General Questions

What is the reserve?
The reserve price is the minimum dollar amount that a seller will accept for an auction. FARSERV's clients/sellers will not disclose the reserve amount for any of their auctions. It is the responsibility of all potential bidders to conduct their own research and determine the amount that they believe the item is worth and how much they will bid.

How will I know if the reserve has been met?
The language on the auction listing will change from "Reserve Not Met" to "Reserve Met" once the reserve is reached.

I was the high bidder and I wasn't notified that I won the auction? Why is the auction marked as closed?
You may have been the high bidder, but the auction's reserve amount was not met. Our sellers will not be obligated to sell an asset unless the reserve price is met.

How do I know that these are legitimate auctions?
Properties auctioned by our government clients are forfeited to the U.S. government under federal court order and sold on behalf of the U.S. government as authorized by the federal courts or classified as retired or surplus assets by the agencies that own them.  Properties auctioned by our clients that are financial institutions or other corporations are repossessions, foreclosures, lease-returns, or company owned assets.  All bidders are encouraged to research and review all due diligence information including court documents located on the Additional Details tab of the auction listing.  In order to give you the most comfort with your purchase, whenever possible, we make every effort possible to allow you to personally inspect the assets being auctioned off at predetermined times and locations.

Is financing available through FARSERV or its sellers?
No, financing is not available through FARSERV or its sellers. You will have to secure your own private financing.  In some cases, the sellers who are banks and credit unions may offer financing for certain types of assets such as automobiles.  If such financing is offered, it will be clearly indicated on the asset listing and the buyer must be approved for financing by the seller before bidding.

When is payment due?
Full payment is due within 30 days of the close of the auction for real estate and within 5 days for personal property such as automobiles, machinery, and collectibles.

Real Estate

What is the property address?
Can you describe the area where the property is located?
The address for this property is located in the auction description. If no address is noted or the property does not have a street address, you may wish to contact the county where the property is located to inquire about the exact location. You will need the legal description or the parcel number, provided on the auction listing, to find out the exact location of the property.

How can I get more information about the property?
How many bedrooms/bathrooms does this property have?
How many acres is the property?
All information that we have regarding this property is listed in the auction description. Please take a few moments to read the entire auction listing. If you still have additional questions, consider signing up for the inspection.

Can I inspect the property?
How many people can attend the inspection?
If FARSERV is able to hold an inspection for a property, date and time is posted under the Inspection Details section of the auction listing. If there is no inspection information provided, then FARSERV is unable to accommodate an inspection for that particular property.

All inspections are open to the public; however each person wishing to participate must schedule an appointment by emailing inspections@farserv.com and sign a waiver.

I missed the inspection date. Can I still view the property?
No. If you miss the scheduled inspection time posted in the auction description it is NOT possible to inspect the property at a different time.

Are there any liens on this property that I will have to pay?
The seller will pay any and all liens at closing for the property. This means you are guaranteed to receive a title that is free and clear.

How much are closing costs?
If I'm the highest bidder in a FARSERV real estate auction what fees are associated with settlement other than my winning bid amount?
Should I hire a closing attorney?
As the winning bidder, you are responsible for the high bid amount and closing costs. It is the responsibility of all potential bidders to retain an attorney at their own cost. FARSERV and its sellers do not have information on actual closing costs. Your attorney or title company will provide you with that information.

How do I finalize the sale if I'm the winning bidder?
A FARSERV representative contacts the winning bidder and gathers additional information needed to complete a Purchase Agreement. The completed Purchase Agreement is sent to the winning bidder who then must sign and return it to FARSERV within 24 hours of receiving it from FARSERV.

For Real Estate, full payment is due within 30 business days of the auction close date. Winning bidders must send a certified check. Extensions may be allowed only if granted by the seller.

If the winning bidder does not perform, he/she forfeits the bid deposit to the seller.

Do you offer title insurance?
Can I use my own title company to complete the sale?
How much are the title fees associated with the property? 
FARSERV or its sellers do not offer title insurance for the properties they auction for sale. It is the responsibility of the winning bidder to conduct their own title search. The winning bidder is also responsible for all costs associated with performing a title search.

Personal Property

Will FARSERV ship the item to me?
The winning bidder is responsible for arranging the pick up and/or shipping of the item they won.

How long do I have to pick up the property or arrange for shipping once the sale is final?
If you are the winning bidder you will be notified about how long you have to pick up the property or to arrange shipping. The winning bidder is responsible for shipping costs.

How do I finalize the sale if I'm the winning bidder?
A FARSERV representative will contact the winning bidder and gather additional information needed to complete a Purchase Agreement. The completed Purchase Agreement is sent to the winning bidder who then must sign and return it to FARSERV within 24 hours of receiving it from FARSERV.

For personal property, full payment is due within 5 business days of the auction close date. Winning bidders must send a certified check. If the winning bidder does not perform, he/she forfeits their bid deposit to seller.

I'm ready to send in my payment. What payment methods are accepted?
Unless otherwise indicated on the auction listing, only certified funds are accepted as payments.