HOW TO BECOME A REGISTERED BUYER:
All of our auctions are open to the public. To become a registered buyer at one of our auctions, simply bring your driver's license and have a valid phone number. That's it! See you at our next auction!
BUYING REAL ESTATE:
Buying real estate, like buying anything else at auction, is a simple, transparent process that allows you to bid based on exactly what you want to pay. Below are some of the benefits auction real estate buyers enjoy.
BENEFITS TO THE AUCTION BUYER:
Smart investments are made as properties are usually purchased at fair market value through competitive bidding
The buyer knows the seller is committed to sell
Auctions reduce the time required to purchase property
Auction sellers are not holding out for impractical list prices
In multi-property auctions the buyer sees many offerings in the same place, at the same time
Buyers determine the purchase price
Auctions eliminate long negotiation and waiting periods
Purchasing and closing dates are known in advance
Online bidding offers buyers the ultimate convenience in purchasing items at auction
Buyers know they are competing fairly and on the same terms as all other buyers
1. What payment methods do you accept?
We accept cash, check, debit cards, and MasterCard, Visa, and Discover. If a credit card is used, a 3% convenience fee will be added to the transaction amount.
2. I can't attend the auction. Can I still bid on an item?
Yes! In the event that you cannot attend an auction, you can leave a bid on a specific item in advance of the auction with a member of the auction staff. This is known as an "absentee bid" or a "left bid". Also in certain auctions you may place a pre-bid electronically via Proxibid or Bidopia.
3. What is a buyer's premium?
A buyer's premium is an surcharge that is a stated percentage added to the high bid for a lot to determine the lot's final selling price to be paid by the buyer. This premium is an industry standard and is is part of how we get paid.
4. What does "as is, where is" mean?
"As is, where is" is exactly as it sounds--an item is sold on the spot and immediately becomes the responsibility of the winning bidder. The item or property is sold without warranty as to its condition and merchantability for a particular use. We sell all property and items in this manner.
5. What is the difference between an estate auction and a consignment auction?
An estate auction is the property of a single individual--either living or dead. A consignment auction includes goods offered for sale by multiple sellers.
6. What does "by the piece, choice, and all one money" mean?
These terms are very important for first time auction-goers to understand. When like items are sold "by the piece" that means that the winning bid will be multiplied by the number of like items being sold. "Choice" allows the winning buyer to purchase one or several pieces of a group of items. "All one money" indicates that everything being sold is included in the winning bid.
7. What is the difference between an absolute auction and a reserve auction?
In an absolute auction, all property is sold to the highest bidder irrespective of price. However, in a reserve auction, the seller reserves the right to accept or reject any and all bids, or to withdraw the property if price is not met to seller's satisfaction.
Still have questions? Drop us a line.
Absentee bid - A bid placed with the auctioneer or an auctioneer's assistant in advance of the auction. Usually offered at the auctioneer's discretion to allow a bidder to participate without being present. An alternative to online bidding.
Absolute auction - An auction where the property is sold to the highest qualified bidder without the seller's opportunity to reject the bid. An absolute auction is established by the auctioneer at the time the bidding is opened. Sometimes called an auction without reserve.
"As-Is" - Selling a property in its current condition without any warranties or representations as to its condition or fitness for a certain use. Buyers are responsible for any examinations they feel necessary for their protection, but understand that the seller is not going to make any changes to the property.
Bid - An offer to buy at a certain price. A buyer's premium is often added to a winning high bid to determine the final contract price.
Bid Assistant (Ringman) - An auction staff member stationed in the audience to assist bidders and the auctioneer as they communicate throughout the auction.
Bid calling - The verbal process used by the auctioneer to conduct the auction. Using a unique chant the auctioneer acknowledges bids and asks for increments in the bidding.
Bidder number - A unique number assigned a bidder at registration, used for identifying the bidder throughout the auction process.
Buyer's premium or buyer's fee - A percentage of the high bid, added to that bid to determine the final contract (purchase) price. For example a high bid of $100,000 with a 10% Buyer's Premium would result in a contract price of $110,000.
Chant - The rapid talking of the auctioneer made up of words and sounds, used to acknowledge bids, ask for increments, and communicate with Bid Assistants.
Closing - The time at which final funds are exchanged and the property changes hands. Usually handled by a title company as proscribed in the Purchase Contract and occurring several weeks following the auction. The closing process is essentially the same for an auction sale as for any other traditional real estate transaction.
Commission - The amount paid to licensed real estate agents and auctioneers who have participated in the sale according to published terms and agreements.
Conditions of sale - The terms governing the auction process and sale. Usually published in advance of the sale and announced by the auctioneer prior to opening the bidding.
Contingency-free or non-contingent - The requirement that a bid on the property not have any conditions attached (such as contingencies for financing or inspections). A non-contingent bid/offer cannot obligate the seller beyond the published terms of the auction.
Contract - The legally binding document signed by Seller and Buyer at the conclusion of the sale. The contract stipulates the responsibilities of each party.
Contract price - The sum of the high bid and the Buyer's Premium. This is the amount entered on the contract as the purchase price. For example a high bid of $100,000 with a 10% Buyer's Premium would result in a contract price of $110,000.
Deposit or Earnest Money Deposit - A portion of the contract price paid by the buyer at the time of contact signing. The auction terms will state the deposit requirement. Deposits are credited toward the contract price and are usually non-refundable.
Escrow - A legal arrangement in which the title company holds the deposit while preparing documents and making arrangements for the closing.
Minimum bid - Often used interchangeably with "reserve" and referring to the minimum bid which will be acceptable to the seller. Not usually disclosed. Bidding may begin below the minimum bid and the seller may accept a high bid that falls below his or her established minimum.
Multi-parcel auction - An auction method used when a property can be purchased in parts (eg: tracts or units) or as a whole. Bidding is offered on each part, combinations of parts, and the whole property. Bidders have the ultimate flexibility in what they want to buy as the auction concludes only when bidding subsides on all possible combinations. Whichever combinations produced the highest bid (or group of bids) will be the way the property is declared sold.
Online or Internet bidder - A prospective buyer who is participating in the auction through an online bidding platform. For some auctions the online bidding may be offered for a period of weeks while in other cases it may only be offered simultaneously with the live auction. In the second scenario, the online bidder is competing in real time with bidders attending the live auction in person.
Opening bid - The first bid offered at an auction. Usually not stipulated by the auction terms.
Reserve, Seller's Reserve, or Reserve Auction - The reserve is the minimum bid a seller has stated that he or she will accept at the auction. Usually not disclosed. If the high bid falls above the reserve, the auctioneer has the authority to declare the property sold. If the high bid falls below the reserve, the seller reserves the right to accept or reject it.
Terms & Conditions - Rules of the auction that governs how the property is to be offered, how the bidding will be handled, and how the ultimate purchase will take place. Bidders must read and agree to the terms & conditions of the auction in order to register and receive a bidder's number for participating in the auction.
"Yep!" - The energetic sound a bid assistant or ringman utters to notify the auctioneer of a new bid.