like to attend the auction and watch the bids on the board, you may do so. Make sure that your registration form and check are given to the auctioneer at least 15 minutes from the end of any auction. We recommend that you come no later than 30 minutes early to make sure that you are registered as a bidder and your bid is on the board. Then, at any time if you wish to raise your bid, you can just verbally let the auctioneer know, and he will put your new bid on the board. In the last minute, if there is a lot of bidding back and forth, we will stop using the bid board and go to a live oral auction until the auction ending time where all bids will be frozen. (Remember, each auction is 2 hours from start to finish...never come at the last minute. Once a live auction has been commenced, no new registrations can be taken, and all bids are frozen promptly at the scheduled auction ending time!)
5. If you are the high bidder, the auctioneer will have you stay and send all others home. You will get your $250 check back and give us a check for $1000 earnest money and fill out a contract for the property.
6. The auctioneer will meet with the sellers and present your contract as well as all of the other bids. The sellers have 72 business hours from the auction to decide which bid they will accept. If they accept a bid other than the high bid contract, we will send your $1000 back and write a new contract with that bidder. (This might happen if there are contingencies in the high bidder's contract) Therefore, try to refrain from contingencies. Instead..."cash, as-is, will close quickly" is what our sellers like to see on that line.
7. All of the other bidders who did not win will receive their $250 check back within 4 days after the auction process is over. (Essentially, it costs you nothing to bid so give it a try and see what your bid can do!!) It is really a very easy process, and one that you will find yourself enjoying.
8. Once you are the accepted bidder and your contract is signed by the sellers, you have 72 hours to get us your 10% down (this money will be put in escrow). This is 10% of the agreed upon purchase price. Then we go to close. Most people close within 30 to 45 days, but we have done them a lot quicker than that as well. It will depend on where you are getting your financing, and what you and the sellers decide to do. Basically, after the auction is over, everything happens the same way as any other real estate transaction.
9. ***If you would like assistance with financing, please let us know. We have some great people in the mortgage industry, and will make sure that you are taken care of and closing goes smoothly for you. One of the best things you can do for yourself is to let us know as early in the process as possible so you can be pre-approved. That way, when you are bidding, you already know what you are approved for, and you will not need a financing contingency on your bid.
10. Good luck at the auctions!
