Buyers Guide
Due Diligence
First step to buy at auction will commence 30-45 days before auction. This is the time for you to get questions answered, attend open house inspections at homes you like and determine your budget and banking needs. A mortgage representative will be at open house inspection and the auction to assist any buyers with finance questions. All of your questions, concerns, due diligence should be addressed prior to auction day. All properties sold at auction are as is, where is and how is, there are no contingencies with an auction property. An informative and colorful property brochure will be available at property inspections or at auction company with all terms and conditions of the sale.
Registration
The day of the auction you will register for a bidder number, fill out a short info sheet and show your I.D. Registration begins usually 2 hours prior to start of auction and ends just before auction begins. This is also a good time to look over property again and get any additional questions answered.
Live and Online Bidding
To help buyers of our properties we offer Proxibid.
Proxibid is a worldwide on line auction bidding service. You can bid on line, on any of our properties starting 4 to 6 weeks before auction.
If online bids are accepted you may purchase property at winning bid price.
The day of auction, we have auction staff with computer software that can accommodate over 600 bidders on one computer. Live bids are conveyed through the computer operator to the auctioneer as the bids come in. Our auction company offers this live and online bidding service any where in the world for our buyers.
Let's Begin the Auction
The auctioneer will have some opening remarks, explain terms of sale, how the auction and bidding will work, also mention if any disclosures or changes have been made regarding property. Then he will start the auction.
Auction Staff
Helping the auctioneer will be auction personnel, who help identify bidders in the audience. Auction personnel and the auctioneer can help buyers with questions about the auction and property.
Auctioneer Says Sold!
The auction process of selling a property moves quickly. Bidders will bid on a property until he or she determines this is the final price they are willing to pay for the property. The auctioneer will then announce sold. A real estate contract will be written with the buyer and auction staff. The real estate contract will outline price, terms and closing date. Any deposits due will be paid at this time and the transaction will close usually within 30 days.
It's that easy to buy at auction!
Types of Auctions
FIRST is the absolute auction without reservation. In this type of auction the seller is legally required to sell the property at the auction regardless of the final high bid price.
SECOND is the auction with reservation. The seller reserves the right to reject the final bid price.
THIRD is the minimum bid auction. Here, the owners must sell at or above stated minimum bid.