Frequently Asked Questions


Do you have additional information available?

No. All the information we are provided or have at hand is published on our website, and then finally in the Sale Day Notes you'll receive at the Auction. Institutional and Fiduciary Sellers (courts, government agencies, banks and trustees) as well as Arrow Auction Service have typically not occupied the properties being sold so have very little information to provide. Properties are sold ‘As Is – Where Is' and should be fully inspected prior to bidding on.

Do I/We receive good, clear title?

Yes. Properties are transferred free and clear by Deed prepared by Seller (i.e. Special, Quit Claim, U.S. Marshall's or Trustee's Deed) with Insurable Title as determined by the Title/Closing company indicated on the Contracts, who also prepares and issues a customary Title Insurance Policy. Current year's property taxes are pro-rated according to the municipality the property is located through day of closing as customary.

If a Mobile Home is located on the property, would I receive separate title?

No. Usually, any mobile or modular home has already been ‘affixed' to land and is considered part of the ‘real property'. If it has not, however, it will then be conveyed by a Quit Claim Bill of Sale. If a separate Certificate of Title HAS been discovered or realized, it will be noted in the Disclosure for the Property on the website or in the Sale Day Notes.

Can I choose my own title company?

Yes. The terms of sale which are pre-stipulated will still govern, however, specifically including that the Insurable Title/Closing Company shall be the standard agreed to and accepted by the parties for conveyance and that Buyer shall pay all costs already incurred and required by that company.

Is this an Absolute Auction?

No. All sales are subject to seller or court approvals that require that the non-revocable offers be delivered to them for execution. Over 95% of all sales conducted by Arrow Auction Service are approved within 10 business days.

Is there a Buyer's Premium?

Yes. The Buyer is aware of a Buyer's Premium prior to and upon registration. On occasion there may not be a Buyer's Premium; each transaction has its own circumstances.

Can I pay off the property in full the day of sale?

Yes. Paying the purchase price plus Field Services Fee in full day of sale is called a ‘Quick Close', and saves Buyer all of their customary closing costs – a typical savings of over $1,500 (Quick Close is not available on all sales – review the Disclosures or Sale Day Notes for each property).

If Multiple Properties are being sold, is there a particular order for selling?  

No. If more than one property is being sold from a sale site the properties will likely be sold ‘buyer's choice'. This means the ‘#' of the property does not indicate the order it will be sold. Typically, when the Auctioneer concludes the bidding, the high bidder (whoever bids the most) will choose which property they've bought. They may choose any of the properties not yet sold, and they may also choose more than one (the Purchase Price Bid is per single Property, for example, if the high bid is $50,000, and the High Bidder chooses 2 properties, they pay $100,000 total). After the High Bidder makes their choice(s), the Auctioneer will open and start the Bidding again. The second High Bidder does not get to choose; only the high/winning bidder gets to choose and buy. The process is repeated until all properties have been sold. This is done to accommodate bidders who have second and third choices and/or are investors and want more than one property (rather than selling the properties in an arbitrary order, not selected by the buyers).

Can I bid for somebody else? Can I assign the Contract?

No. Whoever is the high bidder must execute the Contract in their own name unless they have written proof of being an Attorney in Fact (a form you can pick up at an office supply store). If you need or want to assign the Contract after the sale, the Seller will have to approve, or after closing you can simply ‘Deed' the property to whomever you wish.

Can I employ bank financing?

Yes. There will be no ‘contingencies' (i.e. financing, appraisal or inspection) to these sales however, you would need to be ‘pre-qualified' by a lender of your choice as to the amount you can afford to spend for a property being sold for cash ‘as-is, where-is'.

Being a Realtor, can I earn a fee?

Yes. You must qualify and register per the Terms of Cooperation and policies published on the website and have proof that you submitted same at least 72 hours prior to the auction ( the fee is a % in cooperation with Buyer's agent as per the contract with the seller). There are not exceptions to this policy.

Can I purchase a property after auction?

No. Over 98% of all high bidders close on time. Opportunities to buy a property after an auction are very rare. A high bidder that defaults forfeits their down payment and is additionally liable for all costs and damages incurred to re-sell the property (the property would then be offered to other bidders who registered, or re-auctioned).

Is the earnest money deposit/down payment deposited?

Yes. All down payment monies are deposited in less than 24 hours of the auction. You should transfer any and all funds into your checking account prior to the sale (if a sale is not approved, down payment is immediately returned).

Will I know on site if my bid was accepted?

No. You will receive confirmation that your bid was accepted from the Arrow Auction Service contact person indicated in your Contract typically within 7 business days of the Auction (95% of all sales are approved).

Do I need to maintain the property before closing?

No. Field Service firms secure and maintain properties until Closing. Buyers are not allowed to do any work on the property until closing (filing of the Deed).

Do I get keys to the property?

No. Access or keys are only provided after Closing, at which time the Buyer should immediately ‘re-key' the property. If a Professional (i.e. insurance inspector, etc.) needs access prior to closing, they should fax a copy of their License to 810-229-6126 and then call the office to arrange access to the premises.

Is there a reserve price?

No. There is no preset ‘reserve price' – thus the properties are liquidated to the highest bidder subject to approval of the sale and execution of the offers. In some circumstances a seller may request a reserve sale price.

Are there Closing Costs?

Yes. Buyer pays all customary closing costs including Title Exam. Fees included are as follows: Title Policy, Filing Fees, ½ of the Closing fee, and a $1,980 Field Service Fee (which reimburses the costs of managing the security inspection/maintenance of vacant or improved property pre-sale through closing; does not apply to occupied properties or unimproved land). These costs total approximately $3,500.00 for sales prices up to $100,000 and an additional $150 per $100,000 thereafter.