Buying At Auction

How To Buy At An Auction

There are a few things that every buyer should know about purchasing at a real estate auction. If you are unfamiliar with the process, at Tracey L. Jones we are here to help! In the tri-county area, there are many good properties that get sold at auction. Before the auction, keep the following things in mind:

• Most auctions require the purchaser to pay 10% of the purchase price as down payment.
• The balance of the purchase price is due at settlement. Settlement is typically 30 to 60 days after the auction day.
• There is a 2% transfer tax on real estate in Pennsylvania. The purchaser typically pays this tax.

Most importantly, bid with confidence and know that there are other bidders interested in the property at a bid increment just under yours. Whether you are looking to buy or sell, rely on Tracey L. Jones for great rates and service. Call us for a market analysis today!