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 Online Auction?
An online auction is an auction that will take place in a virtual environment only. In order to place bids, all bidders will need to register for an online account.
The winning bidder will usually need to post a deposit within 24 hours of the auction ending. However, bidders should confirm with the terms of sale that advanced registration isn’t required (include a link to the post about Understanding Deposits).
Who & What
The Purchaser must be prepared to tender the advertised deposit in accordance with the advertised terms of sale (usually within 24 hours of the auction closing).
When & Where
The deposit can usually be tendered in-person (as cash or a cashiers check) or electronically (as a wire transfer) within 24 hours of the auction closing. Consult the terms of sale to determine exactly when and where the deposit should be deposited.
If pre-registration is required, the auctioneers will verify all deposits from prospective bidders. If pre-registration is not required, the winning bidder will tender a deposit in-person or electronically within the specified timeframe.
If the auctioneers have access to the property, they will make it accessible in advance of the auction. In some cases, the property may be inaccessible to the public. In these situations, our office works diligently to arrange a timeframe in which the property will be accessible to the public. Our office cannot guarantee access to every property.
Prospective bidders will need to register in advance of the auction. In most cases, registration is as simple as creating a myAshland account via AshlandAuction.com. Once registered, bidders are usually able to place bids once the bidding window becomes active. Additional requirements may be in effect in certain circumstances. In those situations, registration requirements are published within the listing.
Once the auction opens up and goes live, bidders will be able to place bids through the online bidding platform. Like on-site auctions, the auctioneer will open up bidding at the starting bid amount, the advertised opening bid. They will then dictate which increments must be met.
At an online auction, the buyer is often required to sign a contract of sale within 24 hours of the auction ending. In most cases, the seller is available to sign and ratify the contract of sale within a couple of the contract being presented to them. In the event that the seller is inaccessible, all bids are legally binding for the specified amount of time (often 24 hours).