1. What types of auctions do you conduct?
2. What can I expect at an on-site auction?
 

“What Types of Auctions Do You Conduct?”

 Through years of experience we have found that it takes several types of auctions to take advantage of different market conditions and give the best service our clients.

 Absolute Auction
An absolute auction is defined as “Being sold to the last and highest bidder, regardless of price.  No Minimums or  Reserve.” The sale is final.

 Reserve Auction
The seller sets a reserve, or minimum price that the auction has to bring. The reserve price is kept confidential between the auctioneer and the seller and unknown to the bidders.  If the reserve price is not achieved, the seller is not obligated to sell the property. However, the seller can do so if he or she wishes. The reserve auction gives the seller financial peace of mind.

Ballroom or Multi-Property Auction
The ballroom auction is used to sell multiple properties from one location. The properties being sold can absolute or reserve.

 On-Site Live Auction
The on-site live auction is conducted live by the auctioneer at the site (location) of the property that is being sold. Normally there is a preview that gives the attending bidders and public the opportunity to inspect the property and get information from the auction staff.  This auction is very effective because everyone can see, feel, and become involved in the dynamics of the auction process. This auction can be absolute or reserve.

 Live Webcast Auction
The live webcast auction is normally part of a ballroom or an on-site live auction. The bidder joins the bidding via internet connection. We stream live audio and if on-site conditions permit live video.  There is no special software for you to install. You can participate in the bidding from anywhere in the world in real time. It is similar to watching a football game in real time on TV.  

 Online Only Auction
This online only auction is only open to registered Internet bidders, who could be anywhere in the world. The auctions are timed. This auction can be absolute or reserve.

Back to the questions.

“What can I expect at an on-site auction”

Our Auctions

We get asked that question all of the time. We invite you to attend one of our auctions and watch. There’s no cost and you are not required to bid.

 The Bidding Process At Our On-Site Real Estate Auction
To bid at our live on site auctions we require that you register and receive a bidders card (number). The bidders card gives you the right to bid. You cannot bid without a valid bidders card. To receive the bidders card you have to show us your Drivers License and your checkbook, you will need it if you are the winning bidder. If you are the winning bidder at the end of the auction we require that you write a check for the escrow deposit.  We’re sorry at this time we do not accept credit cards.

 Financing – No One Likes Surprises
Many auctions require a non-refundable deposit. That means that you would forfeit your deposit if you can’t close. If you intend to get a mortgage you should have a loan approval from your bank or mortgage company prior to bidding.  There are no contingencies for financing. 

Terms and Conditions
When you arrive at the auction you will receive a flyer that gives details about the property and has the terms and conditions of that particular sale, such as the deposit amount, time to close, title insurance etc.We normally have a two hour preview to give you time to inspect the property.Our staff will gladly answer questions.

 The Auction
At the start of the auction the Auctioneer will introduce himself and the staff. Then the Auctioneer will then read the opening statement into the record i.e., terms & conditions, disclosures, taxes & any particulars of that sale. After the opening statement registered bidders will have the opportunity to ask questions about the property. When all questions have been answered the bid calling begins.  The easiest way to bid is just to raise your bidders card. Our staff is standing by if you need any assistance during the auction.

Paperwork
At the end of the auction the winning bid will be put to contract and given to the seller for their  acceptance.  We use a simple two page contract. There’s no fine print.

Back to the questions.