Redemption105 3rd St NENew Prague, MN 56071, Scott County
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Due Diligence
Learn how to perform due diligence.
Top FAQs
Like other real estate transactions, you should conduct careful due diligence before purchasing a property at auction. Common research items include local market value, property condition, and title report.
Please note, Auction.com is not the seller for any property made available online, and all information and photos to Auction.com have been made available on this page.
If you are the highest bidder at the end of an auction, here are your post-auction obligations:
- Contract Information: You'll receive an email confirming you have the highest bid. You will then need to provide important contracting information by filling out a form online. You can preview the required information on this form as a printable checklist. Make sure to submit the form within 1 business day.
- Purchase Agreement: Once everything is verified, the Purchase Agreement will be generated and you will need to sign and return the document for the seller to review and sign.
- Proof of Funds: You need to provide Auction.com a copy of your Proof of Funds by email within 2 business days.
- Earnest Money Deposit: Unless otherwise specified on your purchase agreement, you will need to send the Earnest Money Deposit to the closing company within 2 business days of receiving the transfer instructions. Send Auction.com a copy of your confirmation receipt within 1 business day of sending funds.
Per state law, there is a period when certain parties have the opportunity to "redeem" a foreclosed property.
You can't collect rent or obtain possession until the redemption period is over.
If the property is redeemed, you will receive only the amount paid to redeem the property. Please research the amount before bidding as it may be less than the winning bid.
Transaction Details
• All bank-owned properties bought at auction are, "Subject to Seller Acceptance." Both buyer and seller must sign the purchase agreement for the bid to be considered accepted.
• If the buyer is a licensed real estate agent, no buyer broker commission will be paid, regardless if buyer is representing themselves or not.
• Buyer is not entitled to possession of the property until expiration of the redemption period. If the property is redeemed, Buyer will receive only the amount paid to redeem the property and will not receive title to the property. Please research the amount required to redeem this property before bidding as it may be higher or lower than the winning bid at this auction.
• The seller took ownership of this property at a recent foreclosure auction. The seller has established a reserve price based on the value of the property less its expected costs to market and sell the property, representing a tremendous opportunity for investors to purchase properties at a discount and create equity.
• This property will be conveyed via an Assignment of Interest in Sheriff's Deed or Quit Claim Deed (Michigan) or an Assignment of the Sheriff's Certificate (Minnesota).
• If you are the Winning Bidder, an Earnest Money Deposit of 5% of the total purchase price or $2,500 (whichever is greater) is required.
• No title insurance offered at closing.
• Property is being offered as is, where is.
• Buyer will be assessed a $55 Document Generation Fee paid at closing.
• Until the seller's reserve price is met, Auction.com may counter bid on behalf of the seller. Counter bidding gives buyers and sellers more flexibility to find a mutually agreeable price. Counter bids do not occur after the seller's reserve price is met. Learn more about reserve pricing.
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