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Auction End
The Winning Bidder is advised to get legal advice from a real-estate attorney or from any legal resource. Closing is the final step of real estate transaction and it is the most important step. What we say here is for information only. It will probably be the same information you will find from searching on the internet. It should not be viewed as legal advice. From Wikipedia, the buyer (or his bank) delivers a check for the balance owed on the purchase price. The seller signs the deed over to the buyer, and gives him the keys. A title company, lawyer or civil law notary registers the new deed with the local land registry office. The seller receives a check for the proceeds of the sale, less closing costs and mortgage payouts.
Again, you should contact your real-estate attorney to protect your interests in purchasing the auctioned house.
Regarding Closing costs, the Auctioneer is responsible for the title insurance. Since the auctioned house is foreclosed property and the bank/Auctioneer may have already had a title search, it will be cheaper for them to provide the title insurance. The lender/mortgage company who pre-qualified the Winning Bidder for a mortgage loan should provide settlement statement (also referred to as a HUD-1 statement) to the Winning Bidder. This document will list all the costs that the Winning Bidder is required to pay at settlement. Review it carefully and if you find errors or items you don't understand, bring it up with your attorney. Remember that the closing attorney's role at Closing is to represent the lender/mortgage company's interest.
Also, keep in mind that real estate settlement laws and requirements may vary from state to state. The Auctioneer and the Winning Bidder should comply with the laws with regards to who pay which closing costs. The Auctioneer may be a bank and therefore the Auctioneer may be able to underwrite a mortgage loan for the Winning Bidder. The Winning Bidder should consult your attorney to see what is best for him or her.
After the Winning Bidder submitted the payment on line, the Auctioneer and Winning Bidder should do the following:
For Auctioneer
Six business days after the Winning Bidder has submitted the payment on line, the Auctioneer will be able to see if the submitted check is good. Since the submitted payment has passed Check verification, it should be good. Yet, it still need to go through the process. The Auctioneer should do the following:
1. Two days after the Winning Bidder has submitted the payment on line, the Auctioneer login the Control Panel and click on the Edit My Auctions button and click on the Submitted button in the Paid Status column to go to the Auctioneer payment detail page. The Auctioneer should click CHECK STATUS button to check the status of the submitted payment. After clicked that button, it should be "Processing" status. After 6 business days, you should click the button again, it should be "Accepted" status. It will send acknowledged emails to both parties for "Accepted" or "Rejected" status.
2. The Auctioneer and the Winning Bidder should contact each other and finish the Closing. Closing completed will be evidenced by registered the new deed with the local land registry office. It is normally in the county court house where the auctioned house property is located.
3. After that, the Auctioneer login the Control Panel and click on the Edit My Auctions button and click on the Accepted button in the Paid Status column to go to the Auctioneer payment detail page. The Auctioneer should click and confirm on the REGISTERED button which will change the auction record to "Yes" in this web site. It will send acknowledged emails to both parties.
The Auctioneer must not click and confirm that button if the Auctioneer has not finished the Closing and the above step 2. Otherwise, the Auctioneer violates the agreement.
If Auctioneer clicked and confirmed on the REGISTERED button by mistake, Auctioneer
should notify ListARealestate.com for resetting the status and there will labor charge. Please see Terms of Use for labor charge or penalty of resetting status.
For the Winning Bidder
Six business days after the Winning Bidder has submitted the payment on line, the Winning Bidder will be able to see the payment if the submitted check was good. The Winning Bidder should do the following:
1. Two days after the Winning Bidder has submitted the payment on line, the Winning Bidder should login our web site and click on the Edit Bids button and click on the My button in the Winning Bidder ID column to go to the bidder payment detail page. The Winning Bidder can click CHECK STATUS button, if the Auctioneer hasn't clicked on that button, to check the status of the submitted payment. After clicked that button, it should be "Processing" status. After 6 business days, the Winning Bidder can click the button again, it should be "Accepted" status. It will send acknowledged emails to both parties for "Accepted" or "Rejected" status. If Payment Status is not "Accepted", the Winning Bidder should contact the Winning Bidder's bank to find out what is wrong with the Winning Bidder's submitted check payment.
2. The Winning Bidder and Auctioneer should contact each other and finish the Closing. Closing completed will be evidenced by registered the new deed with the local land registry office. It is normally in the county court house where the auctioned house property is located.
3. The Winning Bidder should login ListARealestate.com and click on the Edit Bids button and click on the My button in the Winning Bidder ID column to go to the bidder payment detail page. The "Title Registered?" column should be "Yes". If it is, the Winning Bidder or his or her attorney can go to the local land registry office to make sure that registration is done as the Auctioneer stated.
If "Title Registered?" column is not "Yes", the Winning Bidder should contact the Auctioneer to see why the Auctioneer has not registered the title. The Winning Bidder and Auctioneer should continuously work on the Closing.
If the Winning Bidder finds that the Auctioneer has not registered the title but "Title Registered?" column is "Yes", the Winning Bidder should notify ListARealestate.com because the Auctioneer has just violated Auctioneer agreement with ListARealestate.com.
4. Between Day 21 to Day 30 from the date that the Winning Bidder submitted the payment on line, a REFUND button will be displayed to the Winning Bidder's payment detail page if the Winning Bidder's submitted payment is good and the Auctioneer has not clicked the REGISTERED button for the title in Auctioneer payment detail page. What it meant is that Closing has not been completed and therefore the Winning Bidder has option to get refund by clicking and confirming on that REFUND button.
Please note that any time the Auctioneer clicks and confirms on the REGISTERED button for the title in Auctioneer payment detail page, this refund option will be disable (even if it is still between Day 21 to Day 30) because it means Closing has been completed .
In Day 31 and after, the refund option will be expired forever.
The Winning Bidder shall settle the refund issue according to the Contract of Sale which is posted by the auctioneer for the auctioned property
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