Why Auction? We Know What You’re Thinking…
“Why is this property being sold at auction?” “It must be bank-owned and distressed!” “The sellers are hiding something.”
Here’s what no one’s told you about auctions: Auction levels the playing field when it comes to buying land, residential, and commercial real estate. As a potential buyer, you take part in a fair competition on the same terms as all other bidders. You know the closing date in advance. You know you’re bidding with no contingencies. You know your competition, and you know exactly what other potential buyers are offering. Seaport Auction provides buyers with an open and transparent way to actively bid on and buy quality real estate. Our commitment to offering aggressive financial opportunities is continuously enhanced by advances within cutting-edge technology.
How Buying at Auction Works.
We’ve redefined the role technology plays in auction to offer buyers full transparency and ease of use. Buying a property doesn’t have to be difficult. We provide buyers access to all property information, inspections, and disclosures. All pertinent research and due diligence is available upon request.
Q. How do I view the property in person before bidding?
A. Simply request a showing through your agent. If you are unrepresented, contact Seaport directly to schedule a showing at your convenience.
Q. How will auction benefit me?
A. Benefits to a Buyer
- Smart investments are made as properties are usually purchased at fair market value through competitive bidding
- The buyer knows the seller is committed to sell
- In multi-property auctions, the buyer sees many offerings in the same place at the same time.
- Buyers determine the purchase price
- Auctions eliminate long negotiation periods
- Auctions reduce time to purchase property
- Purchasing and closing dates are known
- Buyers know they are competing fairly and on the same terms as all other buyers
- Buyers receive comprehensive information on property via due diligence “Property Packet”
Q. Can I work with my real estate agent if I purchase the property at auction?
A. Yes. If you are actively represented by an agent, they serve as your representation much like that of a traditional sale.
Q. What must I provide to be eligible to bid on a property?
A. Register on the online bidding platform at https://seaportauctions.bidwrangler.com/. Once you have completed the registration process, a Buyers Premium is due in the form of wire transfer, ACH direct debit or a certified bank check. Upon receipt of said funds, buyers are officially approved to actively bid in the Auction proceeding.
Q. How long does it typically take to close once the winning bid is awarded?
A. The Auction process dramatically accelerates the closing time frame. Once the winning bid is awarded, an executed purchase & sale agreement is due within 5 business days. Closing typically occurs within 21-30 days of the delivery of said contract, based upon the buyer’s time preference.