Have a question? You will probably find the answer here. If not please feel free to contact us for the answer. Where are your auctions held?   In most cases our auctions are held on-site at the property being auctioned. If impractical for an on-site auction, we will announce the auction location well in advance. What types of properties can be available for sale at auction?   Any qualifying real property in the state of California can be sold at auction, to include single family homes and condos, unimproved vacant land, businesses, multi-family and commercial properties. How long does an auction last?   Generally speaking, about 15 minutes. That includes pre-auction announcements and the calling for bids. Obviously you don't want to be a second late! Who owns the properties being auctioned?   We specialize in real estate auctions, not real estate auctions solely for the liquidation of bank owned properties. We do auction foreclosed properties but also serve our communities by auctioning privately owned real estate assets. What condition will I receive the property in?   All properties are sold as-is and where-is. Sellers are required to guarantee wastewater systems, brace water heaters, install smoke detectors and to have a wood destroying pest inspections completed before the auction. Can I have the properties inspected before I purchase?   Yes. You will have access to all properties during the Open Houses before the auction and this is the time for you to have appraisers, home inspectors and contractors visit the property. You will also have access during the escrow period if you win the auction. Who pays the closing costs?   The seller will pay for waste water inspection and certification, the title insurance policy and their half of escrow fees. The buyer will pay their half of escrow fees and any points/fees involved in financing. When applicable a Home Warranty plan will be purchased for the buyer by Century 21 Mirage Auctions. Can I bid on multiple properties?   Yes, as long as you have the required deposit available for each property you want to bid on. This means if you are not the highest bid at the first property, you can use the same $2,500 deposit for subsequent properties. If you are the high bidder on a property and wish to bid on subsequent properties you must provide additional certified funds prior to bidding. What is a "Buyer's Premium?"   This is the fee charged by the auction company and is used to cover costs of the auction. The buyer's premium rate is always disclosed prior to the auction and is normally 10 percent (10%) of the auction price. Why do I need $2,500 to participate in the auction?   This amount represents an earnest money deposit towards the purchase of the property and is the seller's assurance that bidders are ready, willing and able to complete the purchase. What are liquidated damages?   Liquidated damages represent the amount of money the seller will receive should the buyer be unable to complete the purchase under the terms and conditions of the sale. In most cases the $2,500 earnest money deposit will be this amount. For instance if $2,500 is the amount of liquidated damages and the buyer changes their mind after winning the auction, the buyer would forfeit the entire amount and it would be awarded to the seller as damages for having the property off the market without a sale. Will I get clear title on the property?   Yes. Our sellers guarantee free and clear title prior to the property being offered for auction, and you will also receive a standard title insurance policy at the close of escrow. Can I use my own lender?   Yes you can. However, we strongly recommend you also speak with one of our lenders for a second approval. Our pre-selected lenders are thoroughly familiar with the auction process and know exactly what will be required to close escrow. If you choose a lender who is unresponsive or too busy to process and fund your loan in time you may lose the amount agreed to as liquidated damages. Should this occur you can proceed with the second lender to close escrow on time. Do I have to use a real estate agent?   Unless prohibited by law, yes. All auction buyers must have professional representation by a California Department of Real Estate (DRE) licensed broker or agent. Remember that CENTURY 21 Mirage Auctions pays for this representation and it is required for your protection and to help make the escrow process as smooth as possible. Can I use my own real estate agent?   Yes you can. We openly cooperate with licensed brokers and agents and welcome them to the auction process. We do recommend you use an agent familiar with the local market as they will be better prepared to advise you on specific properties, local restrictions and/or requirements, etc. If you are not currently working with an agent please feel free to contact any of your choosing. For representation by one of our many professional Century 21 Mirage agents please visit our real estate website. Can I use my preferred escrow and/or title company?   No. The escrow holder and the company that issues the buyer's title insurance policy are established before the auction starts. What happens if I change my mind?   You will lose your earnest money deposit and any additional liquidated damages amount you agree to. This is why it is so important to complete all of your inspections and investigations before the auction starts. Can I bid on property even if I am unable to attend the auction?   Yes, as long as you pre-register for the auction and complete a proxy bid form. What is a "Proxy" bid?   A proxy bid is placed by the auction company on your behalf if you are unable to attend the auction. Each proxy bid will only be the next bid increment above the last bid, up to your maximum bid amount. For instance, if your maximum bid amount is $200,000 and the last bid received was $170,000, we will bid $175,000 on your behalf. If another bidder accepts the auctioneer's call for $180,000, we would then bid $185,000 on your behalf. This would continue until no other bids are received above your last bid or your maximum bid amount has been surpassed, whichever comes first. You will never pay more than the next increment above the 2nd bidder nor will you bid above your pre-established limit. Are proxy bids confidential?   Because they disclose the maximum amount you are willing to pay, proxy bids are kept strictly confidential. Only you, your real estate agent and the Century 21 Mirage Auctions staff will know this amount before, during or after the auction and it will never be disclosed to anyone. Do you offer properties with special circumstances?   Sometimes, yes. Special circumstances such as owner financing, cash only, accelerated or extended escrow, owner must occupy, buyer's choice, exchanges or others may be part of the auction terms and conditions of any property. Special circumstances will always be disclosed prior to the auction start and may have additional requirements to participate. Aren't auctions risky for the buyer?   No, no more than with any other purchase. Because you have the opportunity to inspect the property and disclosures in advance and to make all other preparations before the auction starts, the only thing left uncertain is the amount required to win the auction. "What you see is what you get" holds true and your maximum bid reflects an advance knowledge of all matters affecting the property. And with competitive bidding you know you will only pay fair market value--an amount only slightly above what the next highest bidder was willing to pay.