One of our staff members will immediately approach you to sign a winning bidder confirmation sheet. On this confirmation you will see the amount you bid together with the buyer’s premium and a total which constitutes the purchase price. Then someone will accompany you to the settlement area. During this settlement procedure your cashier’s check will be endorsed over to RERC and then you will be required to sign the sales contract and other related documents.
Example: Bid amount = $500,000 + $50,000 Buyer premium (10% of the winning bid amount) = Total purchase price of $550,000. Total deposit payable on the day of the auction (for this example is $25,000). The balance due at closing will be $525,000 ($550,000 – $25,000 deposit) plus standard closing costs that you would pay regarding the sale of any real estate in the State where the property is located.