DEPOSITS AND DISBURSEMENTS

REGISTRATION DEPOSIT

To bid, you must have first completed your registration form.  There is no charge to register for an online auction.  A credit card is required to register for bidding to ensure you are of legal age to purchase real estate and confirm identity.  No charges will be billed to your credit card although some banks will hold the $1 credit in a pending account for up to 30 days.  Please see your bank for details.   An email will be sent to you to confirm you are approved to bid or if additional information is required.

Debit Cards are not recommended.  The verification process debits your account $1 per registration for deposit but immediately reverses/voids the transaction.  Most banks withhold these funds for up to 30 days before returning the funds to your account.  International Realty Auction Network, LLC does not hold these funds and cannot be responsible for your banks security policies.  Please see your bank for details.

BID DEPOSIT

Each high bidder (buyer) must make a 5% ($5,000 minimum) bid deposit per property at the conclusion of the auction.  Electronic wire funds, credit card, check by phone and cashier's checks are the only forms of payment accepted.

BUYER'S PREMIUM

Customarily, at auction the seller sets a buyer's premium percentage, to be added to the winning bid. This percentage is 5% of the purchase price, unless otherwise noted in the catalog.

CLOSING COSTS

All costs of closing are the buyer's responsibility and vary according to the terms of the transaction.