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Auction Awareness:
Preferred Auction Settlement (Escrow) Agency
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Understanding the Basics of Real Estate Auctions
(Auction Awareness = Understanding The Process & The Players)
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Working closely with the NETWORK™ Auction Firm, the Preferred Settlement Agency provides the “due diligence data and legal process” necessary for a successful outcome of the Auction transaction.
The Preferred Settlement (Escrow) Agency is the “ultimate in-basket” for ALL settlement documents (Legal and Financial) and performs the settlement and document recordations.
PRE-AUCTION
After the Auction Listing Agreement is signed by the seller, the NETWORK™ Auction Firm instructs the Settlement (Escrow) Agency to perform the property Title Search and Survey. Upon collecting all necessary property inspection information, the Settlement Agency prepares the Bidder’s Kit which discloses all necessary property information to interested Bidders PRIOR to the Auction Event.
THE DAY OF AUCTION EVENT
A representative the Settlement Agency may be present the Auction Event to answer Title and/or Survey questions.
POST-AUCTION
The NETWORK™ Auction Firm submits the Auction Sales Agreement to the Settlement Agent. Also, Mortgage Lender “packages the loan” and submits it to the Settlement Agency for execution at the settlement..
The Auction Sales Agreement designates a specified date and time for the settlement. On the designated date, the Preferred Settlement (Escrow) Agency conducts the Settlement by coordinating document review and signing as required of the Seller and the Buyer. After Settlement, the Settlement Agency pays off any pending liens against the property, records all necessary settlement documents with appropriate government agencies and secures the final issuance of Title Insurance for the Buyer (now Owner).
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