Residential FAQs

A: Yes, you must register. There is no cost and you can easily register at our website or the day of at the auction location. You must register separately for all auction events.

A: Prior to the auction, you can place a pre-emptive bid through our website. If the bid is accepted, then you and the seller will execute a purchase contract and you can avoid competing with other bidders for the property. A few days prior to the auction, new pre-emptive bids may no longer be accepted. All registered bidders with the required cashier's check(s) will be able to bid on auction day. Before the auction, our auctioneer and staff will assist you in getting comfortable placing a bid.

A: The “Bid Now” link on an individual property page allows you to place an offer on a property or home prior to an auction.  This is a great way to purchase the home you like and avoid competing against other bidders on auction day.  Once you place an offer, the seller will review the offer and determine if it is acceptable.  If the bid is accepted, a package including the purchase contract will be sent overnight to you.  Sign the purchase contract and complete the questionnaire, include the required earnest money deposit and return the package within one day of your receipt.  Once the seller executes the purchase contract, the property will be placed into escrow and removed from the auction.

A: No. The properties are sold free of mortgages and liens. Properties have insurable title and you will receive an owner's policy of the title insurance in the amount of the sale price as part of your transaction. While the seller will pay the owner's title insurance policy, you will be responsible for paying for the lender's title insurance policy (if applicable).

A: Yes.  You should obtain pre-qualification from the lender of your choice prior to the auction. Some auction events feature a preferred lender. In such a case, the name of the preferred lender will be disclosed within the auction specific website. Remember that failure to close within the pre-determined time period may result in forfeiture of your deposit. Make sure that your lender can meet all deadlines prior to placing a bid.

A: You should view and inspect the property prior to bidding.  Most homes will be available for viewing during Open House inspection hours.  A complete list of Open Houses and times will be available on our website.  There is no inspection period after becoming the winning bidder, so complete all inspections to your satisfaction prior to bidding. Besides engaging a licensed inspector, you may want to have your licensed contractor view and inspect the home in the event that you wish to remodel the home after closing.

A: The bidding order will be published on the website prior to the auction. We will also have a bidding order list available on auction day. The order is subject to change and properties may be deleted from the auction at any time.

1. A cashier's check payable to yourself or cash for the Auction Bid Deposit. See General Information for details.
2. A blank personal or business check to pay the balance of the Earnest Money.
3. A valid, government issued picture ID.
4. Any co-buyer should be present with you with proper ID.
5. Any necessary corporate, partnership, limited liability company or trust documents if purchasing under a trust, LLC, corporation or other entity.
6. Original, valid Power-of-Attorney if not bidding for yourself.
7. Pre-approval letter from your lender or prequalification documents from the auction lender (or proof of funds for cash buyers) is strongly encouraged.

Auction terms and conditions and purchase contracts vary by property and auction event. There are additional requirements for those bidding on multiple properties (investors). See auction website and updates for details.

A: You will need to provide proof of funds.  This could be provided in the form of a bank statement or investment account.

A: You can expect an active and exciting atmosphere. We will start promptly and move through the properties quickly. Please allow yourself adequate time for parking and registration.

A:

• Log on to www.nrc.com to search for auction properties. Be sure to read all of the property disclosures on the property details page including the Auction terms and conditions and the purchase agreement.
• Get pre-qualified for a home loan and find out how much you can afford. You can use the lender of your choice.
• Attend one or more of the scheduled Open Houses and thoroughly inspect all homes you are interested in bidding on.
• Register for the auction online.

A: The length of the open outcry auction varies, however, you can generally expect somewhere between 20 and 30 properties to be sold per hour.

A: When the bidding ends on a property, the auctioneer will announce that the property has been ‘sold’ to the high bidder, or that the property has been ‘sold subject to seller's approval’. If a property is sold subject to seller's approval, you will be asked to sign an auction purchase agreement, and the agreement will be signed by the seller's representative.

NRC will notify you via email, phone or fax no later than 10 business days after the auction that the seller has accepted your bid price. If the seller does not accept your bid price, you will be informed of the amount the seller will accept. You then can either agree to increase your bid to that amount, or to cancel your purchase. If you cancel your purchase, you will receive a full refund of your earnest money deposit promptly.

A: The high bidder will be escorted to the contract room where they will sign a purchase contract, all other relevant documents and provide the Earnest Money Deposit. At this point, the seller will review the offer and if everything is verified and completed as requested, will then sign the purchase agreement. Until the seller signs the purchase contract, no agreement to sell exists. Properties may be re-bid if buyers do not comply with all terms of sale.

A: The high bid amount is the highest bid placed during the auction for a particular property. It is not the same thing as the sales price.

A: A reserve price is an unpublished minimum selling price. The starting bid is not the reserve price. Should the winning bid be below the reserve price, the property may not be sold.

A: The buyer's premium is added to the high bid amount to determine the total purchase price. For example, if the buyer's premium is 5% and the high bid amount is $100,000, the buyers premium is $5,000 ($100,000 x 5% = $5,000). Therefore the sale price is $105,000.

A: The Earnest Money Deposit is the amount of money that the high bidder must deposit with the escrow agent on auction day.

A: Bring a cashier's check made payable to yourself for the minimum amount required to bid. The remainder of the deposit is payable by personal check or cash.

A: We welcome agents and brokers and unless otherwise specified, offer a percentage of the high bid amount as compensation. Your agent must follow all steps including registering you, accompanying you to all showings of the property, attending the auction and being present in the contract room. Your agent can refer to the auction Terms and Conditions for details.

A: A Buyer may not directly or indirectly assign or transfer rights under the contract without the prior written approval of seller.

A: No. All inspections must be completed prior to the auction event. The properties will not be open for inspections after auction.

A: Closing is scheduled to occur within 30 days of the auction. In the event that you are unable to close within the allotted time frame, please refer to the purchase contract for terms and conditions of the sale. You may be able to extend the closing subject to the consent of Seller and with a possible extension fee.

A: The backup bidder is the person who made the last bid before the winning bid. If the winning bidder, for any reason, fails to close, we may contact the backup bidder and offer the property for purchase.