GotAcres.com operates under two simple auction formats. The first is the standard “bid and assume” auction. The second is a special “$1 down foreclosure” auction.
In all cases seller financing is provided and guaranteed to everyone without credit checks or qualifying of any nature. The financing allows prepayment at anytime without penalties. In addition to the winning bid there is a standard document preparation fee for all auctions in the amount of $199.
Bid and Assume - Under this format you are bidding on the down payment only and then assume a remaining balance. Initial bids must be for at least $300 with all subsequent bids in increments of $1 or more. The winning bid is subtracted from the purchase price and the remaining balance is amortized over 186-months including 9% interest. For example if the price was $49,300 and the winning bid for the down payment was $300, the remaining balance would be $49,000 payable at $490 per month. In addition to the winning bid for the down payment there is a document preparation fee of $199.
$1 Down Foreclosures-
Most of the properties in this category are foreclosures that were reposed from previous owners. This format functions basically the same way as the “bid and assume” auction excepting that all down payments start at only $1 with subsequent bids in increments of $1 or more. The winning bid is subtracted from the purchase price with the remaining balance amortized over 186-months including 9% interest. For example if the purchase price was $19,800 and the winning bid was only $1, the remaining balance would be $19,799 payable at $198 per month. In addition to the winning bid for the down payment there is a document preparation fee of $199.
