Buyers Frequently Asked Questions
What happens if I am the successful bidder?
Congratulations. Once your bid is accepted, you will need to wire 5% of the purchase price to the title company. Colorado Auction will email to you the Colorado Real Estate Commission approved Contract to Buy and Sell Real Estate, which you will need to sign and submit to Colorado Auction within one business day from the end of the auction. The closing must occur within 45 days from the end of the auction and will be facilitated through Land Title.
Can I make the contract contingent upon financing or inspection?
No, the auction contract is non-contingent. Therefore, it is very important that you complete your property evaluation and arrange financing before placing a bid.
May I be represented by a real estate broker?
Yes, you may be represented by any licensed real estate broker. Brokers must complete and submit the Colorado Auction Cooperating Broker document, which can be found on the BROKER page.
Do I have to pay a Buyer’s Premium?
No, Colorado Auction does not apply a buyer’s premium to any property. The price you bid is the price you will pay.
Do I have to pay to bid?
No, there is no price to pay for bidding. You will be requested to complete the Bidder Registration form online prior to submitting your bid. Colorado Auction will request that you submit to us via email a prequalification letter from your lender or financial representative within 2 business days from your initial bid submission.