How to Buy Foreclosures at a Fortis Auction
- 1. VISIT FORTISTRUSTEES.COM TO SEE OUR CURRENT LIST OF AUCTION PROPERTIES
- Our list of land, commercial, and residential properties for auction is updated approximately 30 days prior to the auction date. At fortistrustees.com, you will find descriptions and photos, as well as our Property Information Package which provides additional details on each property. It is important to be familiar with the auction terms and conditions. Of course, if you have any questions that aren’t answered by the information provided, please feel free to call our office at (804) 355-2100. We’ll be happy to assist you.
- 2. ATTEND THE OPEN HOUSE OR SHOWING WHEN AVAILABLE
- Some of our auction properties are available for viewing at a scheduled open house. Open house times, if any, will be listed with the property on our website. Typically, foreclosure auctions do not allow for an open house. Foreclosure auctions are offered as is, with no contingencies. Please remember this when you are trying to determine what the property is worth, then plan to bid accordingly.
- 3. BEFORE YOU GO TO THE AUCTION ..... PREPARE
- Be sure you know where and when the sale is scheduled. We occasionally hold auctions off site, so please make note of times and locations listed on our website, on the auction brochure, or in any advertising. Also, familiarize yourself with the auction terms and conditions as well as the deposit requirements. Deposits are required in cash or cashier’s check. Finally, please remember that properties are sold with no contingencies for financing. If you do not plan to pay entirely in cash, please work out any financing arrangements in advance.
- 4. AUCTION REGISTRATION IS USUALLY SCHEDULED 45 MINUTES TO 1 HOUR BEFORE THE AUCTION
- Motley’s staff will be at the auction site ready to answer your questions and help you get registered up to an hour before the auction. Registration itself is quite simple – you need only to fill out our registration form (including driver’s license number, so please be sure you have it) and show proof of your deposit. Motley’s staff will issue you a bidder card with your bidder number on it. The whole process takes just 5 minutes.
- 5. LISTEN CAREFULLY TO ALL ANNOUNCEMENTS MADE BEFORE THE AUCTION
- Announcements made at the auction take precedence over written materials. This is how the auctioneer corrects, updates, adds or deletes information before the bidding starts.
- 6. BID ON YOUR PROPERTY!
- When you are ready to bid, all you need to do is hold up your bidder card. Do not hesitate to call out to the bid assistant or to the auctioneer if you think they haven’t noticed you. Make your decisions obvious. Each time a bid is recognized somewhere else, you must decide whether or not to continue bidding. If your answer is yes, hold your bid number card or your hand in the air so that you will be recognized. Scratching your nose or pulling your ears only works in the movies! Professional auctioneers do not want you to accidentally buy something. They want you to be happy with your purchase. With that in mind, please remember that your bids are binding.
- 7. IF YOU ARE DECLARED THE SUCCESSFUL BIDDER .....
- Congratulations! When you have completed bidding, you will be asked to proceed to the contract table to sign the Memorandum of Sale and to submit your deposit. Depending on the terms of the auction, you may only need a nominal deposit on auction day with some remaining balance due within a few days of the auction. Please provide Motley’s your closing attorney’s contact information as quickly as possible. A Motley’s associate will be in contact with you shortly following the auction to help you through a smooth, trouble-free closing.