WILLIAMS & WILLIAMS REAL ESTATE AUCTIONS

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FAQs

To view one of our vacant properties you must contact a licensed realtor. Your realtor can contact us to register and gain access information. You will not be able to access the property after the auction is over, so make sure to do your due diligence before bidding at the auction.

Apart from your high bid amount, there are two additional costs associated with buying a property at auction. One is the auction fee and the other are your closing costs.

There are two types of auction fees, and you will pay one or the other, never both.

One is a Buyer's Premium that is usually 5% of the high bid amount with a minimum. The other is an Auction Service Fee, which is a flat fee of either $1500 or $3000 depending on the property. Check the terms of sale to determine which type of fee applies to your property.

The auction fee and closing costs are due at closing when you pay in full for the property.

You can bid on all of our properties online, and in some cases you can choose to attend the auction at the physical location the auction is being held. We call them Live Online (online bidding only), and Live on Location (online and on location bidding, both).

LIVE ONLINE: To bid on auctions that are Live Online (online bidding only during a specific period of time) you must register to bid on auctionnetwork.com. This is a short process that requires creating an account on auctionnetwork.com, and then registering to bid for your property. The registration process requires a credit or debit card, but we will not be using or storing this information as a form of payment. The credit card is used for identification authentication purposes only, and is charged $1 and immediately refunded. Registration is free. Once you've registered you will be able to view and participate in online bidding. Some auctions may require a bidder deposit to be made in advance of the auction, but is rare and will be clearly displayed in the terms upon registration.

LIVE ON LOCATION: To bid on auctions that are Live on Location (both online and onsite bidding), you need to decide if you will bid online or attend the auction in person, OR a combination of both by placing a maximum bid in advance of the auction online, as well as attending the auction in person on auction day. To bid online, follow the instructions for online bidding above. To bid onsite at the live auction, bring a valid form of Identification, such as a driver license, and a form of payment for your earnest down payment should you become of the high bidder. Cash, check, cashier's checks and money orders are accepted onsite to pay the earnest down payment. Once you arrive, you will need to show your valid ID and complete a short registration form, and be issued a bid card for use during the auction.

Yes. Properties require a 5% or 10% (subject to a minimum) down payment immediately following the auction. See individual property Terms of Sale for details.

For Live Online (online bidding only during a specific period of time) auctions, Williams & Williams requests the down payment 1-2 business days following the auction. The high bidder is required to fill out an ACH, or electronic check form, to be drafted within 24hrs of the approval of your high bid. Alternately, the down payment funds can be wired to Williams & Williams within the 24-48 hour timeframe.

For Live on Location (both online and onsite bidding) auctions the earnest down payment is collected by the auctioneer in the form of a personal or business check, cash, cashier's check(s) or money order(s). On some auctions certified funds are required and that will be stated in the terms of sale.

Down payment funds are deposited in less than 24 hours of the auction if the property is selling "absolute" or "without reserve," and within 24 hours of acceptance on all properties sold "subject to seller confirmation" (unless otherwise required by statute), so you should transfer funds into your checking account prior to the sale (if a sale is not approved, down payment is immediately returned).

Yes. Some properties will have open public inspection periods and we recommend you perform any inspections or have the property appraised before auction day (as you will not be able to access the property after the auction ends). The dates and times for public inspection are listed on each property's detail page. Additionally, properties can be seen with a licensed real estate agent or certified property inspectors. Agents can register to show a buyer a property through the ProPortal.

The Buyer's Premium (It's called a Buyer's Fee in the state of WI) is paid by the buyer and used to compensate the real estate broker representing the buyer and/or the broker or auctioneer representing the seller.

The Auction Service Fee is paid by the buyer and used to compensate the real estate broker representing the buyer and/or Auctioneer.

Yes. Most properties are transferred by deed prepared by the seller (i.e. Special, Bargain and Sale, Quit Claim, U.S. Marshal's, Trustee's, etc.) with insurable title as determined by the title company indicated on the contract. A customary owner's title insurance policy is issued for each property. The cost is included in the average closing costs.

Yes. However, the terms of sale which are stipulated in the Contract will still apply. Specifically, that the insurable title as prepared and offered by the indicated title company shall be the standard agreed to and accepted by the parties for conveyance and that the buyer shall pay all costs already incurred and required by that title/closing company. Therefore, you may use your own title company to close the transaction, but you may still be responsible for some costs incurred by the original title company.

All properties are auctioned subject to seller approval of the high bid, unless noted as a "without reserve", or "absolute" auction in the terms of sale. The seller's reserve, if any, is an undisclosed amount and the high bid is subject to the seller's approval.

Yes. However, the properties are being sold without contingencies, "Cash, As–Is, Where-Is" so you should be pre-qualified by a lender as to the amount you can afford to spend for a property being sold for "Cash, "As-Is, Where-Is." Additionally, the financial institution must be able to close within 30 days of the acceptance of the offer.

No. Auctions provide a unique opportunity to minimize the number of intermediaries in real estate transactions. You are welcome to have representation at the auction but it is not necessary.

An auction provides a clean, time definite, exchange between the parties and traditionally allows the buyer to minimize the number of intermediaries separating him/her from the seller. Although as the auctioneer Williams & Williams represents the seller, we have the responsibility to treat all parties fairly and in accordance with real estate law. If a buyer feels more comfortable having representation at an auction, s/he is welcome to have an agent register the buyer as a client, attend the auction, and assume the role of a buyer's agent.

If you are the high bidder on a property selling "absolute" or "without reserve" that means there is no reserve value and the high bid is the sale price. If a property is not being marketed as "absolute" or "sells without reserve" the high bid is subject to seller confirmation or approval. For properties subject to seller approval, the high bid is irrevocable for a period of 14 calendar days. The seller however, can take longer than 14 days to approve, counter, or reject a high bid.

In this method of auction, bidders compete for "the right to choose first" from a pool of similar properties. The high bidder may choose one, some or all of the "like properties" offered. If the high bidder chooses multiple properties, then the high bid is multiplied by the number of properties the high bidder chose. If the high bidder takes less than all of the properties, then the bidding begins again and the subsequent high bidder now wins the right to choose first.

Selling your property? Find out if auction works for you.
Call 800.801.8003.
Selling your property? Find out if auction works for you.
Call 800.801.8003.