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Auction 101
Auctioneers may control the bidding during the auction, but at Auction Network you control the bidding experience. Choose from a plethora of real estate opportunities each month through Live On Location auctions, Live Online listings...or both simultaneously. The monthly Live On Location broadcasts provide a platform for Internet viewers to bid in real-time from any remote location on properties offered on a lawn by Williams & Williams. Or place absentee bids when busy schedules tie you up.
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Each broadcast is augmented with an in-studio host, property previews, news on upcoming opportunities and up-to-the-moment announcements to keep bidders abreast of developments.
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With Live Online, choose from properties made available only to our Internet bidders. Bidders vie to have the high bid when the auctions expire. Using widgets, place bids on multiple auctions at the same time and stay connected with live countdowns and real-time reminders from the broadcast host.
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To make your bidding process even easier, you can view both types of auctions (Live On Location and Online Only) at the same time on your screen. No jumping from screen to screen to see how your bids are holding up.
Prepare for Auction
Find the Right Property
You can do this right here by clicking on "Upcoming Auctions" or "Buy" at the top of this page. Browse our available inventory and refine your search until you find exactly what suits you. If you are interested in a specific property, enter the address into the search bar at the top of the page. We recommend you become an auctionnetwork.com member so that you may save your searches and favorite properties in “My Account” for easy reference later. When you become a member, you can also sign up to receive auction alerts when properties that match your interests are added to our inventory.
On Auction Day
Before the Auction Begins
Make sure you have signed up for an account on auctionnetwork.com and have registered to bid. You will need to enter a credit card to register, though it will not be charged, it is just to authenticate your information. Make a note of how long bidding will be open.
Why are some auctions restricted only for end users or owner occupants?
Beginning Aug. 1, 2022, HUD implemented a change to expand access to home ownership to low- and –moderate income home buyers by giving them an exclusive 30-day period to bid on HUD single family homes post foreclosure. Buyers eligible to bid during this period must be individuals or families who will occupy the home, HUD approved non-profits or governmental agencies. If the property is not sold after the first 30-day period, or if that transaction does not close, the property will be made available for all buyers to place bids and the website will be updated to show this.
Can I inspect a property before the auction?
Yes. If the property has an open public inspection period, we recommend you perform any inspections or have the property appraised before auction day. The dates and times for public inspection are listed on each property's detail page. Additionally, properties are available for public viewing through licensed real estate brokers/agents and licensed, certified property inspectors upon registration of the viewing through our ProPortal website, accessible through the tab on top of the williamsauction.com home page.
What is a buyer's premium?
The buyer's premium (buyer's fee in Wisconsin) is paid by the buyer and used to compensate the real estate broker representing the buyer and/or the broker or auctioneer representing the seller.
What is a an auction service fee?
The auction service fee is paid by the buyer and used to compensate the real estate broker representing the buyer and/or auctioneer.
Do I get insurable title?
Yes. Most properties are transferred by deed prepared by the seller (i.e. special, bargain and sale, quit claim, U.S. Marshal's, trustee's, etc.) with insurable title as determined by the title company indicated on the contract. A customary owner's title insurance policy is issued for each property.
Can I use my own title company?
Yes. However, the terms of sale which are stipulated in the contract will still apply. Specifically, that the insurable title as prepared and offered by the indicated title company shall be the standard agreed to and accepted by the parties for conveyance and that the buyer shall pay all costs already incurred and required by that title/closing company. Therefore, you may use your own title company to close the transaction, but you may still be responsible for some costs incurred by the original title company.
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Is there a reserve price?
All properties are auctioned subject to seller confirmation (a reserve auction) unless otherwise disclosed as absolute or without reserve. Properties sold subject to seller confirmation or reserve may not have a published reserve value, and the high bid is simply subject to seller approval. Properties auctioned absolute or without reserve have no reserve value and the property will sell to the high bidder on auction day.
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Can I use bank financing?
Yes. However, the properties are being sold without contingencies, "Cash, As Is, Where Is" so you should be pre-qualified by a lender as to the amount you can afford to spend for a property being sold for "Cash, As Is, Where Is."
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Do I need to use a real estate agent?
An auction provides a clean, time definite, exchange between the parties and traditionally allows the buyer to minimize the number of intermediaries separating him/her from the seller. Although as the auctioneer Williams & Williams represents the seller, we have the responsibility to treat all parties fairly and in accordance with real estate law. If a buyer feels more comfortable having representation at an auction, s/he is welcome to have an agent register the buyer as a client, attend the auction, and assume the role of a buyer's agent.
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When will I know if my bid is accepted?
If you are the high bidder on a property selling absolute or without reserve that means there is no reserve value and the high bid is the sale price. If a property is not being marketed as absolute or sells without reserve the high bid is subject to seller confirmation or approval. For properties subject to seller approval, the high bid is irrevocable for a period of 14 calendar days.
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Is the down payment deposited?
Yes. All down payment funds are deposited in less than 24 hours of the auction if the property is selling absolute or without reserve, and within 24 hours of acceptance on all properties sold subject to seller confirmation (unless otherwise required by statute), so you should transfer funds into your checking account prior to the sale (if a sale is not approved, down payment is immediately returned).
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Reserve Met/Not Met
Some sellers will allow us to alert you when the bidding has reached their reserve price. If the bidding is below the seller's reserve, the message Reserve Not Met will appear. Once the bidding meets or exceeds the seller's reserve, this message will change to Reserve Met. Bids above the reserve will continue to be accepted until the time the auction is scheduled to close. Meeting a seller reserve does not automatically ensure seller acceptance, as legal, regulatory, or seller requirements may prohibit conveyance of the property.