for Selling or Buying
Real Estate with Rentzel's at Public Auction:
All real estate sold by
Rentzel’s Auction Service at auction is sold in “as is”
condition. They buyer would be guaranteed a good marketable
deed, free of liens, back taxes, mortgages, etc.
In most cases, the buyer is required to put down 10% of the
purchase price the day of the auction and will be given either
30, 45, or 60 days to pay the balance and have settlement.
It is at the buyer’s expense to do a title search on
the property after they are the successful high bidder. If a
lien is found and the seller cannot pay the lien off, then and
only then, would the buyer not have to go to settlement and the
buyer would receive their down payment back. Otherwise, the
property is sold in its “as is” condition with no warranty and
if the buyer does not comply with the conditions of sale, the
buyer forfeits their down payment and the property may be resold
by the seller.
Real estate sells with reserve unless advertised as an
Taxes will be prorated between buyer and seller.
If a survey of the property is desired, it is to done
at the buyer’s expense.
The described terms above are for general information.
Each property is sold with its own unique conditions of sale and
should be viewed prior to the auction by the buyer.
Real Estate Auction Day
The auctioneer will start the auction with the reading
of conditions of sale, and then ask for an opening bid. There is
usually no set opening bid; the bidding will start at whatever a
prospective buyer is willing to pay. After he receives an
opening bid then the bidding will start, advancing until the
bidding stalls. At this point the auctioneer will take a recess
and talk with the sellers to see if the property has met the
reserve price. If it has met the reserve, the auctioneer will
come back and start asking for a higher bid from the point of
where the bidding had last stopped. Whoever is the highest
bidder when the auctioneer says sold will be the purchaser of
the property. If the property does not meet the reserve, the
auctioneer will come back and put the property up for bid again
until the bid has met the reserve and is sold. If the reserve is
not met the second time the property is withdrawn from the
auction at which point it would not be sold that day. Please
phone 717-577-1886 or email us with any questions. Thank you.