Buyer Info
Motivated Sellers – Value Prices
Our motivated clients have unique premier homes that they are ready to sell at value prices. In exchange for naming the price you’d like to pay for their property, you agree to abide by the terms and conditions of the auction and need to do all your homework prior to auction day.
Before the auction
The first step is to obtain the complete auction bid package for the property. This document can be downloaded from our website. The days prior to the action is your opportunity to attend previews, thoroughly inspect the property, validate the information provided in the bid package, ask questions and determine what you can afford to pay for the property.
Previewing the property
If you’re working with a buyer agent, ask them to make an appointment to show the property. If you’re not working with a buyer agent, call the auction company direct for a preview.
Pre-auction offers
Occasionally a buyer doesn’t want to wait until the auction date to purchase the property. Any offer made prior to the auction date needs to be written on the auction contract (a sample is included in the bid package) and comply with all the terms and condition of the auction, including the deposit requirements. Since pre-auction offers can only be accepted or rejected (not negotiated), it’s vital that you submit your best and final offer. A pre-auction offer at the minimum bid price would not be compelling to a seller. Since the seller has paid out a substantial marketing/advertising money up front, they would hesitate to stop the auction for a minimum price offer.
Financing
Auction contracts have no financing contingencies. Buyers requiring a mortgage loan would be advised to get approved prior to bidding.
Auctions are quick!
A typical residential home auction can take 15-20 minutes. Don’t be late!
Registration
Registration for the auction usually begins 60 minutes prior to the scheduled auction time. There is no fee to register but you will need a valid driver’s license and the required cashiers check (made payable to your own name). This is a chance to take a final tour of the property and get answers to any last minute questions.
Before the Bidding Begins
The auction will begin at the appointed time with brief opening remarks that include the terms of sale, the methods of bidding and any last minute announcements. Then the bidding starts.
The Auction Team
The auctioneer has complete and final authority over every aspect of the auction and is assisted by bid assistants who will ensure that the auctioneer acknowledges your bid.
“SOLD!”
The auctioneer will declare the property SOLD once it is determined that the final bid has been made. This concludes the auction and the high bidder executes the Auction Purchase Agreement and all related paperwork.
Closing
The closing date is determined by the auction terms and conditions.
Bidder’s Choice Method of Auction
If there is more than one property or parcel being offered, the Bidders Choice method of auction may be used. When the auctioneer says “Sold,” the person with the high bid will choose which parcel(s) or property(s) they want to purchase. The high bidder can take one or more properties in any order or combination. The high bid is multiplied by the number of properties or units chosen. Once chosen by a high bidder, and unless otherwise announced, that property is “sold” and no longer available. Sometimes, the high bidder will choose several properties at once, and in some sales will choose every avaialable property, thereby bringing the auction to a close with no further bidding.