by Myers Jackson | Jan 5, 2025 | Auction News
What happens if you win at an auction and can't pay? Winning an auction creates a binding contract. Failure to pay can result in breach of contract, loss of deposits, legal action, and a damaged reputation. You may also face additional costs for relisting. The...
by Myers Jackson | Jan 5, 2025 | Auction News
How will the final payment be calculated? The final payment includes the bid price. The buyer’s premium, auctioneers fee, and additional fees such as closing costs, transfer, documentation and attorney fees are costs in addition to the bid or price offered....
by Myers Jackson | Jan 5, 2025 | Auction News
Can a seller refuse a winning bid? Yes, even if the offer is above the listing price, a seller has the legal right to refuse a bid and accept another offer if the terms of the auction are offered with Reserve. Texas State law gives option for choices a seller can...
by Myers Jackson | Jan 5, 2025 | Auction News
What is the dominant strategy of an auction? The dominant strategy is to bid your true value—exactly what the object is worth to you. Figure out what an appropriate market value or what a price you as the buyer is willing to pay. Gain help from a Real Estate Agent,...
by Myers Jackson | Jan 5, 2025 | Auction News
What is the most likely reason to lose a bid? Non-compliance is a common reason for losing a bid. Missing details from the buyer’s registration, false proof of funds, refusal to comply with the Terms and Conditions of Sale. If the buyer’s agent does not properly...
