Here are some of the many benefits for auction buyers:

• auctions are consistent
• sale and closing dates are known in advance
• sellers are motivated
• properties can be inspected
• all buyers are subject to the same terms
• buyers never pay more than market value

Note: TRAC's real estate auctions are not foreclosure auctions. Our public real estate auctions differ from foreclosures in many ways, including:

• adjustments (taxes, assessments, water, dues, etc.) are made as of the settlement date
• the property is sold in its condition as of the auction sale date
• the buyer is not responsible for the interest that accrues on the underlying mortgage between the auction sale date and the settlement date
• the risk of loss due to fire or other casualty remains with the seller until settlement

Since possession in the agreed condition is delivered to the buyer at settlement, the potential for unexpected eviction or repair costs is avoided.