Must I register to Bid?
Can I buy more than one property?
What does “Absolute Auction” mean?
What does “Reserve” and “Seller Confirmation” mean?
Do I have to make any more deposits other than my initial deposit before closing?
What happens once I have become the successful high bidder?
What is a Buyer’s Premium?
Is my deposit refundable if I change my mind after the sale and decide not to buy the property?
When and where are closings held?
You MUST register on auction day and receive a Bidder Card in order to bid. At registration you must present to Key a cashier’s check, made payable to yourself, in the amount listed in the Auction Catalog, and sign the Acknowledgement of Terms. If you are not the successful bidder, your cashier’s check will be returned immediately after the bidding closes.
In a reserve auction, the seller is not obligated to accept the high bid unless a certain minimum price is reached. In a seller confirmation auction, the seller is required to accept or reject the high bid within a specified time after the auction, usually 1-3 days. If the seller rejects the bid, the high bidder’s deposit will be immediately returned. If the seller accepts (“confirms”) the bid, the high bidder has a specified time to close (usually 30 days).