Prepping for the American Brewery Lofts Auction?

Are you prepping for the American Brewery Lofts Auction? Here is a post related to how to buy property at an auction.

If you haven’t purchased property at an auction before it can be daunting. Don’t worry – we are here to make the process as smooth as possible and help you get prepared for auction day!

Here are some more details about the American Brewery Loft Auction:

(also visit our 2 previous blogs on the American Brewery Lofts Auction here & here.)

Rule #1 – Do not tour the building without calling us – if you go without us you will be forfeiting your CASH BACK refund!!!  Don’t understand – call us  617 .314 .7704

AUCTION DAY

This sale includes 21 condominium residences within American Brewery Lofts, with minimum selling prices as low as $195,000. The sale will occur on June 26, 2010 “Auction Day”.

A minimum selling price has been established for all the residences. This means that the Seller has agreed to accept from registered bidders all bids equal to or greater than the published minimum selling price for each of these residences. No bid below these minimums will be recognized.

REGISTRATION

Registration is required to attend the auction and to become eligible to bid. Complete and return the Auction Registration Form prior to Auction Day.

On Auction Day, all approved registered bidders must present a separate Bank Check in the amount of $5,000. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $5,000 to equal three and one half percent (3.5%) of the winning bid price. The Bank Check should be made payable to yourself.

INSPECTION

You should physically inspect all residences you are interested in purchasing since the units will be delivered in “as is” condition. Most of our clients make detailed lists of the units they like and rank them according to preference before auction day.

CONDO DOCUMENTS AND P&S

You will be able to review electronic copies of the Purchase and Sale and Condominium Documents PRIOR to the auction. It is important to read through the condo documents and have an attorney take a look as well. Before auction day you will also want an attorney to review the Purchase and Sale Agreement since winning bidders will be expected to fully execute the Condominium Purchase and Sale Agreement immediately after becoming the winning bidder in the auction room. There will not be time to review the documents again on Auction Day so please ask all questions prior to June 26th!

FINANCING

Prospective buyers should get pre-approved by the Seller’s preferred lender. In the event a successful bidder wants a mortgage financing contingency in the Condominium Purchase and Sale Agreement, the successful bidder must use financing arranged by the Seller’s preferred lender(s) and Title Company, and must provide to Seller a pre-approval in writing for a specific dollar amount prior to Auction Day. A mortgage representative from the Seller’s preferred lender(s) will be present on site during open house dates to meet with bidders by appointment to assist with financing.

CLOSING

All sales must close on or before July 31, 2010 unless an extension is granted by Seller in writing. In addition to the Purchase Price, the Buyer will be responsible, as provided in the Purchase Agreement, for paying certain costs on the day of the closing, including but not limited to, recording fees, title insurance fees, settlement costs, any costs related to Buyer’s loan and two (2) months initiation fees to the Condominium Association.

PARKING

Each unit comes with one garage space. A number of additional indoor parking garage spaces will be available for purchase to winning bidders at a price of $30,000 per space. Garage spaces will be offered on a first come first served basis to winning bidders on Auction Day and added to the purchase price of the home.

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