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Online auction properties in AR, cost, fees, risks?
Hi I'd like to find a realtor residing in AR and have some experiences of auctioning properties online and sell them after. I'm residing in MO and I'm also wondering what are the fees, risks and suggestions of this path. Thank you.
Asked By Eric M. | Rogers, AR | 818 views | Selling | 2 years ago
Answer(1)
Gloria Mitchell
Wilkinson Triad Realty
Real estate auction properties in Arkansas can vary in cost, fees, and risks depending on the property type. Common costs associated with the auction process include an opening bid minimum, buyer’s premium, seller’s commission, closing costs, and more. Buyers should always research the auction to understand the property and its associated fees and risks before bidding. Common risks when purchasing an auction property include having inadequate time to inspect the property, being responsible for any non-disclosed problems and having no guarantee of clear title. In addition, buyers should be aware that the risk of purchasing a property that needs repairs or other improvement work is significantly higher by taking part in an auction property purchase.
- 2 years ago
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