Smart InvestmentsFor Smart Buyers
Buyer’s Benefits at Auction
What Are The Buyer’s Benefits?
- Buyers determine the purchase price
- Smart investments are made as properties are purchased at fair market value through competitive bidding
- The buyer knows the seller is fully committed to sell
- In multi-property auctions, the buyer can view many properties at the same time
- Auctions eliminate long negotiation periods
- Auctions reduce time to purchase property
- Purchase and closing dates are known in advance
- Buyers know they are competing fairly and on the same terms as all other buyers
- Buyers receive comprehensive information on the property via the due diligence packet
Buying real estate at auction is easy. The following categories will provide a quick overview to help educate you about the auction process.
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BEFORE THE AUCTION:
The auction begins promptly at the appointed time with pre-auction announcements summarizing 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. If questions are not taken by the Auctioneer, an information booth will be available to answer all questions.
Closing on the property typically takes place within 30 days from the date of the auction. Closing is not contingent on financing, appraisals, or inspections.
The auction process is simple, beneficial and fun. If you have additional questions about auctions, please contact John Roebuck Auctions at 901.763.2825.
The Bidder Assistants are auction staff members who are positioned among the attendees at the auction. They are there to assist the auctioneer, spot your bid and assist you with information to help you in your buying decision.
You may place a bid by raising your bidder card. It is a myth that bids can be made accidentally by scratching your nose or similar accidental movement. If you did not intend to bid, simply inform one of the Bidder Assistants 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.
From the first bid, things move quickly with bidders offering their bids up to the price they are willing to pay. It is not necessary, nor customary, for the Auctioneer to slowly announce, “Going once, going twice, etc.” When it is determined that the final bid has been made, the Auctioneer will identify and congratulate the high bidder. The high bidder simply exectues the Real Estate Purchase Agreement and makes the required Earnest Money Deposit. In a “Subject to Confirmation” auction, the Seller retains the right to accept or reject the high bid within a specified time after the auction.
If you are not able to attend the auction you may want to consider a pre-auction offer. If you choose this you need to make it your best offer in hopes there won’t be any counter offers the seller will accept over yours. Make your best offer and be ready to close.
Have we answered your questions?
If you have additional questions about auctions, please contact Roebuck Auctions at 901.763.2825.