Frequently Asked Questions

FAQs for Sellers

We quote a set price for the entire process to include legal fees and marketing costs.  Once we negotiate a commission, that will be the commission. No overages. No extras. No surprises. 

By covering all bases in advance of the sale. We work closely with legal council to ensure compliance, execute an aggressive marketing campaign and engage qualified buyers. We then hold a simulcast auction, allowing buyers to bid live or online, maximizing your assets market exposure to achieve the most competitive bidding possible at the auction.

rustee and Foreclosure sales will be a public auction, open to all buyers. Through hyper targeted marketing campaigns, we create competition among buyers BEFORE the auction. Qualified buyers, who have successfully registered to bid, come prepared to bid their highest and best offer on auction day. 

We sell single homes, commercial properties, multifamily, and portfolios of assets of any kind. See our Results page for more information on the types of properties we have handled. 

Walker provides services that have proven to limit the growth of OREO assets. 

Also, we offer one stop foreclosure services. We will work with you to determine the confidential reserve price, and then handle it from there. We will take care of all aspects of the transaction, getting you back to banking! 

We have a network in place that can handle foreclosures in any state across the Mid-Atlantic.

ABSOLUTELY. The financial company can set a confidential reserve in the amount needed to achieve in order to sell the property. We will provide a market analysis on the property and make a recommendation as to the expectation of auction sale results. 

FAQs for Buyers

Please sign up for our mailing list at the bottom of the home page at www.walkercommercialservices.com and we’ll keep you updated on our upcoming sales! You can also check out our app available on the Apple Store and Google Play, for current and upcoming auctions, or www.walkercommercialservices.com/real-estate/ for information on not only auctions, but also annual Delinquent Tax Auctions for the City of Roanoke and other upcoming investment opportunities. 

  1. Do as much research as you can on the property. Call us with any of your questions!  
  2. Determine an amount you are willing to spend on the property, keeping in mind there is a 10% Buyers Premium fee.  
  3. Register to bid in advance of the sale. 
  4. Secure means to pay your deposit.  
  5. Confirm all details of the auction. Pay close attention to the Terms and Conditions and Buyers Premium.  
  6. Attend the auction and bid! 

A Buyers Premium is a charge in addition to the winning bid price of an auction item. The winning bidder is required to pay both the winning bid price and the percentage of that price called for by the Buyers Premium. For instance, if you buy a property for $100,000 and there is a 10% Buyers Premium, you will pay a $10,000 Buyers Premium, or $110,000 for the property. 

Though there are exceptions, in most cases, no, you cannot inspect the property prior to bidding. Check the website for information that may be provided, such as a property survey, appraisal or tax record. Keep in mind, you are buying the property as is. 

Properties at auction offer a great value and a quicker transaction! Buyers are realizing that purchasing a repossessed property at auction can save them up to 30%, offering a more affordable way of getting the property. Do your research, understand the property is being sold “as is” then place your bid! Buying property at auction is a great way to invest! 

Live foreclosure auctions are free to attend and open to the public to ensure that a home being foreclosed upon receives the highest possible recovery for the bank or lender and the smallest deficiency for the borrower. Anyone can attend; however, if you want to bid, you’ll need to register. In almost all cases, you’ll have to prove that you’re in possession of sufficient funds to pay THE DEPOSIT and close in 30 to 60 days. 

An individual or business’s failure to pay their mortgage will result in the lender reclaiming the property through foreclosure. Initially, banks attempt to sell foreclosed homes, or commercial properties, at auction. Banks refer to these properties as OREOs, or Other Real Estate Owned. Banks usually want to sell OREOs as quickly as possible, which is why auctions are the preferred sales method.

Most properties have an established Reserve Price which must be met in order for the property to be sold. If the highest bid at the auction is insufficient, the lender then gets title to the property and holds it as a bank-owned (or REO) property. The purpose of a foreclosure auction is to get the highest possible price for the property, in order to mitigate the losses a lender suffers when a borrower defaults on a loan. Although there are occasions when a winning bidder can be declared even if the Reserve Price isn’t met, this occurs when a property is sold “subject to” the seller’s approval.

Residential Real Estate FAQs

Absolutely! The public is welcomed to bid live or online at all of our real estate sales. 

Just follow the directions after clicking the orange “Register to Bid” button on the page with all the details about the property you are interested in. You will be prompted to enter your contact and credit card information. The credit card is not charged but utilized to verify that you have an account only.  During registration, you will choose how to be contacted, via e-mail and/or text. 

If you are the winning bidder, we will send you a congratulatory message with additional instructions. Our office will e-mail an “electronic” contract for your signature that you may sign on your smart phone, tablet, laptop or desktop. In addition, we will ask you to wire transfer, hand deliver or mail a deposit in certified funds. 

An individual Auction is an innovative and effective method of buying and selling real estate. It involves and intense marketing process that involves the public sale of any property – most certainly including those that are non-distressed – through open, competitive bidding. 

We provide a transparent buying process, so you know what you’re getting up-front. From property tax history to a home inspection, we do the legwork so that you can buy with confidence. 

An individual auction is not court-ordered. These are homes that the homeowner decided to sell through our individual auction process, typically to ensure a quick sale. The homeowner is highly motivated to sell quickly and works with our team of experts to set a reserve price that ensures the sale of the property. 

All of our auctions are public auctions. We use the term “public auction” to ensure the public knows they are welcomed to bid on the property if desired. 

A foreclosure is a type of court-ordered sale that occurs when a homeowner is delinquent on their mortgage. These homes are owned by the bank that lent the money for the mortgage, and because banks are not in the business of real estate, they’re motivated to sell these homes quickly. 

A court-ordered sale occurs when a lender or mortgage holder gains the right through the court  to list and sell the property. For example, a property may be court-ordered to sell if the homeowner is delinquent on their HOA fees, and the HOA gains the right to sell the property as an asset to recoup those fees. 

The Buyer’s Premium is added to the winning bid price to arrive at the final contract price. You can think of the Buyer’s Premium as similar to the “tax” you pay at the grocery store. For example, if the Buyer’s Premium is 10% and the winning bid on a property is $100,000, then the buyer’s premiums would be $10,000 and the final contract price would be $110,000. If the Buyer’s Premium is 5% then you would add $,5000 for a total contract price of $105,000. If there is a Buyer’s Premium, please consider when bidding to stay within your range. 

There are many reasons a seller may choose an Individual auction, with motivation to sell and desire for a quick sale being among the top reasons. The Individual auctions approach provides the seller with an exact date the property will be sold. As a buyer, you can research the property in advance of the sale. We provide a complete home inspection and appraisal on the sales page for each property, so you can buy with confidence. 

The majority of our sales are sold with good, insurable title and no liens, judgments, mortgages or back taxes. The seller is responsible to provide good title. If the title cannot be cleared, which is very rare, we return the deposit to the buyer and the sale is null and void. 

Yes. We encourage everyone to attend and learn about our method. Hopefully, you will enjoy the process and participate in the next one. 

Our results-driven team of real estate professionals, marketing experts and auctioneers have more than 50 years of experience achieving the highest possible price for our clients. We provide complete transparency with every home sale.

Walker Commercial Services’ Auctions are designed to sell your home quickly, on your terms. Auctions provide potential buyers of your home with all pertinent information – from property tax history to a complete home inspection – so that your home sells with full transparency to expedite the closing process. Plus, you could choose to sell your property as-is – that means you won’t need to do any additional work on the property. Selling through an Individual auction can reduce your long-term carrying costs (taxes, maintenance), create competition among buyers, and expose your property to a wide array of pre-qualified prospects – all under the terms and conditions that you set. Our Individual auctions require no additional negotiation on your end either, so you can sit back and relax while we do all the work. 

In most cases, the buyer pays the agent(s) commission in the form of a Buyer’s Premium. On most properties, we suggest the seller provide a property inspection report and an appraisal. This keeps the process transparent and removes any uncertainty that buyers may have prior to bidding on the property. We will also prepare and implement a marketing budget on most properties. All of these things vary from case to case, but these are some of the first things we will address after learning more about your property. 

Yes, of course!  In more than 50 years, we have not “given away” any real estate. We will analyze your property and consult with you on a minimum or reserve price for your property. This becomes the confidential reserve. Our goal is always to exceed your minimum price. 

In a reserve sale, you have the ability to reject or counter the final bid. If we cannot make a deal with the winning bidder then we will list the property for a period of time after the event. We utilize the “momentum” from the event to make the eventual sale for you.

The term “Absolute” means the property will sell to the highest bidder regardless of price. Almost all of our properties are through a “Reserved’ Auction. This means we have worked with the seller to set a confidential minimum Reserve Price. The seller is only obligated to sell the item once the bid amount exceeds this Reserve Price. A seller can lower, but cannot raise, the Reserve Price.  

Absolutely! Walker Commercial Services is a licensed, full service real estate brokerage firm and a member of the Multiple Listing Service (MLS). Whether you choose the Individual auctions approach or a traditional real estate sale, your property will be professionally marketed and will be listed on our website as well as top sites like Zillow, Trulia, Realtor.com and more. 

Industrial FAQs

For Sellers

Walker Commercial Services has been providing consistent above-market results since 1967. In addition to our results, an independent survey of our clients revealed that our best quality was our honesty and integrity. With flexible solutions and an award-winning in-house marketing team, we ensure your assets are turned into cash quickly and on your terms. 

Certified appraisers work with you to understand the condition and features of your assets, then evaluate the current marketplace, resulting in an accurate value you can trust. 

Our marketing team analyzes each group of assets before submitting a custom-tailored advertising plan that works with your budget. From postcards to newspaper and magazine ads to regional, national, or global digital ads and email campaigns, advertising plans are tailored to the end user so your assets will be seen by thousands of potentially interested buyers. 

Absolutely! Our flexible solutions also include outright purchases, guarantees, brokerage, liquidations and sealed-bid sales. Most of our clients are looking for the best price in the right time frame to sell everything from a single item to an entire fleet or lot. We will work with you to determine which strategy is best for your assets. 

Remarketing options include: 

Commission Sale – Bidders compete and drive up the value of your assets. Walker Commercial Services earns a percentage of each sale, and will strive to sell your assets for the best possible price. 

Guaranteed Sale – Competition once again determines the value of your assets, but you are guaranteed a pre-determined minimum amount from the sale with the ability to earn more. 

Straight PurchaseWalker Commercial Services will purchase your asset(s) outright. We have the financial stability to purchase multi-million dollar packages. 

Online Auctions – An efficient and cost effective way to reach a wide audience globally while achieving fast and proven results. 

No, sellers do not pay any additional fees. 

Quickly and accurately. A comprehensive Sale Summary Report will include all items sold and the sale price. Settlement payment options include checks and wire transfers, and alternative payment options can be arranged in advance. 

All of our auctions are held online, with the potential to be held at our headquarters in Richmond, VA, or at your location. Our facilities offer unique features designed to facilitate the storage, reconditioning, and sale of your assets. 

For Buyers

Our team is dedicated to providing buyers and sellers with a transparent and trustworthy process. Our certified team appraises and inspects items, and buyers are able to preview and inspect items Monday through Friday, 9-5. 

You’ll need to register online for each sale to place a bid. We’ll ask for a credit card at the time of registration so that we can verify the card. Once that (quick) check is complete, you’re qualified to bid! We suggest placing an offer for the highest amount you’re willing to pay, and the smart bidding system will automatically place bids for you up to that limit, at set increments, starting at the listed opening price or current offer. Remember that items are sold “as is, where is”. 

Yes; please keep these fees in mind when calculating your highest bid. 

  • INTERNET BUYER’S PREMIUM: A 13% Buyer’s Premium (on the first $3,500.00) and a 7% Buyer’s Premium (on every dollar thereafter) will be charged for each lot purchased which includes the 3% Internet Handling Fee per lot.  There is a $10.00 minimum buy fee per lot (unless otherwise announced). 
  • CREDIT/DEBIT CARD HANDLING FEE: An additional Handling Fee is in effect (3% for Visa, MasterCard, Discover and 4% for American Express).  The Handling Fee will be waived for each account paid for on time according to Walker Commercial Services payment terms and paid for by Cash (accepted sale day only), Cashier’s Check, Check with Bank Letter of Guarantee or Wire Transfer. 
  • DEPOSIT: Walker Commercial Services reserves the right to charge your credit card a $500.00 deposit, place a $500.00 hold on your credit card or charge the purchase price up to $500.00 at the fall of the hammer. 
  • TITLES: Titles are processed ten (10) business days after payment is received in payment order.  There is a $40.00 title fee for each title.  Titles being sold as ‘Title Delay’ are available 10 – 60 business days post auction.  ‘Title Delay’ items must remain on the premises until said title is received.