Auction questions, answered.

No. The premium is added to the hammer price, so the amount you bid is not the full amount you pay. Common Hour's auction terms set the standard at twelve percent of the hammer price, except as modified in writing for a particular auction. Commissions and fees are not set by law and are fully negotiable.

Start with the most you are willing to pay in total, then back the premium out. Example only, with round numbers: at a twelve percent premium, a total of $112,000 means a top bid of $100,000. Sales tax or closing costs, where they apply, come on top. Commissions and fees are not set by law and are fully negotiable.

Yes. Twelve percent is the published standard, and a particular auction can change it in writing. Check that sale's Special Terms before you bid, because they control. Commissions and fees are not set by law and are fully negotiable.

The premium is the auctioneer's compensation. Cooperating broker fees, if any, are paid out of it. It is disclosed in writing, so you can read it before you bid. Commissions and fees are not set by law and are fully negotiable.

No. Under Common Hour's auction terms, the premium also serves as the non-refundable earnest money, so one payment does both jobs. Commissions and fees are not set by law and are fully negotiable.

You might. Registration can require a card pre-authorization or proof of funds. Earnest money is a separate step that comes after you win. The sale's Special Terms tell you what applies.

No. Common Hour does not take direct payment. Payments go to Title Escrow of Robertson County, or another escrow agent designated in writing.

Escrow keeps the funds with a third party instead of the auction firm. Earnest money sits there while the sale moves toward closing.

Not unless it is approved in advance. Plan on a wire, a certified or cashier's check, ACH, or another form the escrow agent accepts in writing.

No. Earnest money is non-refundable under Common Hour's auction terms, and the fall of the hammer forms a binding contract. If you have doubts, settle them before you bid.

Check the sale's listing for a preview. If you do not see one, call 971-400-6420 and ask. Either way, bidders inspect and verify on their own.

Plan on no. All property is sold as is, where is, with all faults, and a bid is irrevocable. Do your inspecting before you bid, not after. A sale's Special Terms control if they say something different.

No. Descriptions are not warranties. Treat a description as a place to start, then verify anything that matters to you.

The seller is not required to provide a Tennessee Residential Property Condition Disclosure for auction sales. Lead paint disclosures for pre 1978 housing are provided when applicable. Ask your attorney if you have questions about what that means for you.

Yes, but the sale does not depend on it. Real estate is sold with no financing contingency, so your promise to close stands whether or not the loan comes through.

Failure to get a loan does not refund the premium or release you from the purchase. If you default at closing, you forfeit the premium and stay liable for further damages. Take that question to your attorney before it becomes a problem. Commissions and fees are not set by law and are fully negotiable.

Ask before you bid, not after. Common Hour's auction terms call for closing within 30 days of the auction unless the sale's Special Terms say otherwise. Your lender can tell you whether its own steps fit that schedule.

Some sales ask for it. Registration can require lender pre-approval or proof of funds, so check what the sale requires before you sign up.

No. Bids are irrevocable, and the fall of the hammer, or its online equivalent, forms a binding contract.

Items are released after payment clears. Then you pick up in the published window for that sale.

You do. The buyer arranges transport and labor, so line up help and a vehicle before pickup.

Risk of loss passes at the hammer. That means it becomes your risk the moment the lot is yours, not the moment you pick it up.

A late pickup handling fee of $100 per day applies for up to three days. After that, the property is deemed abandoned. Commissions and fees are not set by law and are fully negotiable.

A bid most likely landed near the end. Online auctions may extend the close when that happens, so others can respond.

It is not a sure way to win. A late bid can extend the close, which gives other bidders time to answer it.

Go by what the online bidding platform shows, not the time you saw earlier. The close can move while bids are still coming in.

No. At an in-person sale the auctioneer takes the bids and the fall of the hammer ends the bidding.

Start with a rule of thumb: if you can buy it new online today, or a hundred are listed right now, it is probably not an auction item. Real estate fits when the property is unique, competing buyers are likely, speed matters or the situation calls for transparency. Ask first anyway. If it is not a fit, we say so before accepting and refer you elsewhere.

It may be. Auction works best chosen at the listing decision, not as a rescue, and a property that has sat for months is usually past the moment. Call anyway. Jennifer will still talk, and will be straight about it.

No. Ask before you haul anything off. Send a few photos and we will come take a look. The consultation is free. If you are an executor, check with your estate attorney or the court before anything leaves the house.

Fees and commissions depend on what you have, where it is and what the job takes. We lay them out before you commit, and seller's commissions are disclosed in writing. Commissions and fees are not set by law and are fully negotiable.

Yes. Common Hour pays a buyer's agent commission and a seller's agent commission. Every bit of it is negotiable and disclosed. Commissions and fees are not set by law and are fully negotiable.