Real Estate Myths

Myth #1: Real Estate Auction Means Foreclosure.

Answer #1: False. 

Homes that we sell are auctioned by choice, not by bank mandate. Our sellers chose the auction method because they want to take control of the sale of their home.  An auction will establish the terms and conditions of the home, i.e a timeline of events for which the home will be sold. Open houses and the actual auction. The property is sold without contingencies. Contingencies such as home inspection or a mortgage contingency are not part of the auction process.  The home is being sold as is and our auction company will provide a seller’s disclosure, and other inspections to help with the buying and selling of the property.  The property is not a “sight unseen” auction like a sheriff sale.  Alderfer Auction will provide open houses and showings to help the buyer make an informed bid.   

Auctions are another viable and competitive way of selling real property.


Myth #2: Auction Homes Must Be Purchased In Full, Cash Only.

Answer #2: False.

Majority of our Real Estate Auctions have gone through a mortgage process.  After the auction has ended, and depending on the terms of the auction, the buyer is allowed 30-45 days for settlement.  That is an ample amount of time for a mortgage company to process and the closing company to aid in your home buying needs.  A deposit in certified funds is required to be allowed to bid at our auctions. The deposit will be held by Alderfer Auction and will be presented back at settlement for closing.   We work with the mortgage and closing company every step of the way to ensure a quick and seamless transaction.


Myth #3: I Need a Real Estate Agent to Buy Through Auction.

Answer #3: False.

A real estate agent is not needed to buy through the auction method.  The Alderfer Auction team is here to help and answer any questions you may have. 

IF, you do have a Real Estate Agent and want to buy a home through the Auction method, our company provides a broker participation for the winning bidder agent.