HOW TO BUY REAL ESTATE AT AUCTION

The following is a list of steps to follow when preparing to participate in an onsite auction. We hope that they prove to be helpful tips that make your participation in a New York International Real Estate Corp. auction successful, easy and enjoyable.

Contact us - The Real Estate Professionals at New York International Real Estate Corp. are prepared to supply you with information, over the telephone 877.846.8444 or email Info@nyirec.com, concerning specific properties as well as the auction process itself.

Do your "Homework" - Find out as much as you can about the property. The deed reference information included in the terms section of all New York International Real Estate Corp’s advertising will help you retrieve pertinent property information. Request a Property Information Package (PIP) or download one from the Internet.

Read the PIP - Available from New York International Real Estate Corp. our Property Information Packages (PIP’s) contain property photos, descriptions, terms of the sale and financing information, along with all pertinent documents, in hard copy or downloadable online.

Inspect the property - Take full advantage of any inspections conducted by New York International Real Estate Corp. This will allow you or your representative to see first hand what you are bidding on and help determine value and desirability. This allows you to bid with confidence.

Pre-qualify yourself - Increase your comfort level by knowing your mortgage qualifications. Even before you decide on a property to buy, you should pre-qualify yourself through your banker. Feel free to call us to help calculate your mortgage payment based on your anticipated purchase price. There is never a mortgage contingency in a real estate auction. It is best to know you can pay for the property before you bid. You should always prepare to bid with confidence!

Attend a local auction - Check the local newspapers or join our Auction Alert for auctions in your area. Attend and observe one or more auctions and familiarize yourself with the process before you attend an auction as a bidder. The auction process happens quickly, so knowing what to expect is important. If you can't find an auction, call us 877.846.8444

Plan your bid strategy - Determine your bid limit after examination of the property and all available information. Don't be afraid to bid early. Most other bidders will be willing to pay just as much as you. The one who bids that number first, wins that day.

Register to bid - On auction day it is to your advantage to arrive at the auction site 1 hour before the auction. By doing so, you will have more time to consult with on-site staff who are prepared to assist you with your last minute questions regarding the property and the auction process. Upon completion of registration you will receive a Bid Packet containing your bid number, Terms of Sale, Purchase and Sale Agreement and a copy of the Property Information Package (PIP).

Bring required deposit - If you are the successful high bidder at an auction, you will be required to affirm your bid with a signature and deposit. All deposits must be in earnest money form, i.e. cash, certified or bank check. Deposit requirements and amounts are clearly listed in the "TERMS" section of all New York International Real Estate Corp. advertising.

Prepare for "Q&A" - Prior to the start of bidding, New York International Real Estate Corp. auctioneers conduct a question and answer period. This is an opportunity for registered bidders to ask any last minute questions before the auction begins.

Bid Aggressively - Until you have won or reached your limit. There can be only one winning bidder for the property. You cannot buy at your price unless you BID your price.

HAVE FUN!