First Time Buyer
Buying real estate at auction is easy. Simply click on any of the following categories to
learn more.
Getting Ready
The 30 days leading up to the auction is the time for you to get questions answered, attend
open houses of the homes you are interested in, and determine what you can afford to spend.
The actual auction is simply the time to offer the price you are willing to pay for those
properties.
Auctions Go Fast!
The auction itself moves fast. First-time attendees are usually surprised to learn that the sale they
are attending is over within a few minutes. In many cases, if the auction is for a single home with
nothing else to be sold, the entire process lasts less than 15 minutes. So, don’t be late!
Registration
On auction day, prospective buyers register for a bidder number by showing a valid driver's license and
filling out some simple information. The registration period usually begins from 30 minutes to 2 hours
before the scheduled auction time. There is no fee to register at the auction and high bidders may use
cash or personal checks for down payment. You can also get all last minute questions answered and tour
the home one final time if you wish.
Before the Bidding Begins
The auction begins promptly at the appointed time with opening remarks summarizing, for the record, the
terms of sale, the methods of bidding and any last minute changes or disclosures. These comments usually
take only a few minutes, concluding with the auctioneer answering any final questions. Then the bidding
is ready to begin!
The Auction Team
Assisting the auctioneer will be ring staff, to make sure anyone trying to bid is recognized and that
all bids are recorded with the Auctioneer. Ring staff may also assist with questions during the auction,
including asking the auctioneer to pause if necessary. It is a myth that bids can be made accidentally,
by scratching one's nose and the like. If you did not intend to bid, simply inform one of the ring staff
or the auctioneer and the mistake will be corrected. Any tie bids or other issues regarding who has the
high bid are always resolved by the auctioneer, who has complete and final authority.
“SOLD!”
From the first bid, things move quickly, with bidders offering their bids up to the price they are
willing to pay for the property. The auctioneer can and will say "sold" as soon as he or she determines
that the final bid has been made. It is not necessary, nor customary, for the auctioneer to slowly
announce, "Going once, going twice, etc." He or she simply decides the bidding has stopped and announces,
"sold." If the auction is for a single property such as a home, this concludes the auction and the
purchaser simply executes the Contract of Sale and makes the required payment.
“Buyer's Choice” (Available at some auctions)If there is more than one property or
parcel being offered, the “buyer's choice” method is often used. In a “buyer's choice” sale,
items will be numbered or lettered for identification purposes. The number or letter will not
relate in any way to when the property will be sold. Instead, each time the auctioneer says
"sold," the person with the high bid will choose which parcel(s) or property(s) they want to
purchase by announcing the number(s) or letter(s) describing that property(s) or parcel(s).
The high bidder can take as many parcels or properties as they want from those that
remain unsold, and in any order or combination. His or her high bid is simply multiplied
by the number of properties or parcels they have chosen at that time. Once chosen by a
high bidder, and unless otherwise announced, that property is "sold" and no longer available.
It is therefore very important that bidders realize if they do not have the high bid,
the property or properties they want could be chosen (sold) to the high bidder and will
no longer be available. Sometimes, the high bidder will choose many properties at once,
and in some sales, choose every property available, thereby bringing the auction to a close.
“Buyer's choice” allows buyers, not the auction company or seller, to determine how, when and
at what price they will purchase property.
Good luck and good bidding!
If you have additional questions about auctions, please contact a
customer service representative at 800.801.8003.