How to Purchase Your Home at Quick Reo Home Auctions

Before The Auction

Pre-Register. To register for the Auction visit our register page, or call 877.996.2929. Registration is FREE and will expedite your check-in on auction day.

Review all of the homes being auctioned to find those you are interested in bidding on. All of the homes are listed in the Quick REO Home Auctions Catalog. Additional information for each home may also be found on this site and may include additional pictures, appraisals, disclosures, HOA documents and maps. Remember, every home is scheduled to be sold on auction day.

Read the terms and conditions of the auction carefully, especially with regard to bidder eligibility, financing, bid deposits, closing deadlines, purchase and sale agreement provisions, and contract termination policies. You may view the terms and conditions page or find them at the back of your Quick REO Home Auctions Catalog.

Pick Your Favorite Homes. Review all of the information about the homes and visit the home during Open House.Go To Open Houses. Visit all of the homes you would like to bid on. Thoroughly inspect the homes. Remember that auction sales are "as is, where is," which means what you see is what you get. Be an informed bidder. There will be several open houses hosted for every one of our homes (except those that are currently occupied). Open House schedules are listed in the catalog and on the Quick REO site.

Attend Quick REO’s “How To Buy A Home At Auction” Seminars. These free seminars will provide valuable information on auctions and how they work. You will have opportunity to have your questions answered by the experts. Quick REO believes educated buyers are successful buyers.

Pre-qualify for Financing. There is no cost or obligation to pre-qualify. Pre-qualification may help you know how much you can afford to bid. Quick REO Home Auctions has made arrangements with a broker to provide special auction financing. They offer many competitive financing options and the convenience of an onsite office on auction day to help complete your sale*. Additional information can be found on the financing page. Optionally, you may use your own broker or lender, but please see the Terms and Conditions and bring the appropriate documentation to the auction to complete the sale. Note, if you have a co-signor, they will need to attend the auction to complete the sale.

Gather Your Paperwork. To enter the auction, you must bring your $5,000 cashier’s check, your checkbook and a photo ID. To quickly complete financing, you should bring copies of your paystubs for the last month, your 2006 and 2007 W2s and bank statements for the last two months.

Auction Day

Check In. Admission is free. Arrive early and proceed to Auction Check-in. If you have not pre-registered, you will have opportunity to register on auction day. Show us your $5,000 cashier’s check, checkbook and photo ID to obtain your Bid Number Card. Your Bid Number Card allows you to participate in the bidding and helps us identify you if you are the winning bidder.

Pre-qualify for Financing (optional) First come first served only during check in time prior to the start of the auction.

Practice Auction. B efore the auction starts, Quick REO Home Auctions will host a brief bidding seminar and practice auction. Auctions are very fast and exciting! The practice auction will demonstrate how the process works and give you a feel for the pace of the auction. At this time, you may also want to introduce yourself to one of the Bid Assistants who is working the section of seating you have chosen. These men and women work for Quick REO Home Auctions. Their sole job is to assist you during the auction, relay bids to the auctioneer, and answer your questions.

Bid. When one of your desired homes comes up for auction, listen carefully as announcements take precedence over written materials. This is how the Bid Caller corrects, updates, adds, or deletes information before the bidding starts. Raise your Bid Number Card high to ensure your bid is acknowledged. As bidding progresses, continue to bid up to your personal maximum amount. Bidding continues until the Bid Caller declares “SOLD!”

Win. If your bid is the high bid, you will be asked to sign the Winning Bid Confirmation and be quickly escorted to our Auction Business Office. All documentation and financing to complete the sale will be done at this time. Escrow will be opened. Now you will sign over your cashier’s check to the Title/Escrow Company. You will also need to write a check to cover the balance of the required deposit. You will be required to close Escrow in 30 days at which time you will receive the keys to your new home.

Examples of Winning Bid Confirmation

	Winning Bid Amount	$200,000
	Add 5% Buyer’s Premium	+$10,000
	Total Purchase Price	$210,000
	5% Down Payment Required*		$10,500
	Sign over Cashier’s Check		-$5,000
	Check required for balance of down payment		$5,500**

*5% Down Payment represents the minimum down payment required. Actual down payment required may be significantly higher or lower, based on borrower qualifications and lender requirements.

**Closing costs are not included