The sale of real estate by auction is compulsory by a notary and includes several stages. The first step is to set the price. In general, real estate sold on Online Auctions in Ponca City Oklahoma is priced at 75-80% of its real value. But pricing is not mandatory.
Things to remember
The seller may decide not to put a firm price, which means they may set a reserve price (floor price). The notary then draws up a contract describing the property and its characteristics before registering the property on the calendar of public sales. They also take care of advertising, using different media (newspapers, the internet, real estate magazines, public signage,etc.).
Anyone who has knowledge of the advertisement, and is interested in the property, has the right to participate in the Online Auctions in Ponca City Oklahoma. The notary organizes several visits before the day of the auction to allow potential purchasers to examine the property. The last visit should take place at least 10 days before the day of sale.
It is also the notary who takes care of organizing things on the day of the auction. Property auctions generally take place at the town hall, in the notary’s office, in a notary’s chamber or at the property. Of course, online auctions take place online.
It is the notary who takes over the duties of the auctioneer. The property is sold to the highest bidder at the end of the auction.
What happens after the auction?
Some online auctions give potential buyers 10 days to counter-bid. The bidding must be at least 10% higher than the auction price and, if it takes place, results in the holding of a new auction with a price equal to the bidding. The person who acquires real estate through an auction does not have any withdrawal period, unlike conventional real estate purchases.
The buyer must pay the sale price within a maximum of 45 days. The keys are handed over once the price has been paid in full. If the purchaser cannot pay for the property, a new auctioning session can be organized by the notary, often at the expense of the defaulting purchaser. For more details, contact Wiggins Auctioneers LLC today. You can also visit them on Google+.