FREQUENTLY ASKED QUESTIONS FOR BUYERS

Why do Sellers use the auction method to sell their property?
How do I find out about upcoming auctions?
If I have never attended an auction, can I expect fair treatment at yours?
What should I do before attending a real estate auction?
May I finance the purchase of real estate at auction?
What are the Terms and Conditions of the auction?
Since the property is being sold without guarantees or warranty of any kind, what assurances do I have?
How do I bid during the auction?
What is one of the biggest mistakes I can make at auction?

Why do Sellers use the auction method to sell their property?
Auction Sellers want to know when their property will sell, that it will bring fair market value and that it will be sold with no contingencies. This is similar to why Buyers like to buy at auction. Buyers like to know when they will buy, that they will buy at fair market value and that the sale is final when they hear the word, "SOLD".

How do I find out about upcoming auctions?
Auctions are advertised with real estate yard signs, in newspapers, by targeted mail and online. One of the easiest ways to find out about our upcoming auctions is to check our website regularly or register for email auction notices.

If I have never attended an auction, can I expect fair treatment at yours?
Absolutely, numerous new auction attendees come to our auctions. Our pledge to you is your complete and total satisfaction with our services. We keep the auction process simple and welcome you to ask any questions you would like during the auction or prior to it. At the auction, you may approach any one of our staff members and let them know if you are new to the auction process so we can better assist you. It would also be our pleasure to meet with you or your group to fully explain the auction process.

What should I do before attending a real estate auction?
We seriously encourage Buyers to thoroughly inspect a property and be familiar with the terms of the auction before they bid. This includes obtaining an auction flyer and other auction documentation, examining a seller condition disclosure statement, attending open houses, completing a physical inspection, obtaining assistance from professionals as well as asking any and all questions you have of us or any other source. The only objective left on auction day should be to become the successful bidder! Beyond that, make sure the sale is conducted by a licensed professional auctioneer.

May I finance the purchase of real estate at auction?
Yes, however the sale of the real estate is usually not contingent on Seller financing. Speak with your lending institution when you develop an interest in the property so that they can pre-approve the amount you are able to borrow on the real estate. Once you have become the successful bidder, you will usually have up to 30 days to close during which time the balance of the financing arrangements may be addressed. The lending institution is welcome to call us for any information about the property we are able to share.

What are the Terms and Conditions of the auction?
The Terms and Conditions include critical information you will need to know prior to bidding. They are usually included on the auction flyer and are available at the auction in the bidder packet. They will also be read aloud before the auction. Specifically the Terms and Conditions may include information such as the required deposit, closing date, lead paint hazard information, pertinent lease information and usually the notice that the property is being sold without guarantees or warranty of any kind. Announcements made sale day take precedence over previous written or verbal information.

Since the property is being sold without guarantees or warranty of any kind, what assurances do I have?
Sellers of residential property must complete seller condition disclosure statements and all known hidden defects must be disclosed prior to the auction. Beyond that, we urge buyers to thoroughly inspect the property before purchase and rely on their own inspection for guidance. We will assist by making every effort to make the property available for buyer inspection.

How do I bid during the auction?
The auctioneer will be asking for a certain dollar amount during the auction. When the amount asked for is the amount you want to give, get the attention of the auctioneer by holding up your bidder card, by waving or shouting out "Yes". Please know that if you are ever in doubt about what you bid, if you have the bid, or what the auctioneer is asking for, you may ask the auctioneer or their bid assistants. Don't be afraid to bid, the auctioneer will not allow you to bid against yourself.

What is one of the biggest mistakes I can make at auction?
Never assume the property will bring too much for you to buy it. Many times people make that sort of assumption based on a rumor they've heard or on something another potential bidder tells them to discourage their attendance. Too many times a person calls the auctioneer after the sale and finds out a property sold for far less than they would have given for it had they attended the auction.

THANK YOU FOR YOUR INTEREST,
SEE YOU AT THE AUCTION!