ADVANTAGES OF BUYING AT AUCTION
- The opportunity to purchase the property for less than you expected to pay.
- Knowing that you did not over pay because there was someone else willing to pay one bid increment below what you paid.
- All bidders are on a level playing field in that the terms and conditions apply equally to all bidders.
- No negotiating conflicts or haggling over price.
- When the auction is over, the buyer knows immediately if he/she won the item.
- ITS EXCITING!
Real Estate: For nearly all real estate auctions there are one or two prior scheduled “open houses” several days prior to the auction. If you are not able to attend the “open house” we will try to arrange a separate time for you to view the property.
In nearly all real estate auctions, the property is sold “as is” with no condition or contingency. That includes inspections such as home, termites, radon, lead-based paint, etc. We want potential buyers to be as knowledgeable about the property as they care to be. Thus, potential buyers are welcome to get any kind of inspection they want but it should be done prior to the auction; it cannot be used as a negotiating item with the Seller; and the potential buyer must pay for the inspection.
Personal Property: The public is welcome to inspection the personal property prior to the auction. The inspection times scheduled vary depending on the type and amount of property being auctioned. In most cases the inspection time is indicated in the advertising. If not, feel free to call the Auctioneer to determine when the pre-auction inspection is scheduled.
Buying Real Estate at Auction
- Established terms and conditions. This puts all potential buyers on a “level playing field” in their opportunity to purchase the property.
- Open forum environment. Nearly all auctions are conducted in an open market forum whereby all bidders have the privilege of seeing who is bidding and observe and establish the bidding increments.
- Establishes the market value. Buyers seldom want to pay more for a property than they have to. In an auction, the buyer has the confidence of knowing that they had to pay just enough to get the property, otherwise the second place bidder would have gotten the property at the next lowest bidding increment.
- Potential for buying at a price lower than expected. Most bidders come to an auction with an amount in mind as to how much they plan to pay for the property. If the bidding stops below the amount they were willing to pay, they have saved money. If the bidding goes higher than what they were willing to pay, the bidder still had the option to stop bidding or to continue bidding.
Terms and Conditions
This is a very important part of the auction that the buyer should be aware of. The terms and conditions of sale will vary among real estate auctions and among personal property auctions. Potential buyers are advised to be fully aware of the terms and conditions of sale before bidding on the property. For example, for real estate auctions, key terms of sale would be:
- how much down payment,
- what forms of payment are acceptable,
- date of closing and possession.
For personal property auctions, key terms of sale would be what forms of payment are accepted, and when must items be removed from the auction site.
We assign bidder numbers to all persons interested in bidding at the auction. The registration process is very simple. When you arrive at the auction please go to our auction office. The office staff will request to see your driver’s license to record your name, address, phone number, take your picture and how you will pay the 10% down. etc. You will then receive your bidder card with your bidder number and you may proceed to inspect the property. When the auction is scheduled to start, the Auctioneer will assemble the crowd and verbally review the terms and conditions of the sale.
If you want to bid on a piece of property, whether personal property or real estate, but are not able to attend the auction, you may still have the opportunity to bid. This is what is called an absentee bid. In some cases you can make an absentee bid by telephone or internet by designating the Auctioneer or his staff to bid on your behalf. If you wish to bid in this manner, you must contact the Auctioneer and make the necessary arrangements prior to the auction.