General Rules for Selling or Buying
Real Estate with Rentzel's at Public Auction:

     All real estate is sold as/is, but is sold free and clear: no leans, back taxes, mortgages  or anything that would not give you a clear title to the property.

     In most cases, the buyer is required to put down 10% down of the purchase price the day of the auction and will be given either 30, 45 or 60 days to pay for the rest and have settlement.

     It is at buyer expense to do a title search on property after they are the successful high bidder. If a lean is found and the seller cannot pay the lean off, then and only then, would the buyer not have to go to settlement and the buyer would receive their down payment back. Otherwise, the property is sold in its as/is condition with no warranty and if buyer does not comply with conditions of sale, buyer forfeits down payment and the property may be resold by seller.

     Real Estate sells with reserve unless advertised as an absolute auction.

     Taxes will be prorated between buyer and seller.

     If survey of property is desired it is to done at buyer’s expense.

     The described terms above are for general information. Each property is sold with its own unique conditions of sale, and should be viewed by buyer.

The sequence the day of the Real Estate auction. 

The auctioneer will start the auction with the reading of conditions of sale, and then ask for an opening bid. There is usually no set opening bid, the bidding will start at whatever a prospective buyer is willing to pay. After he receives an opening bid then the bidding will start, advancing, till the bidding stalls. At this point the auctioneer will take a recess and talk with the sellers to see if the property has met reserve price. If it has met reserve, the auctioneer will come back and start asking for a higher bid from the point of where the bidding had last stopped. Whoever is the highest bidder at that point and the auctioneer says sold, will be the purchaser of the property. If property does not meet reserve auctioneer will come back and put the property up for bid again, till it meets reserve or, till the property is withdrawn from the auction, and would not be sold that day. Any questions please phone 717-764-6412 or email us thank you.