What is a real estate auction? A Real Estate Auction is an accelerated method of buying and selling real estate. It is an intense and fast paced real estate marketing process that involves the public sale of property through open, competitive bidding and can be held on location, at our auction house or processed through sealed bids. What are the general differences between public auction and a foreclosure? Generally, a public auction is for sale by owner. The owner is not in financial distress, but has concluded that selling his/her property at auction is the most effective method. As auction marketing moves into the mainstream, more people are finding that selling their real estate at auction to be the most efficient way to maximize value in a very timely manner.  A foreclosure, on the other hand, is a forced sale by creditors. This is my first auction and I'm not sure how to bid? What to do if you are attending the auction:

1. Register to bid by showing a valid driver's license and obtain a bidder number prior to the start of the auction. By registering to bid, the buyer acknowledges that they have reviewed and understand the information in the bid packet and the Contract of Sale agreement. The bidder also acknowledges that immediately following the auction, they are prepared to execute the Contract of Sale agreement and to pay the appropriate deposit at that time in a form that has previously been deemed acceptable to the Auction Company.
2. Determine how much you are willing to pay for a piece of property. Since your needs and desires are unique, your valuation of the property will be different from anyone else's. 
3. As the auctioneer progresses in his call for bids, simply raise your hand when you want a bid. If you're not sure if you're in or out, raise your hand again and the auctioneer will keep you in. He will not let you bid against yourself. The auction will be conducted under the total control of the auctioneer.
4. If you have any questions, motion for one of the Auction Team members. They are here to help you understand the process completely.  It is best to have all your questions answered prior to auction day. 

What do I need to bring to the auction in order to bid? Potential buyers are required to bring cash, certified funds, business or personal check in the amount of the pre-determine deposit. Always check with us before each sale to determine what form of deposit will be required. Do I need to pre-qualify? No. We normally do not require any pre-qualification to bid; however, if you intend to obtain mortgage financing, the bank will require you to qualify for their loan. The deposit you make on auction day is not contingent upon mortgaging financing. Are auction sales contingent on inspection? All sales are on an “as-is condition” basis. There are no warranties as to the condition and/or the fitness of the property for a particular use. We do our very best to provide ample documentation about the auction properties but we encourage all buyers to do their due diligence prior to sale day for their own protection. If I win the auction, what happens to my deposit money? The deposit will count as a credit towards the purchase price of the property and placed in our escrow account. Please note; it is the purchaser's responsibility to obtain financing. If you plan to use a mortgage to purchase the property, we recommend that you apply for the loan prior to bidding on the real estate. When can I inspect the property? We schedule open house previews on most properties and will make every effort to afford ample access to assist in your purchase decision. What is an Absolute auction? An absolute auction is a public auction without a reserve or minimum price/bid. This means that the property, once the auction begins, will be sold that day to the last and highest bidder. What does the term “reserve” mean? Under a reserve auction the auctioneers will submit the highest and best bid to the seller. The seller has the right to accept or reject that bid. If the property is not labeled as absolute, it will be sold on a reserve basis, subject to owner’s confirmation,  What is the Buyer's Premium? The buyer's premium is an amount that is added to the high bid for our auctions. What are the advantages to a buyer in an auction situation? At an auction the buyer knows the seller is fully committed to sell. Our auction agreements obligate the seller to transfer title to the highest bidder in an absolute auction; likewise the auction agreement obligates the seller to transfer title to the highest bidder that meets or exceeds the reserve price in a non-absolute offering. Our buyer knows they are getting the property at a fair price. A buyer feels committed to the purchase knowing that there is a contending bid just one increment under the purchase price. Other benefits are: Buyers set their own purchase price. Auctions eliminate long back and forth negotiation periods. Auctions reduce time needed to purchase property. Buyers do not have to worry about contingencies because purchasing and closing dates are known in advance of the sale. Buyers can receive favorable pre-sale financing. Due diligence is performed in advance of the sale. How long do I have to close on the property? Generally, our contracts stipulate a 60 day settlement from the day of the auction to closing.  Should real estate agents look favorably on auctions? Increasingly, more and more real estate agents are discovering the benefits of real estate auctions. The know that auctions promote action in an industry that thrives on activity.