An investor (who I will call “Phil”) recently contacted me with a situation that arises from his successful bid at an estate auction for a single-family home. Similar to most estate auctions, the auction participants had approximately one hour only to look through the property prior to the commencement of the auction. As you can imagine, this didn’t allow for a great deal of time to inspect the property, its systems, the grounds, etc.

Upon winning the auction, Phil was handed a two-page, pre-printed agreement of sale by the auctioneer with the material terms (price, deposit monies, date of settlement) hand-written into the blanks on each page. For more details www.auction-o-matics.com