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How to Bid | Buying Process | Financing | FAQs

Frequently Asked Questions

For your convenience, we have compiled a list of Frequently Asked Questions organized as they typically arise in the buying process. As always please refer to the Property Details page for each of your properties of interest, as local and state rules may apply.
 
                        
Owners make a business decision to sell property at auction rather than continuing to incur carrying costs. Sellers are motivated to sell and offer you an opportunity to purchase desirable property at the best price.
                       
Buying real estate at auction allows you to experience a quick purchase and closing, eliminates lengthy negotiations and assures that you pay market value.
                      
Yes! All auctions are open to the public.
                      
Buying real estate at auction is a very simple process. However, it is important for you to be informed and prepared prior to auction day. See our Buying Process page for details.
                      
The majority of properties in H&M’s inventory are available for financing. One major exception is properties identified as Occupied. The Property Details page for a specific property will identify if the property is Not Available for financing. Occasionally some of our properties will qualify for special financing through our sellers. When this applies, it will be noted on the property as well. Please note that all of our contracts are cash contracts and are not subject to the availability or eligibility for financing.
                      
Many of the properties will be open for inspection on the dates and times listed. However, some properties will be shown by appointment only. Please contact the individual broker; they are available to answer property-specific questions and open house viewing questions. Contact information for a specific property’s broker is listed on the Property Details page on this website.
                     
Any licensed real estate broker or agent may represent you at the auction. However, you are not required to have a broker in order to bid at the auction. You must identify your real estate agent when placing a pre-auction offer and at the time of registration for online and live auctions.
                     
Unless otherwise stated in the Terms & Conditions for the specific auction, there are no back taxes or liens against the properties. In most cases, properties will be conveyed by special warranty deed. Title insurance is provided by the seller.
                     
Hudson & Marshall has a Bid Now! pre-auction purchase program that permits offers on most properties prior to auction. Properties that are available to be sold prior to the auction will have a Bid Now! button displayed on the Property Details page. Once you select a property to purchase, click Bid Now! to begin the process. Please note that offers are considered in the order they are received and can be accepted at any time when you see the "Bid Now" button. Upon offer acceptance, the property will be marked ‘SOLD’ and no other offers will be considered.
                     
Please note that we have been made aware of compatibility issues with some Internet browsers. We suggest using Google Chrome or Firefox. If this does not work, please contact our office for further assistance at 866.539.4173.
                     
Offers submitted through Bid Now! are considered in the order they are received. Therefore, a seller can accept an offer at any time. Upon offer acceptance, the property will be marked ‘SOLD’ and no other offers will be considered. If this happens, your offer has been received and will be placed in a backup position.
                     
Most real estate auctions are conducted with open bidding. When you are ready to bid,, hold up your bidder card, call out your bid or tell one of the Hudson & Marshall bid assistants the amount you want to bid. See our Buying at Auction page for more details.
                     
The audience begins the bidding so there are no set minimum bids. Properties offered online prior to the auction do not impact the minimum starting bid.
                     
You are required to place earnest money on the contract at auction in the form of certified funds. The exact amount of earnest money required varies by each auction. Please refer to the Terms & Conditions of the specific auction for the exact amount of required funds.
                     
No. If a buyer does not close for any reason on or before the closing date, the initial deposit may be forfeited.
                     
Yes. You will need to bring and present a separate cashier’s check for each property you intend to purchase. If you bid on more than one property and are successful, you will be required to close on each property.
                     
Properties not being identified as “Absolute” are being sold with a “reserve” meaning that the property is being sold subject to seller approval. The seller reserves the right to accept, reject or counter the final bid. Properties identified as "Absolute" are sold to the highest bidder regardless of price on auction day only.
                     
If you are the successful bidder in an H&M Online auction you will receive a “Successful Bidder” email informing you of next steps in the buying process. If you are the successful bidder at a live auction, you will be provided with a Bid & Deposit Receipt and your certified funds will be collected. You will then move to the contract table where you will complete the Purchase & Sale Agreement for the property.
                     
In most cases, a Buyer's Premium will be added to your high bid amount to determine the final purchase price. The Buyer's Premium is typically a percentage of the high bid amount. This information can be found on the Property Details page and within the Terms & Conditions for a particular auction.
                     
The earnest money deposit collected for each property is the only deposit required prior to closing. Some properties require additional earnest money depending on the seller. This information can be found on the Property Details page.
                     
It is very important for auction buyers to be educated and informed regarding the real estate auction process. Make sure all your questions and concerns are answered before you attend an auction. A sample contract is available on the Hudson & Marshall website. Feel free to have your legal advisor review the contract prior to the sale. However, please note that the seller does not permit additions or changes to the form contract.
                    
Closings typically are 30 days from the seller’s acceptance. Because the seller typically pays for title insurance, a company has been selected and the location information will be provided to you in the Purchase and Sale Agreement.

Didn’t find the answer you were looking for? Please contact the auction information office at 866-539-4173.

 
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