How
to Buy at an Auction
1.
You must first decide; are you paying CASH or going
to FINANCE the purchase of your new property. If you finance
the property you must have a loan commitment before you
buy at auction. Property sold at auction is sold AS IS and
on a cash basis unless otherwise stated in the announcements
or advertising. This means you must be ready to close by
the date announced.
2.
To help you understand the language used at auctions
we provide a glossary of terms (click
to open glossary) that will help you. The language that
auctioneers use may sound foreign to you and this will help
you be informed so when you hear the auctioneer's announcements
you will understand what he means.
3.
Review the terms of the auction, by registering to
bid, you are acknowledging that you have read and agree
to the auction terms and policies. Also that at the conclusion
of the auction that you are prepared to execute the contract
of sale and pay the appropriate deposit at that time with
acceptable funds.
4.
Determine how much you are willing or can afford to pay
for a property. You may be willing to pay more or less
than the person bidding against you, so know the range you
want to pay for a property.
5.
Register to bid either online or at the registration
desk on site at the auction location.
6.
When the auctioneer starts the sale make sure you raise
your hand high so he sees your bid. If he is going to
fast for you and your not sure if you're the high bidder
raise your hand again the auctioneer will not let you bid
against your self.
7.
The auction will be conducted under the control of the
auctioneer. If you have any questions, motion for any
of the Ringmen or auction associates and they will be glad
to assist you, they are there to help you.
8.
Once the bidding has stopped and the auctioneer calls
SOLD if you are the high bidder you must then sign the sale
agreement and pay the deposit. Then the closing will take
place in 30 days unless a later date has been announced
at the beginning of the sale.
