How Do They Work?
Whether you are looking to buy a seller’s treasured estate or are contemplating the acquisition of your next investment opportunity, an auction is the place to make it happen. Auctions are the premier marketplace for buyers and sellers to engage in a transparent bidding process that allows a property to sell for it’s true market value.
What is an On-Site Auction?
An on-site auction is a live auction that will take place at a physical location, typically at the subject property.
Deposit
Buyers need to verify the deposit is with them on-site during the registration process. Read more about deposits here (include a link to the post about Understanding Deposits).
Who & What
The Purchaser must have the advertised deposit with them in the form of certified funds (cash or cashier’s check).
When & Where
The deposit must be presented at the time of the sale.
How
The auctioneers will verify the deposit of all prospective bidders while being checked-in and registered.
Access
If the auctioneers have access to the property, they will make it accessible the day of the auction. In many cases, a lockbox may be installed on the property or alternative showing instructions may be available so prospective bidders can tour the property in advance of the auction.
Registration
The auctioneers or an auction associate will register all prospective bidders the day of the auction. Unless otherwise specified, advanced registration for bidders is not required. If you are an agent that are representing their clients must register.
Bidding
After the auctioneer has read the terms of the sale, they will open up the auction. In a reserve auction sale, the auctioneer will open up bidding at the starting bid amount, the advertised opening bid. They will then dictate which increments must be met.
Contracts
At an on-site auction, the buyer is required to sign a contract of sale immediately after the auction concludes. In most cases, the seller is often on-site and able to ratify the contract of sale immediately after the buyer. In the event that the seller is inaccessible, the high bid is often placed into reserve for seller confirmation.
What if I can’t attend the auction?
If you are interested in purchasing a property but are unavailable to attend an on-site auction, please contact our office. Many sellers will entertain pre-auction offers – allowing you to possibly purchase the property before it goes to auction. In the event that the property does go to auction, we may be able to accommodate you as a phone bidder.