1.

Does the seller pay a Real Estate commission for selling a home at auction on ByAuctionOnly.com?

No, the buyer pays a “buyers premium” of 1% over the highest bid. The only seller paid fee is for auction marketing, starting as low as $99.00.

2.

What if my home does not sell during the auction?
 

In this unlikely event, the seller is allowed to run up to 3 auctions at no additional auction site charge.   

3.

Who pays closing costs?

The buyer pays:

• Traditional closing costs and those related to the mortgage.
• 1% of the purchase price as the “buyer's premium".   Buyers should plan on the buyer's premium in their bidding strategy.

The seller pays:

• ByAuctionOnly marketing package selected by the seller.
• Traditional closing costs including state tax stamps, title fees, title insurance, etc.  Note, seller net fees can be estimated by your ByAuctionOnly representative.

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4.

Will I be able to follow the bidding?

Yes, ByAuctionOnly uses the “open building model which displays the most recent bid.

5.

What is the property closing process?
 

The following steps will occur immediately after bidding is closed:

• The highest bidder will be contacted by ByAuctionOnly within 24 hours to complete the purchase and sale agreement.  The purchase price is the highest bid plus the buyer's premium.  The terms are those outlined in the “Sale Terms and Conditions” for this specific property.
• The Purchase and Sale Agreement is presented to the seller for signature.
• The highest bidder is required to obtain mortgage pre-approval by BancPlus Home Mortgage Center within 48 hours of the completed Purchase and Sale Agreement.  The mortgage application must be completed within 5 days of the completed agreement.  Note: the highest bidder is not required to use BancPlus Home Mortgage Center for their mortgage.  Any lender of the buyer’s choice may be used.
• ByAuctionOnly manages the transaction through to closing keeping all parties updated on progress using our on line transaction management system.
• Closing will be scheduled by the Title Company at which time buyer and seller sign closing documents and transfer title.  Mail away closings may also occur. 

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6.

Does the seller have to sell the property at the highest bid?

The seller is under contract to sell the property at or above the ‘reserve” price set by the seller.   If the reserve price is not met, the seller does not have to sell.

7.

What is required of the seller in running a ByAuctionOnly auction?

The seller:

• Agrees to ByAuctionOnly, LLC terms and conditions
• Registers home on ByAuctionOnly.com by purchasing the marketing package that best suits the seller.  Packages start at $99.00.
• Receives "Home Inspection Handbook" as part of marketing package and conducts activities outlined in the booklet including the "home inspection weekend".
• Completes ByAuctionOnly listing agreement and "Seller Disclosure document. 
• Receives and acts on Purchase agreement from the highest bidder. 
• Cooperates with ByAuctionOnly in closing the transaction.