How do you prepare for an commercial real estate auction?

I'm going to an auction for the first time (saw an ad in the newspaper), do I need to bring any qualifications? What are some things to watch out for? How do I get enough time evaluate the property before making a bid? What type of payment is preferred?
In Buying Property - Asked by Donald L. - Oct 16, 2008
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Answer(s)

Andrew G.
Broker/Agent
Zionsville, IN

Call the auction company first. They should make the property available for you to view and bring in your trusted advisors. If you are planning on any financing, talk at length with your lender. Make sure the funds are available. If they are not when you go to close, you are at risk of losing your deposit or worse. Make sure all of your due diligence is done prior to the auction. Lastly and most important; if you do not have experience in this property type, hire a real estate broker to help you. As your consultant the broker will be able to structure the whole process for you and suggest the correct lawyer, environmental study, and other professionals to assist in the process. In the end, you will be able to bid with confidence.
If you have any specific questions feel free to email me at agutwein@cbcrs.com
Happy Bidding!

Oct 17, 2008
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