Real Estate Auction – Buyer Guidelines
- In the days leading up to the auction you will want to find answers to your questions, attend open houses, and determine your budget. The actual auction is when you will offer the price you are willing to pay for the property. If you ever have questions about the property or auction process, please feel free to call our office for assistance.
- A real estate auction is the sale of property in “As-Is” condition. You as the buyer are responsible for inspecting and evaluating the properties.
- During the available viewing times you should make all desired inspections.
- Auctions are fast-paced, in fact it normally takes less than 20 minutes to sell a home once the bidding has begun. Having your maximum bidding price in mind and being prepared to bid accordingly will help take away the feeling of pressure throughout the process.
- Prior to the auction you will need to register for a buyer number. To do this a valid driver’s license or proper identification is required. You will also need to be able to show proof of the earnest money deposit. The terms and conditions are the rules of the auction. You can find these on our website on the auction calendar under each property as well as in the information packet available at the open house.
- You will want to familiarize yourself with the terms and conditions of the auction to ensure that registration will be quick and simple.
- The auction will begin promptly at the appointed time. First, pre-auction announcements such as a summary of the terms of sale, methods of bidding, and any last minute change or disclosures are stated.
- Bidder Assistants are members of the auction staff. Their duties are to assist the Auctioneer, spot bids and assist bidders with information to help in the bidding process. If at any time you have a question or are confused please ask the bid assistant or auctioneer to help you.
- To place a bid, simply raise your bidder card. It is a myth that bids can be made accidentally by scratching your nose or similar accidental movement. If you did not intend to bid, just inform one of the Bidder Assistants or the Auctioneer and the error will be corrected. Any tie bids or other issues regarding who has the high bid are always resolved by the Auctioneer, who has complete and final authority.
- Once it has been determined that a final bid has been made, the Auctioneer will recognize the high bidder. The high bidder will then complete the Real Estate Purchase Agreement and make any required Earnest Money Deposit. In a reserve auction, the Seller retains the right to accept or reject the high bid.
- Closing on the property usually takes place within 45-60 days from the date of the auction. Closing is not contingent on financing, appraisals, or inspections.
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