 |
FREQUENTLY ASKED QUESTIONS |
|
Q:
Where is the auction being held?
A: The auction will be conducted at
each property site unless stated otherwise. |
Q: Do
I need to pre-register prior to auction day?
A: No. |
Q: Where
do I register for the auction?
A: Register at the auction location (usually
the property site, unless stated otherwise). Each
buyer is required to register for each property that he or
she wishes to place a bid. |
Q:
Do I need a real estate agent to bid at the auction?
A: No, however, if you have a real
estate agent, we do cooperate with outside brokers. |
Q: Does
my agent need to register with the auctioneer?
A: Yes, your agent must register the day of
the sale. The real estate agent must also be present
during the bidding and the completion of the paperwork
immediately after the auction. |
Q: Can
we bid subject to financing contingencies?
A: No. Please read the specific terms
and conditions on each brochure as terms vary from sale to
sale. |
Q:
Will I receive clear title to the property?
A: Yes, title insurance will be
provided. The sale will be contingent on the seller
providing clear title. Title will be free of all
prior monetary liens and encumbrances (unless otherwise
specified). Any monetary liens will be paid off
through escrow from the sales proceeds. |
Q: Do
I need a deposit to bid on auction day?
A: Yes, to bid at each auction, you must
have in your possession a $5,000 cashier's check (payable
to KENNEDY WILSON) and a personal check for the balance of the
required 10% deposit. |
Q: Can
I bring cash instead of a cashier's check?
A: Yes. |
Q:
Do the properties offered have an asking price?
A: No, if you have seen a reference to
an asking price, please disregard. An asking price
may have been a requirement to place an advertisement. |
Q: Do
the properties have minimum bids?
A: No (unless specified), the
properties are sold to the highest bidder subject to court
confirmation and overbid. |
Q: Are
the properties open for inspection?
A: Yes. Please refer to the brochure
for the specific open house schedule. However, for
reasons beyond the seller's and KWI's control, the
properties that are occupied may not be available for
inspection even if an open house has been
scheduled. |
Q:
Can I have a home inspection company or termite company
inspect the home prior to the auction?
A: Yes, we would prefer if you could schedule
the inspection during the open house period.
However, if this is not possible, we can set up an
appointment with your inspector. |
Q: How
many days until the court confirmation hearing?
A: Approximately 45-60 days, subject to
openings on the court calendar. |
Q: Can
I buy the property prior to the auction?
A: No, the property will not be sold prior
to the auction.. |
Q:
What if I cannot attend the auction with my
broker?
A: You must provide your broker with a
specific power of attorney (notarized) authorizing them to
bid on your behalf. In addition, the broker must
have the required 10% deposit. |
Q:
Can I tour the property even after it has been auctioned
to determine if I want to overbid at Court?
A: Yes, please call Kennedy Wilson at (310)
887-6446 to set-up an appointment. |
Q: Do
I need to have any forms or papers with me if I buy the
property?
A: No, KW will have all the necessary
documents. The only information you will need to
complete the documents are the following: vesting
(how you are going to hold title), your address and phone
number. |
Q: What
is the commission to a broker representing a buyer?
A: Usually 50% of the total
commission. Please refer to each brochure for more
specific information.
Back to the Top
|
