FAQs

The buyer sets the price. They never pay more than the competition requires, which results in potentially lower prices, streamlined transactions, and the opportunity to acquire unique properties.

Auctions can vary by type, such as absolute auctions (where the property is sold to the highest bidder regardless of price) or reserve auctions (where the seller sets a minimum price).

Yes, FourSquare Auctions requires that bidders submit pre-approval verification, a bank letter of credit, or verified proof of funds to ensure bidders can complete the purchase. A major credit card is required to verify authenticity to protect all parties involved in the auction.

Understanding factors like auction fees, property conditions, title issues, and any buyer premiums is crucial. FourSquare Auctions provides extensive legal records, seller disclosures, and pre-auction property inspections as a commitment to the buyer’s need to trust the quality of their bids.

Yes. FourSquare Auctions recognizes the need to allow prospective buyers to conduct inspections or viewings before the auction ending date/time.

Winning bidders will need to sign a contract immediately and provide a deposit. They then proceed to complete the purchase within a specified timeframe. FourSquare Auctions uses Depositlink to ensure a timely and safe transfer of any Earnest Money Deposits.

Potential risks include buying the property “as-is,” without certain warranties, and encountering unexpected property issues. FourSquare Auctions encourages sellers to provide as much known detail as possible to ensure limited risks for the buyer.

In a reserve auction, if the bidding does not meet the minimum price set by the seller, the seller doesn’t have to sell but can enter negotiations with the high bidder.

Financing options can vary. Some auctions allow financing, while others may require cash or pre-approved funding.