CODE 40: Consideration, Concessions and Compensation
How will all parties on the transaction be given consideration..? The terms and conditions outline the entire process. REALTORS, Buyer Agents, Buyer Brokers, Attorneys and all other involved should read the terms and conditions that apply to each individual auction.
CODE 40
- Consideration
- Concessions
- Compensation
- Buyers Brokers
- Buyers Agents
- Procuring Cause
- Buyer Payments
- Buyer Agrees
- Good Agreements
These are some important terms in payments are made in real property auctions. Buyer Brokers Compensation. What concessions will the seller make to the buyer. Most importantly the consideration given to all parties involved on behalf of the seller.
- Consideration
- Concessions
- Compensation
- Buyers Brokers
- Procuring Cause
- Buyer Payments
- Buyers Representation
- Good Agreements Work
The seller allows the listing broker/Auctioneer the ability to give certain considerations to buyers and buyers agents. One of these considerations is how to allow a buyer to receive concessions and how a buyer’s agent may be compensated for services provided.
The best way to determine how the seller allows concessions is to read the terms and conditions. Each sale is different. Each sale probably has Different sellers with different requirements.
A duly licensed buyer’s broker could receive compensation. However, the buyer’s broker, and the agent must comply with the terms and conditions of the sale. A buyer’s representative must be procuring cause. The buyer’s representative must instruct the buyer and make the buyer aware of the terms and conditions associated with this listing. Furthermore, the buyer’s representative may not alter, or misalign, or misrepresent the terms and conditions of sale. If a buyers representative creates a disturbance or deviate from the terms of addition to sale, they will forfeit any right, any concession, all commission, or any other compensation previously advertised.
The listing broker and the Auctioneer welcomes registration from all buyer brokers and their agents. However, the buyer’s broker must create a profile with verifiable identity to ensure a payment is available and will be processed to procuring cause buyer’s broker. Buyers broker after completion of such registration will have the opportunity to review disclosures, documents, contracts, and/or other important information pertaining to the particular address in question.
Are you the Broker or Broker’s agent responsible for creating the buyer’s interest. This is important. You may not be eligible for compensation or other concessions if you are not procuring cause.
Buyer payments are due the same business day as the bid award. Buy your payments or subject to, but not limited to the buyer’s premium, the Auctioneers fee or any other auction fee disclosed in advance. The stated amount of escrow fee or earnest money deposit shall be placed with the title company. The same business day the bid award was made.
A buyer is welcome to enlist, hire, retain or otherwise receive representation from a buyer’s broker, attorney, inspectors, contractors, or other individuals that may give advice to the buyer. However, the listing broker nor the Auctioneer will represent the buyer in any form other than the duty required by law and honest and fair dealing. This is not a form of representation. It is a matter of conduct Byers should inspect, read the term, conditions, and investigate all matters prior to entering into an agreement with the seller at the bid award.
Hearsay is not a good agreement. And it only constitutes that a good agreement was not imposed and was not stated in writing executed by all parties.
Consideration may be limited. Concessions may be reduced or even revoked. Compensation could be reduced, restricted or revoked.
The listing broker and the Auctioneer ask all parties to the transaction. The seller, the buyer and all of the buyer’s agents comply with the terms of conditions of sale. The Auctioneer reserves the right to amend the terms and conditions of sale. This may be done in writing, by publication online, or by live out cry announcement. Such terms and conditions must avail as the seller instructs.
CODE 16
Step 1:
Create a Profile
Step 2:
Register
Step 3:
Read Terms
Step 4:
Review Documents
Step 5:
Schedule Showing
Why…?
This is the preferred showing service. The Auctioneer does not use Broker Bay or Showing Time. The Auctioneers Sign on and Registration process allows the buyer and buyer’s agent to have full access to important information.
Once a profile is created it is easy for the next steps. However, registration for each property address is required and will be you into property if you have provided legitimate contact information. An allusive buyers or buyers agent with false identities must be rejected and is illegal.
Frequently ask questions are very common. Click this link for Auction words and definitions. Click this link for frequently asked questions.
Simulcast Auctions help organize bids from multiple platforms. This helps the entire multiple offer situation because offers can be received in different combinations and from other sources.
Auctioneer Live on Site means that the Auctioneer will be present. The auctioneer will open the door. The Auctioneer will greet buyers. The auctioneer will ask for buyer’s identification. When the Auctioneer is live on site the terms and conditions will be read. This turns into a seminar of sorts. The Auctioneer wants each person to understand the conduct of the sale. How the auction method of marketing works. The Auctioneer will talk about terms and conditions of sale. Additionally, the auctioneer will answer as many questions as possible.
Webcast Auctions are conducted via electronic bidding though the internet. The buyer enters the Auction after registration. The buyer must agree to the terms and conditions of sale in advance of getting approved to enter the online sale. A webcast auction allows for interactive bidding in real time. This may be in silent or the auctioneer may be actually be calling numbers to be bid in correspondence with the sale.
The LIVE AUCTION is conducted by the Auctioneer. This type of auction is a live outcry auction in the presence of the individuals who have registered to place a bid. Auctioneers verbally ask the registered bidders to make an offer the amount that auctioneers refer to as the increments of money. Some people refer to this as fast talking …. That may be true. However, the live auctioneer is articulate in the process. Be aware, a contract is being made in the process. Live Auctions may be conducted onsite of offsite and may be done in Simulcast …
An online auction is a convenient Way, Auctioneers conduct the sale of Real and Personal property. Byers must understand that terms and conditions do apply even if the auction is conducted through the Internet your electronic bid will be binding if the Auctioneer considers you the winner and awards you the bid.
PUBLIC SHOWING:
REGISTER for SHOWING
BOOK APPOINTMENT
(Proof of Funds &
Identity Required)
PROPERTY IS OPEN
FOR INSPECTION
Buyers, Agents,
Inspectors, Contractors
Invited to Inspect
Home & Lot
(Inspectors are Required
to Pre-Register)
(s)
HOW
TO MAKE
AN OFFER
SEE THE
LAST BID
CLICK HERE
Thank you for reaching out to Myers Jackson America’s Auctioneer. We are delighted that you are considering this opportunity and would like to acknowledge your inquiry. Realtors should work closely with Myers Jackson Auctioneer to schedule property showings after registration and submission of proof of funds.
If you or your buyer have not completed the following steps already, here are the steps to follow:
- Visit the Link: Go to https://myersjackson.com/auctionlistings/ to access detailed auction information and documents.
- Register: A buyer and/or buyer’s agent are required to register as individual participants on the site.
- Request to Bid: Follow the process to officially request bidding on the specific auction.
- Submit Proof of Funds: Email your proof of funds to bids@myersjackson.com
Once completed with the steps above, please call or text, 469-460-4848. For guidance on how to bid for the property, please refer to the attached document titled “Steps to Success When Buying Property at Auction.” Be aware that terms and conditions of sale may be updated at the auctioneer’s discretion, and announcements from the auctioneer take precedence over all other communications.
What DOES the MLS SAY?
Yes, we want you to start your inspection. Initially your property tour starts with opening doors. Subsequently, you will be asked to provide information about who you are and your qualifications.
Of course the seller want to understand who is going to enter the property. This includes the buyer, buyers friends and family, and the buyers real estate agent.
The seller wants to know some information about the buyer. Is the buyer qualified the purchase..? Will the buyer be paying in cash? Is the Buyer prepared to sign the contract if awarded the bid.
Let’s start by knowing who you are and you’re purchasing power. This is important. No illusions are allowed here. This is going to be a serious transaction and the Auctioneer wants you and the buyer to be prepared.
WHAT DOES the UCC say..?
Yes, we want you to start your inspection. Initially your property tour starts with opening doors. Subsequently, you will be asked to provide information about who you are and your qualifications.
Of course the seller want to understand who is going to enter the property. This includes the buyer, buyers friends and family, and the buyers real estate agent.
The seller wants to know some information about the buyer. Is the buyer qualified the purchase..? Will the buyer be paying in cash? Is the Buyer prepared to sign the contract if awarded the bid.
Get InTouch
Email:
411@myersjackson.com
Phone:
+1-844-400-2828 Phone
+1-469-460-4848 Text
Address:
Myers Jackson
P.O. Box 2014, Grapevine, TX 76099