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Frequently Asked Questions
What should you do to prepare a bid?
- " Conduct a property inspection under the terms and conditions
- Conduct an evaluation
- Prepare your financing
- Prepare to close escrow in 45 days
Do I need to attend a Bid Seminar?
- REGI strongly recommends attendance
- Most of the time the seller will be available for questions
- All prospective bidders must apply online - attending a bid seminar is not a requirement
- REGI Service Provider Partners will be available to meet with you and provide you information
Do I need to pre-qualify for a loan?
- It is strongly recommended to pre-qualify with a knowledgeable lender
- We have offered lending guidelines on the Finance section of the website; however, this does not take the place of an approved lender
- There will be qualified Finance partners at the Bid Seminars
- There are REGI Service Provider Partners that may provide you financing
What are the Terms and Conditions of the Sale?
- The Terms and Conditions govern the entire sale
- A required deposit amount
- A bid deadline and timeline for escrow
- Terms and conditions vary depending on seller and comply to each state requirements
- Terms are the rules which provide a level playing field for all bidders
- Terms and Conditions will be available on the sales brochure and PIP
How is the property transferred to me?
- Most of the time, property is conveyed by Warranty Deed, free and clear of liens and encumbrances
- Closing costs will vary depending on the type of sale
- Please check on the specific sale in order to determine the buyer's costs associated with completing the sale
- The closing period is in the Purchase Agreement, generally 30 to 45 days after being selected
How will the property be presented or marketed?
- REGI utilizes printed advertising and direct mail such as:
- sales brochures
- direct mail flyers
- key advertising to reach qualified buyers
- use of database of qualified buyers
- real estate sections of key newspapers
- Website, signage, and customer service, bid seminars
- eMmail marketing
How do I contact a REGI Team Member?
- Click on the contact REGI web page to send us an email or call us direct.
Do I need to register before bidding?
- Absolutely, please see the three steps to bidding, above.
- Everyone must complete the online prequalification form before placing a bid and to order Property Information Packages
How do I make an offer or bid for a property?
- Each sale will contain specific instructions on how to bid, however…
- In general, a bid can either be placed on-line (best chance to make a competitive bid)
- Or, a bid package can be express mailed to REGI in a pre-approved REGI envelope
- With a TRADITIONAL property sale, the written offer is made directly to REGI
How do I know my deposit funds are secure?
- Deposit funds are immediately placed in an insured institution non-interest bearing account until the bid is finalized
- If a bidder is successful, the deposit is increased per the sale requirements
- If a bidder is not successful, the deposit is immediately returned within the allotted time period
How is each Sale structured or organized?
- Each sale is consistent to the REGI program on this website
- The Terms and Conditions will vary according to the seller
- A good seller is motivated to sell their assets and is ready, able and willing to accept the highest conforming bid.
- Remember, the main objective of this program is to provide the seller and buyer with the best value in the shortest period of time - usually five months.
What is the Buyer's Premium?
- A buyer's premium is a percentage of the bid that is added to the bid amount to establish a total purchase price.
- The buyer's premium is utilized to offset the costs associated with the auction to ensure success for both the buyer and seller.
- It is a common premium in the accelerated real estate market.
- Example: if your high bid is $1,000,000 and that particular sale is using a 2% buyer's premium, the buyer's premium would be $20,000; therefore, the total purchase price of the asset would be $1,020,000.
- The percentage will be located in the Terms and Conditions section of the Agreement.
If I am the successful bidder, what happens next?
- Once you are awarded the successful bid, by law you are obligated to the sale.
- Most escrows (depending on the Terms and Conditions) will need to be opened and closed in a 45-day time limit.
- It is critical that you be prepared prior to the sale to ensure a successful financing program to close escrow in 45 days or you will lose your deposit as stated in the Terms and Conditions section of the Agreement.
What does "As - Is, Where - Is" condition mean?
- There are no representations as to the working condition of the property.
- No warranty or guarantee is provided nor implied.
- Therefore, each buyer needs to conduct their own inspection under the Terms and Conditions of the Seller prior to the bid deadline.
- Material defects known to the auctioneer prior to the auction will be disclosed in the Property Information Package.
- It's very important to note that REGI makes no representations, guarantees or warranties as to the property or asset being sold.
Is training available for operation of the Service Station?
- Many Sellers require attendance at their specific school. This information will be contained in the Terms and Conditions of the Seller.
- REGI offers select training to help optimize your profits through a range of Service Provider Partners. See the Service Provider Partners section of the website for details
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