Minneapolis, MN
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How a Real Estate Auction Works???? Misconceptions:
Misconception #1: I have to be a Cash Buyer to Buy a Property at Auction.
False.
Auction Reality:
Bidding Establish the Purchase Price. The Winning Bidder Signs the Auction Real Estate Broker Prepared Purchase Agreement. (PA)
Title company is sent PA and a Closing is Scheduled. Seller Sends title Info to Same Title Company.
The Down Payment is Made when the PA is Signed and the Broker Deposits the Payment in his Real Estate Trust Account.
The Buyer CAN pay Cash or Arrange Financing (Mortgage) with a reputable Financial Entity.
Misconception #2: Real Estate Auctions are a "New Sales Gimmick" in Selling Real Estate.
False.
Licensed Real Estate Professional are the New Kid in the Game.
Real Estate Agent and Broker Licensing Started around 1920.
Auction Reality:
The Roman Empire was Sold at Auction approximately 2000 years ago.
Banks and Home Owners used Auction Method to sell their Real Property for 100's of Years.
Misconception #3: I need a Real Estate Agent to Buy a Home at Auction.
FALSE.
A Real Estate Agent is required when dealing with properties listed with a another Real Estate Entity.
They Require a Buyer to be Represented by a Licensed Real Estate Agent.
A Buyer's Real Estate Agent Helps Narrow the Search, Set up Home Tour Appointments and Writes Up the Offers in Homes You Like
Auction Reality:
A Real Estate Auction is Driven by the Licensed Auctioneer.
The Preview Dates are Scheduled and Published with the Auction.
The Auctioneer is Mandated to hire a Licensed Broker or Licensed Attorney to Complete the Purchase Agreement.
The Broker or Attorney complete and explain the PA with the Winning Bidders.
The bidding on the Property at Public Auction is the Offer/Acceptance Process.
The Home Owner is offering the property and the Highest Acceptable Bid is the Final Offer.
The Homeowner Association documents Are Attached to the Description of Lot #1. All Bidders are required to Review this document and Further Attest to Reviewing the Document. The Winning Bidder will Sign a Verification of Acceptance of the Homeowner Association Covenants along with the Signing of of Purchase Agreement .
The Closing Costs of the Real Property Title will be Paid By The Buyer.
The Minnesota Standard Purchase Agreement will be Completed by A2C's Broker, Presented to Winning bidder, Explained and Signed with the A2C Licensed Broker per Real Estate Auction Statutes.
A2C's Real Estate Broker is JR Venegas (Eugogio Venegas) License Number 40200816
The Winning Bidder will Be Expected to meet with the Auction Real Estate Broker to sign the Purchase Agreement and Deliver $10,000.00 Cashier's Check Down Payment. Down Payment will be retained in Broker's Trust Account and credited at closing.
Seller Can Close Quickly if Buyer is Cash Buyer. Would like to Close within 45 days if Buyer Financing is required.
PLEASE NOTE: There is a One (1) Percent Discount Available to any Buyer that will Provide a $20,000.00 Down Payment at the Signing of the Purchase Agreement and Close in 25 Days of the Auction Close!!!
| Bid Range | Minimum Increment | ||
|---|---|---|---|
| $0.01 | - | $75.00 | $1.00 |
| $75.01 | - | $150.00 | $5.00 |
| $150.01 | - | $250.00 | $10.00 |
| $250.01 | - | $500.00 | $25.00 |
| $500.01 | - | $1,000.00 | $50.00 |
| $1,000.01 | - | $5,000.00 | $75.00 |
| $5,000.01 | - | $50,000.00 | $100.00 |
| $50,000.01 | - | $75,000.00 | $250.00 |
| $75,000.01 | - | $100,000.00 | $500.00 |
| $100,000.01 | - | $2,500,000.00 | $1,000.00 |
| Buyer's Premium | |||
|---|---|---|---|
| 4.00% | |||
This auction is contracted and managed by: A2C
Manager: Matt Johnson
This auction is contracted and managed by Assets2Cash. A2C Enterprises, LLC, MN Dealer #38249, is the Dealer of Record for titled items in this sale.
This property is selling with a reserve and is subject to seller confirmation.
Payment Types Accepted: Certified funds up to $20,000.00.
Auction Terms Addendum
This auction is contracted and managed by an independent auctioneer. By placing a bid, you agree to both the auction-specific terms listed on this page and the K-BID User Terms and Agreements.
Platform Role
K-BID Online, Inc. (“K-BID”) operates and maintains K-BID.com as a venue for independent auction companies to conduct online auctions.
They are independent entities and are not employees, agents, or representatives of K-BID. K-BID’s knowledge of individual auctions is limited to the information provided on the website.
Bidder Responsibilities
By placing a bid, you confirm that you are at least 18 years old and agree to comply with all applicable terms.
Inspection & Removal
Inspection dates and times are provided for every auction. Bidders are strongly encouraged to inspect items prior to bidding.
Removal day is not an inspection day.
Once an auction closes and an invoice is issued, the winning bidder is obligated to complete the purchase.
Item Condition
All items are sold “as is, where is,” with no guarantees or warranties. Buyers are responsible for their own due diligence.
Buyer’s Premium
If applicable, Buyer’s Premium caps are applied per item, not per invoice.
Auction Process
Compliance & Enforcement
Failure to comply with auction terms, including removal requirements, may result in suspension of bidding privileges.
If bidding privileges are suspended due to unpaid invoices:
Duplicate accounts will be deactivated. Suspected fraudulent activity may result in bid removal, account holds, or permanent suspension. K-BID reserves the right to refuse service to any user and may refer fraudulent behavior to appropriate authorities.
Seller Conduct
Sellers and their agents are strictly prohibited from bidding on their own items.
Sales Tax
Applicable sales tax will be collected by the independent auction company managing the auction.
We Cannot ship a Condo. Thank you!
Thank you for your payment! Please call A2C with any questions.
