Auction can be complicated, ServiceLink Auction, powered by Hudson & Marshall, makes auction easy. We’ve broken our events down into a few program types. See the descriptions below for a quick rundown on each one.
Public auctions typically held at the county courthouse. Properties are sold as-is, buyers may be responsible for any back taxes, liens or encumbrances. Interior access is not allowed. Buyers may have to pay in full via cash or cashier's check at the auction. Typically, there is no Buyer's Premium added to winning bid.
Properties are available sometimes just days after reverting back to the bank because they did not sell at Trustee/Foreclosure auction. Interior access and financing may be available if the property is vacant. Seller typically will pay liens on title, delinquent property taxes & HOA dues. Code violations may be the buyer's responsibility. Title Insurance is available at the buyer's expense. Typically, there is no Buyer's Premium added to winning bid.
Bank Owned (REO):
Properties have gone through the foreclosure process and are now owned by the bank. These are typically sold as-is, with no liens, back taxes or encumbrances, unless otherwise stated. Financing may be available. A Buyer's Premium of 5% or a minimum will apply in most cases. Typically, the Seller will pay for title insurance policy.
Lenders allow delinquent homeowners to sell their home for less than what they owe. This type of transaction is called a Short Sale because the lender ends up “short” of what they are currently owed.
In a traditional short sale, the homeowner will receive the offer and submit to the lender for approval; a process that can take months to play out. This creates uncertainty for both buyers and sellers.
Our Short Sale program is a "lender-approved" program. The lender will approve a sales price prior to auction and a winning bidder can quickly proceed to escrow. The timeline for lender-approved short sale can dramatically reduced when compared to the traditional Short Sale closing process.
Refer to the Auction Terms and Conditions posted on the Property Detail Page for property specific information.