Buying real estate at auction is easy!
The 30 days leading up to the auction is the time for you to get questions answered, attend open houses of the homes you are interested in, and determine what you can afford to spend. The actual auction is simply the time to offer the price you are willing to pay for those properties.
Auctions Go Fast!
The auction itself moves fast. First-time attendees are usually surprised to learn that the sale they are attending is over within a few minutes. In many cases, if the auction is for a single home with nothing else to be sold, the entire process lasts less than 15 minutes. So, don’t be late!
On auction day, prospective buyers register for a bidder number by showing a valid driver's license and filling out some simple information. The registration period usually begins from 30 minutes to 2 hours before the scheduled auction time. There is no fee to register at the auction and high bidders may use cash or personal checks for down payment. You can also get all last minute questions answered and tour the home one final time if you wish.
Before the Bidding Begins
The auction begins promptly at the appointed time with opening remarks summarizing, for the record, the terms of sale, the methods of bidding and any last minute changes or disclosures. These comments usually take only a few minutes, concluding with the auctioneer answering any final questions. Then the bidding is ready to begin!
The Auction Team
Assisting the auctioneer will be ring staff, to make sure anyone trying to bid is recognized and that all bids are recorded with the Auctioneer. Ring staff may also assist with questions during the auction, including asking the auctioneer to pause if necessary. It is a myth that bids can be made accidentally, by scratching one's nose and the like. If you did not intend to bid, simply inform one of the ring staff or the auctioneer and the mistake 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.
From the first bid, things move quickly, with bidders offering their bids up to the price they are willing to pay for the property. The auctioneer can and will say "sold" as soon as he or she determines that the final bid has been made. It is not necessary, nor customary, for the auctioneer to slowly announce, "Going once, going twice, etc." He or she simply decides the bidding has stopped and announces, "sold." If the auction is for a single property such as a home, this concludes the auction and the purchaser simply executes the Contract of Sale and makes the required payment.
If you would like to add to this or ask me for further information please call me at 735-2525 or toll free 1-877-636-5399 or e-mail shawn@LeClairRealty.com
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