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
Buyers determine the purchase price
Auctions eliminate long negotiation periods
Purchasing and closing dates are known
Buyers know they are competing fairly and on the same terms as all other buyers
Buyers receive comprehensive information on property via bidders packet
Bidding & Buying Tips for Real Estate Auctions
It is important to physically inspect the property
If you will need financing you must make arrangements before auction day because auction day purchases are not contingent upon the bidder obtaining financing
Read the Terms and Conditions on the sale’s details page and familiarize yourself with them
You will be required to show the registration clerk the required deposit, in the form of a cashier’s check, as well as your driver’s license prior to receiving a bidder card
If you are a successful bidder, you will be required to pay the necessary deposit set forth in the Terms and Conditions for that particular sale
Don't forget to take into consideration that the buyer’s premium will be added to your final bid.