Common Questions Asked By Brokers
Q: Do you pay real estate brokers a cooperating fee or commission?
A:If you are a North Carolina eal estate broker, we do pay a commission. It is important for you to go to the FAQ section of our website and fill out the broker participation form.
Q: Can I show the property?
A: Sure, use Showing Time to schedule your appointment.
Q: Do I bid for my client?
A: No it is the responsibility of the bidder to register online and place their own bids. Our closing coordinator handles the Transaction contractor close. We use a North Carolina standard bar auction to purchase contract. Since this is an auction, there is no negotiations. The only thing that is Unknown is the purchase price.
Q: What is a soft close?
A: A soft close extends the auction if a bid is placed in the final seconds. At The Swicegood Group, we typically use a 3-minute soft close. For example, if a bid is placed with 50 seconds remaining, the timer resets to 3 minute. We recommend placing your bids early to avoid last-minute issues.
Q: What is a buyer’s premium?
A: A buyer’s premium is a percentage added to the final bid amount.
Example: If the buyer’s premium is 10% and you win the auction at $100,000, your contract purchase price would be $110,000.
Q: Can I preview the property?
A: Yes, previews are available for our auctions. Specific preview times can be found by clicking the specific auction tab on our website. Were you showing Showing Time. So if you call Showing Time, you can set up an appointment to preview the property. Sometimes we block out showings because we were doing a personal property sale at the property.
Q: How do my clients bid at an auction?
A: To place a bid, the bidder must first register and provide valid credit card information. You may bid in two ways:
Place a bid at the current asking price.
Enter a maximum bid, allowing the system to bid on your behalf up to that amount.
Q: Why do you require bidding increments?
A: Bidding increments ensure a smooth and fair bidding process, preventing minimal increases such as a $10 bid over the current bid.
Q: What is a soft close?
A: A soft close extends the auction if a bid is placed in the final seconds. At The Swicegood Group, we typically use a 3-minute soft close. For example, if a bid is placed with 50 seconds remaining, the timer resets to 3 minute. We recommend placing your bids early to avoid last-minute issues.
Q: Can my client purchase the property with financing?
A: the answer is yes. We consider conventional financing. However, we do not accept FHA or VA financing as they violate the terms conditions of our auction. Keep in mind the Auction contract is not contingent up financing or appraisal, so the buyer will need to make sure that you are fully qualified to purchase the property.
Q: Is there a due diligence clause
A: No, the Auction contract is an as is where is contract. We provide ample opportunity for any personal inspections, or professional inspections that the bidder so chooses. Once bidding begins, it is considered to be accepting the property in its current condition.
