Things To Know
Foreclosure Sale Auction Safety Protocols
For the health and safety of everyone in attendance, Bay State Auction Co., Inc. will maintain social distancing and observe the following safety protocols for all auctions, regardless of location:
- The auction will take place outdoors.
- Bidders are encouraged to wear a mask at all times while on the property.
- Bidders should bring their own pen.
- Bidders are encouraged to wear gloves or hand coverings while executing any necessary documents.
- All qualified bidders will be registered one at a time, with each being called up by the auctioneer. All other bidders must remain a minimum of six feet away until called upon to register.
- Cash will no longer be accepted, unless otherwise noted.
- Social distancing during the announcements and auction will be maintained by requiring bidders to sit or stand a minimum of 6 feet apart.
- At conclusion of the auction, only the high bidder will be directed to come forward to execute documents.
- Thank you in advance for your understanding, compliance, and participation.
Things to Know When Bidding at Foreclosure Auctions
- Always check the status of the auction you are interested in attending at the Bay State Auction website. Postponements and cancellations can happen up to the last minute. Sometimes other websites will list our auctions on their calendars, but their information may not be up to date.
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- Arrive at the property at least 15 minutes prior to the sale time to register with the auctioneer. Arriving after bidding has begun may result in you not being allowed to participate in the auction which will be solely at the auctioneer’s discretion.
- To qualify as a bidder, you must present the auctioneer with your ID and a cashier’s or bank check made out to the person bidding at the auction for the specific deposit amount.
- The deposit amount/requirements are listed under the “More Info” tab for each individual listing. They are also advertised in the Mortgagee’s Notice of Sale. Please make sure your check has not expired. No personal checks are accepted. Cash is not accepted.
- If a bidder is bidding on behalf of another party they must present the auctioneer with a copy of their Power of Attorney when registering to bid. A physical copy of the POA will be furnished by the buyer during the signing of the Memorandum of Sale.
- Opening bids are not disclosed prior to the start of the auction. The opening bid is made by a Bank Representative. Bids lower than the opening bid will not be accepted by the auctioneer.
- All bidders are strongly encouraged to perform due diligence on the property being foreclosed upon. It is the buyer’s responsibility to ascertain the condition and occupancy status of the property.
- The property is sold “as is, where is.” There are no warrantees, guarantees or representations, either expressed or implied, by Bay State Auction, the auctioneer, Mortgagee or any of their agents in regard to the property.
- Buyers purchase the property subject to any outstanding liens even though those liens may not be announced or disclosed at the auction. This may include IRS liens, condominium fees, taxes, water, sewer or other municipal liens on the property. The auctioneer will announce those liens if the information has been furnished to them prior to the start of the bidding.
- The sale of the property is not final until title has been recorded in the Buyers name. The Memorandum of Sale indicates the Closing Date and shall include any extension of such date as provided in the Memorandum.
- Buyers purchase the property subject to occupancy. If the property is occupied and once you have taken title to the property, it is your responsibility to lawfully evict the occupants and personal property pertaining to them.
- Bay State Auction does not have access to nor does it facilitate interior or exterior access to the property being foreclosed upon. All persons are on the premises at their own risk.
- At the conclusion of the auction, the high bidder should be prepared to sign the Memorandum of Sale and sign over their cashier’s check as directed by the auctioneer. If the buyer defaults after signing the Memorandum of Sale, they risk losing their deposit as it is considered non-refundable.
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