For Buyers

Real Estate Auction Buyer FAQ’s:

Question: How is real estate bought at auction?
Answer: Register for auction. Have the required down payment (“hand money”).  If you are the high bidder you will sign a legal agreement with the Seller, immediately after the auction, showing again the closing date are Terms . You will pay the high bid price plus your agreed share of transfer taxes and closing costs, less the deposit.

Question: What is CORE? Who’s in charge here?
Answer: “CORE” stands for Carl Ocker Real Estate, LLC and was formed so there would be a separate focus on the sale of real properties. Carl Ocker is owner of Kenny’s Auction on route 11 in Chambersburg where personal property is sold most every Friday from 1pm until around midnight (or so).

Question: How much will I have to pay on the day of the real estate auction?
Answer: Typically, $5,000 is required as hand money deposit on the day of auction. But it varies. Pay close attention to Terms of Sale.

Question: Will I need certified funds?
Answer: Your day of auction deposit may be cash, check, or money order. A certified check is preferred (and in some sales required). You will also need certified funds at closing.

Question: How long do I have to close the transaction?
Answer: Typically, you have 30-45 days from the day of auction to close the transaction. Flexibility and accommodation to the other party’s needs is typical. Closing can be quicker when both are eager.

Question: Do I get my deposit back if I do not close the transaction?
Answer: If closing cannot take place by fault of the Seller, then your full deposit will be returned to you. If the Buyer is unable to close for any reason, the full deposit amount is forfeited as liquidated damages, and you will not get it back.

Question: What is the meaning of “sold with Reserve” and “sold Absolute”?
Answer: Not all of our sales are “absolute” auctions. Some properties are offered at a Minimum acceptable amount, and if the “reserve” is not met, the Seller may reject all bids.
An “Absolute” sale, on the other hand, means the property Will Be Sold without Reserve to the highest bidder. Read carefully the Terms & Conditions of Sale.

Question: Do I need to show pre-approval for a loan?
Answer: There may be acceptation, but no, we don’t generally require you provide any financial information in order to register to bid. But remember, if you cannot close within the required time you will forfeit your deposit. Therefore, if you will need financing then you must understand your credit, and be actively engaged with a bank or mortgage broker. CORE only offers the service of auction company. CORE does not give any advice, assurance, or assistance of any kind regarding lending.

Question: Should I inspect the property before the auction?
Answer: Yes. You need to inspect the property Prior to auction to determine how much you are willing to pay for the property. We want you to be informed before you bid, and understand the property and its condition.

Question: May I access the property after the auction?
Answer: Yes. The property is accessible to the buyer before closing. We will assist in scheduling necessary access to the property. Note: No changes to the property of Any kind can be made until closing.

Announcements on the day of Auction always take precedence over any other announcements. Sudden changes to Terms or Disclosures are possible but rare.

We bring Sellers and Buyers together with transparency, convenience, and both benefit! 

Your questions are encouraged and suggestions are welcome at all times. Thank You.