azpropertyauctions.com

FAQ

FAQs

 

Are all your auctions held online?

  • YES

What type of properties are available for sale on this auction website?

  • Arizona Resource Realty Premier Auction Program markets Vacant Land, single-family homes, Commercial Properties, Multi-Family Properties, and Investment Properties.

Are the properties ‘as-is’?

  • Yes, your due diligence needs to be completed prior to bidding. We will provide any information we have on the properties but we encourage you to call the County, City, Utility Company's, etc.
  • We encourage that you call your agent to research any information important to you. Please research Fema Flood Plain maps, HOA's, CCR's, and any and all resources prior to placing your bid. Please see the Utilities and Inspection Section at the bottom of the Auction website.

How does your auction platform work?

  • Our auctions are traditional auctions in most cases, however, we are also involved in REO auctions throughout Arizona. You cannot purchase the properties before the auction ends.
  • You need to complete a full user Profile and agree to the Terms Conditions and Fees to be able to place a bid.

What fees do I have to pay?

The earnest money and buyer's premium are due within 24 hours of winning a bid and must be wired to the title company. Both the earnest money and buyer's premium are non-refundable.

 

THE EARNEST MONEY (Good faith money) is $1000.00 per property.

The Earnest money is non-refundable and put towards the purchase price at closing.

If the buyer fails to close escrow the earnest money will be forfeited and rewarded to the seller. The Earnest Money must be wired to the title company within 24 hours after winning a bid or the next business day if the winning bid falls on a weekend or Holiday.

 

THE BUYER’S PREMIUM (Commission) is 8% on homes and 10% on vacant land.

The Buyer’s Premium is non-refundable, with no exceptions!

If the buyer fails to close escrow the buyer’s premium will be forfeited and rewarded to the Arizona Resource Realty aka the Auction Company for losses. The Buyers Premium must be wired to the title company within 24 hours after winning a bid or the next business day if the winning bid falls on a weekend or Holiday.

 

Premium Overview:

All RESIDENTIAL HOMES are subject to an 8% buyer's premium (Commission) to be added to the winning bid amount and the total purchase price on the Arizona State Contract and Auction Addendum.  This is auto-calculated on the bidding website.

All VACANT LOTS are subject to a 10% buyer's premium (Commission) to be added to the winning bid amount and the total purchase price on the Arizona State Contract and Auction Addendum. This is auto-calculated on the bidding website.

 

When you bid on a property and win the auction there is an 8% buyer premium added for residential homes and a 10% buyer’s premium added for vacant land. The earnest money (Good Faith money) is $1000.00. The earnest money is due within 24 hours of winning a bid and is sent to the title company and is non-refundable. The traditional closing fees are split between buyer and seller in escrow. If you choose to use the seller's title company the title insurance policy is paid by the seller, if you choose to use your own title company the title insurance policy is paid by you the buyer. No other fees are charged.

 

Who pays closing or title fee costs?

  • The traditional closing fees are split between buyer and seller in escrow. If you choose to use the seller's title company the title insurance policy is paid by the seller if you choose to use your own title company the title insurance policy is paid by you the buyer. HOA fees and Taxes are prorated on the final HUD between buyer and seller. We pre-open escrow on our auction properties to ensure a smooth transaction, however, you are not required to use our title company which is currently Pioneer Title.

 

Can I view the property before I bid on it?

  • Yes, unlike most other auctions, we allow you to go look at it before you place your bid in most cases. However, you must be completely registered before being granted access to the properties being auctioned. Some properties may be occupied.  In those cases, an open house is usually scheduled prior to auction for inspection. In some cases, a Hold Harmless form will be required prior to you entering a property.

How do I get the digital lockbox code?

  • After registered and being approved to bid, your agent if applicable will be notified with the access information for you to view the home. If you are not being represented by an agent when bidding an agent from Arizona Resource Realty will be assigned to you to open and show you the home and walk you through the next steps.

 

WASTE WATER SYSTEMS & WELLS: If the buyer believes the property to be on a waste water system and/or a well it is critical that the buyer completes a wastewater inspection and/or well inspection prior to bidding. The listing agent will coordinate with your inspector(s) to give access to the property for inspections but it must done be prior to the auction ending. If the property is in an area where wastewater systems are reported or common the seller will have a wastewater inspection done during escrow per ADEQ. An Inspection is not a certification. The results will not change the obligations of the contract, nor will there be any repairs completed by the seller. The earnest money and buyer’s premium will not be refunded if issues arise. A Utility & Inspection waiver is required to be signed prior to conducting any inspection on the property and that form is available via the Auction Website under the Utilities & Inspections tab.

 

OTHER TYPES OF INSPECTIONS: The buyer should be aware of the property condition prior to bidding at the auction. Some inspections that might be important to a buyer are as follows but not limited to; Lead Based Paint Testing, Roof Inspection, HVAC inspection, Termite Inspection, Foundation inspection, etc. We encourage the buyers to coordinate with the listing agents or auctioneer to perform as many inspections as possible. The due diligence period is prior to the auction deadline not after. A w Utility & Inspection waiver is required to be signed prior to conducting any inspection on the property and that form is available via the Auction Website under the Utilities & Inspections tab.

 

UTILITIES: Not all properties will have the utilities turned on or connected. We encourage the buyer to have the utilities turned on prior to bidding to be able to inspect the home. The buyer or buyer’s agent can coordinate with the listing agent on turning on the utilities prior to bidding. A Utility & Inspection Waiver & Request form is available to bidders prior to the auction is required to be signed prior to conducting any inspection on the property and that form is available via the Auction Website under the Utilities & Inspections tab.

 

How do I register to bid online for a property I’d like to buy?

  • From www.AZPropertyAuctions.com
  • Step 1 – Complete the Bidder Qualification Form in the property description.
  • Step 2 - Go to the Login/Register field at the top of the page.  Fill out the form and make sure if you have an agent representing you that you fill out the full name of the agent on the bottom of the form. You will receive a confirmation email asking you to confirm your registration.

I am trying to register for the auction but am having problems. Why?

  • Try a different internet browser
  • Make sure the web page is approved on your security settings www.AZPropertyAuctions.com
  • Contact us at auctions@resourceaz.comif you have any further issues.
  • User names should not be your real name as they appear on the Public Auction Screen if you place a bid. Also, note that user names cannot contain special characters.

What else do I need to participate in one of your online auctions?

  • All you need to participate is an internet connection and a bank account that will cover your Auction Fees with a completed Profile accepting the Terms and Conditions of the Auction.
  • You will need to provide proof of funds to us prior to your bid being accepted. To provide us proof of funds you need to send the documents through the Bidder Qualification Form or email the documents to auctions@resourceaz.comand make sure to black out any and all accounts or check numbers.

What is the earnest money deposit?

  • The earnest money deposit is the amount of money you are required to pay within 24 hours of being declared the winning bidder of an online auction. This deposit will go towards the purchase price and is $1000 and it will be applied to the full purchase price at closing. The earnest money is non-refundable. If the buyer fails to close the escrow the earnest money will be forfeited to the seller for losses.

How can I pay the earnest money deposit?

  • The earnest money deposit must be paid by wire transfer or, in special circumstances, a cashier’s check or personal check can be accepted. A confirmation that the wire transfer has been initiated by your bank must be provided within 24 hours after the closing of the auction. There are no exceptions to this requirement.

Can I purchase more than one property at an online auction?

  • Yes, as long as you have, or are able to acquire, the funds to pay for the properties you purchase, including the separate earnest money deposits required for each purchase.

I am having trouble submitting a bid online. What should I do?

What does the contract look like?

  • You can usually see a sample copy of the contract on the property profile depending on it is Vacant Land or a Residential Home.

 

Do I need to register to bid on a property?

  • Yes, you need to register to bid on a property. You must agree to the terms and conditions, complete the Bidder Qualification form, and also register as a bidder.

What do you do with the information I enter?

  • Please read and understand the Private Policy agreement located at the bottom of our main bidding page and  also on www.ArizonaResourceRealty.com

Are there liens on some of the properties?

  • It is your responsibility to review the transaction details for each specific property to determine the type of title you will be receiving. Each bidder has the right and should conduct their own due diligence, including researching the property’s title report and possible liens. Our goal is to make sure that the seller has no prior assessments or fees when they opt-in for our Auction program, however, it is encouraged to call utility companies, HOA associations, and the County regarding any and all history of the property.

 

What is a reserve price?

  • A reserve price is the lowest price at which a seller is willing to sell a property. If bidding doesn’t reach the reserve price, the seller isn’t obligated to sell.

Why isn't the reserve price published?

  • The reserve price isn’t published because it can be lowered. Depending on market conditions, the seller has the flexibility to adjust the reserve downward in order to sell the property at a price that works for everyone. In most cases, the Reserve price is the price listed in the MLS (Multiple Listing Service).

 

Can bidders provide their own financing?

  • No, all of our online auctions are Cash Only. If there is a potential to bid with a finance contingency it will be stated in the property description.
  • ALL properties on our site will not be contingent upon financing, escrow closing will not be contingent upon financing, nor will escrow closing be extended for that purpose. Winning bidders providing their own financing must present a written proof of funds letter from their bank or private lender within 24 hours of being declared the winning bidder. Bidders must also allow sellers to confirm the bidder’s proof of funds if via a private lender.

 

 

Submitting A Property To Sell

 

Who can submit a property to be auctioned?

  • Anyone who is the legal owner of a property.
  • If you are a seller, you must sign our Auction Listing agreements and agree to take the property to auction through our platform.

Why would I want to have you auction my property?

  • Auctions historically have brought more money to the sellers and simplified the selling process.
  • We charge our sellers a flat rate of $1000.00 to take their property to auction versus a traditional commission percentage thus saving the seller thousands of dollars.

What do you charge to auction my property?

  • We have a $1000.00 Auction fee for sellers who decide to use our program. Note that all listings will also be in 2 MLS systems, the local MLS and also the Arizona Regional Multiple Listing Service that is statewide. We do not list properties outside of Arizona at this time. The commissions are paid through the Buyer's Premium added to the bid price on the property on the main auction platform.

Can the property be occupied?

  • In rare cases that must be depending on the lease, laws, and structures outlined by our attorneys.