First, read the information about the property in this bidder’s package.  The bidder’s package will have a copy of the deed, plat, covenants and restrictions (if any), a sample contract so you are familiar with what you would be signing if you are the successful purchaser, additional property information, information regarding what you will need to bring to the auction and a sample bank letter.

There will be two set open house dates (see General Information), if you would like to see inside the property and/or have an inspection conducted.  Otherwise, the real estate will be open for inspection on the day of auction approximately one hour prior to the start of the auction.

If you are interested in bidding on the property at the auction, then we suggest you have an idea of your financial capabilities/limits before attending the auction.  Each auction has a required deposit amount stated in the terms.  You must have this deposit with you on the day of the auction when you register to bid.  Also, start getting an idea of what you are able to offer for the property, and what you are willing to offer.  This will make you more comfortable and confident in your bidding.

Unlike the conventional real estate market where properties sold in “as is” condition may imply that the property is in need of repair or fixing up. ALL auction properties are sold in an “as is” condition.  At auction, this simply means that the contract will be non-contingent and that you are buying it in its current condition.

All of our properties are sold under the terms that the purchaser will receive a clear and marketable title.  Just because the real estate is sold “as is” does not mean that the purchaser will assume any existing liens, etc.

Under a reserve auction the auctioneer will submit the highest and best bid to the seller.  The seller has the right to accept or reject that bid.

In an absolute auction, the property will be sold to the last and highest bidder regardless of price.

If you see that the auction is advertised as an “Absolute Auction” that means that the real estate being offered will be sold to the highest bidder, regardless of price, and where no minimum will limit the bid.  In other words, don’t miss this opportunity, because the property WILL BE SOLD TO THE HIGHEST BIDDER.

We also use a Buyer’s Premium in the sale of some of our properties.  When you make an offer, or bid at the auction, keep in mind that you will be adding an advertised percentage to that price.  For instance, if the buyer’s premium is 10% and you bid $100,000 on a home, the contract price of the home is actually $110, 000.  We advertise and announce the buyer’s premium and do our best to make certain that each buyer is very well aware that a buyer’s premium is in effect.

When you arrive at an auction site, you will need to register in order to bid.  Be sure to have your driver’s license and required deposit with you.  Deposits can be either cash, cahier’s check made payable to you, or a personal or business check, which must be accompanied by a bank letter of credit or letter of guarantee.

You will be asked to show proof of your deposit when you register, however it will not be collected.  Only the successful bidder will provide the required deposit with the completed sales contract immediately after the auction.

When you register, please look to see if there are any posted signs, posters, or additional brochures or handouts pertaining to the real estate or auction, as there may be updated information.

Always remember at any auction, you are free to ask questions of any member of our staff.  Ask a question of a member of the auctioneer’s team, and they will do their best to find the answer for you.

Please note that all announcements made on auction day take precedence over all previously advertised or announced information.  It is in your best interest to be present and attentive during the auctioneer’s announcements which will be addressed just prior to the commencement of the auction.

If you are the successful purchaser of the real estate, your deposit will be placed in our company’s escrow account until closing.  You will have the opportunity to choose the settlement company or closing attorney you would like to have handle your end of the closing. You have 30 days to obtain financing and to close on the real estate.