Those who have attended a real estate auction know that the value of any auction is in the process--the winning bidder was willing to pay only a few dollars more than the second bidder. Basic Information.   Buying real estate at auction is slightly different than a standard purchase: As-Is, Where-Is with no contingencies.   In a standard purchase you normally have 17 days contingency period to perform inspections (due dilligance) and to finalize financing. With an auction, these tasks must be completed prior to the sale. On auction day, the property will be sold "as-is, where-is and with no contingencies." Quite literally this means that the property is being sold with any and all faults, in the exact condition it is in and that the highest bidder acknowledges that cancellation, due to any buyerevent after winning the bid will result in forfieture of their earnest money deposit. Liquidated Damages.   This refers to the amount forfieted to the seller if the buyer is unable to complete the purchase within the specified time. We require $2,500 in certified funds to bid and that represents liquidated damages if you win the auction and then are uable to close escrow for any reason. Some higher priced properties may required an increase of liquidated damages during escrow. Buyer's Premium.   The "buyer's premium" is a fee charged to the buyer by the auction company to cover the costs of the auction. This fee of 10% will be added to the highest bid to achieve the final selling price. For instance, if the property sells at auction for $100,000, the buyer's premium would be $10,000 and the final selling price would be $110,000. Getting started: Preview the listings.   Our auctions preview pages are filled with photography, maps, disclosures and information you can use to determine which properties meet your needs. Visit the properties.   Properties scheduled for auction are normally open for preview the two weekends prior the auction, both Saturdays and Sundays. Open House is your opportunity to see the property and/or to have professional inspections performed. The Realtor® representing the seller will be your host at Open House and prepared to answer any questions about the property you may have. Register for the auction.   Prior to the auctions you will need to register with us and there is no cost or obligation in doing so. You can register on-line or in person the day of the auction. Secure your financing.   It is critical that you know exactly what you can afford before attending an auction. Buyers at auction must be pre-approved by a lender and/or show proof of funds in order to bid. This is a most critical area so please check out our financing page for more information. Contact a Realtor®   With few exceptions, all buyers must be represented by a California Department of Real Estate licensed real estate broker or agent. CENTURY 21 Mirage Auctions pays for this professional representation and we require it for your protection. A Realtor® can show you the local market, advise you on pre-auction inspections and preparation and then guide you through the escrow process. Please feel free to use your own real estate agent or you can select one of our professional CENTURY 21 Mirage agents to represent you. Know your limit.   We want you to bid but we also want you to bid responsibly. We strongly encourage you to inspect the property and the disclosures carefully, have any areas of concern addressed by the appropriate professional inspector or service provider, complete your market research, set your bidding strategy and know your limit. It is easy to get caught up in the excitement of an auction so know when to stop before you get there. Attend the auction.   To bid you will need $5,000 in certified funds, valid identification and proof of funds to complete the transaction. Upon check-in you will receive a bidder paddle and an information packet about the property. If you are unable to attend the auction but wish to bid make sure you have registered for proxy bidding. Bid on the property.   A few minutes before selling the property the auctioneer will explain the bidding process and make final announcements concerning the sale. Bidding will start at the advertised opening bid and will continue until the highest bid has been received. Start to finish this process only takes about 15 minutes. If you are the high bidder you will be directed to the on-site escrow area to complete the paperwork for your purchase. Complete the purchase.   Providing that your bid has met the auction reserve or the seller is willing complete the sale at the auctioned price, your $2,500 in certified funds will be surrendered to the escrow officer and you will complete the purchase agreement for the property.