Real Estate Auction Guidelines

Guidelines for How To Buy At Auction

First Time Auction Attendees: The open public auction method is where parties who are interested in bidding on the property gather as an audience and bid in an open public forum. You will be asked to register at the time of the auction (see requirements below) and must be prepared to show proof of and/or display your minimum deposit of fifteen percent (15%) of the purchase price payable by cash or with a personal or business check which must be accompanied by a bank letter of irrevocable guarantee. Checks are to be made payable to: Wiederseim Associates, Inc. You need not be represented by a Real Estate Broker to bid and buy at auctions. Before the bidding begins, the auctioneer will review the procedures of the auction and explain how the bidding will occur. Most people bid by raising their bidder number cards. The auctioneer will call out the increments in a clear understandable cadence. Our intention is to make you feel comfortable with the process.

Pre-qualify Yourself: We suggest that you contact a bank or mortgage company prior to attending the auction for the purpose of determining how much of a mortgage you will qualify for. If you are the winning bidder and cannot obtain a mortgage or for some other reason are unable to complete settlement, the total amount of your deposit will be forfeited.

Do Your Homework: Find out as much about the property as you can through attending the open house, through the Borough of Downingtown and the Chester County Tax Assessors Office. We will supply you with any and all information that we have. The agreement of sale is posted on this web page and a title report may be obtained through our office.

Inspect The Property: Take full advantage of any inspections conducted – remember at auction, you are buying “As Is, With All Faults”. Attending an open house will allow you and/or your representative to see first hand what you are bidding on, help determine value and allow you to bid with confidence.

Register To Bid: You will be required to provide two (2) forms of identification, on e being a valid driver’s license with photo and current address. You must show proof of your deposit in order to register. Deposit is to be payable by cash or with a personal or business check which must be accompanied by a bank letter of irrevocable guarantee. Checks are to be made payable to: Wiederseim Associates, Inc.

Bid Aggressively: Until the "hammer falls" or you have reached your limit you should compete aggressively. There can be only one winning bidder for the property. You cannot buy at your price unless you BID your price. GOOD LUCK

WITH YOUR BIDS!

Property information may change daily and this is your notice that it may contain certain errors and omissions. Neither Wiederseim Associates, Inc. nor Seller will be held liable or responsible for errors or omissions. If you do see an error or omission, please notify us immediately. Thank You.

Theodore E. Wiederseim, Auctioneer

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