Bidding at our real estate auctions is easy! Just follow the 5 easy steps below and you will bid like a seasoned pro. Remember, you are guaranteed clear title and you have at least 30 days to close with our auctions. Should you have any question at all, you can always reach RealtyTrust Auctioneers at 615-346-4646.
1. Register - Prior to auction day you can visit the online registration portion of website or come by the RealtyTrust corporate offices to register for any upcoming auction. Also, you can always register at the auction on auction day and receive a bidder's package containing all pertinent property disclosures. You are guaranteed clear title if you are the successful bidder. ALL AUCTIONS ARE HELD RAIN OR SHINE!
2. Preview the Property - Come to the scheduled open house to view the inside of the property. You are encouraged to bring your home inspector to inspect anything you feel is necessary. The property will be sold in "as is" condition, so do your due diligence.
3. How to Bid - 90% of all our auctions are a simple "oral outcry" style auction. In this type of auction you can bid anyway you like, there is no bid paddle required. Our auctioneers are very friendly and are there to help you, so don't be intimidated by the process. We do occasionally utilize bid paddles at commercial real estate auctions and other executive style auctions. On the day of auction, when you check in at the registration table, you'll be given a bid paddle with a number on it. To bid during the auction, simply raise your paddle and make eye contact with either the bid caller or a groundsman.
4. Proof of Funds - Rarely (less than 10% of auctions) we will require a specified amount of money needed to participate as a bidder at auction. Make sure to bring these monies to the auction in the form of a cashier's check or certified check made out to yourself. You will be required to present this check at the registration table in order to receive your bid paddle. Allow plenty of time to get to your bank so you don't miss the auction. The auction will start promptly at the time advertised.
5. Should You Win - You will have 30 days to close (if there is a different escrow period it will be posted) with the balance of the amount needed. If you don't close in this time frame, the earnest money is non-refundable. It is advisable that if you need assistance from a lending institution to help fund the transaction, that they are efficient in providing the necessary money to close in the appropriate time frame.
Is This An Oral, Outcry Auction?
Yes. RealtyTrust Auctioneers hold public, oral auction on the premises of the properties being auctioned. Once an opening bid is received or called out, the auction process begins and the bidding will advance above the opening bid in increments established by the auctioneer.
Rejection of any Offer or Bid:
RealtyTrust's sellers reserve the right to accept or reject any bid regardless of how that offer is made, whether or not it exceeds the reserve price and whether or not it is the highest bid offered. Bank property sales typically require a final review and acceptance by the bank's managers.
Properties. At RealtyTrust, quality is paramount. If you see a property for sale in a RealtyTrust auction, you can act with confidence that it meets the high standards our buyers and bidders have come to expect.
Bidder Service. You will also notice our commitment to helping you evaluate a property and become an informed, confident bidder. RealtyTrust’s highly trained Auctioneers and Auction Specialists educate themselves on each property we sell so that they can answer your questions quickly and accurately. Our goal is to provide buyers with a straight forward, uncomplicated and transparent service to help you prepare for an upcoming auction and make an informed decision.
In-depth property information. We understand the unique needs of bidders who are evaluating a property and preparing to bid. For that reason; we use a variety of tools to help you get the information you desire, in a format that best suits your needs. These include our state-of-the-art website, which serves as a portal for vital information, including specific property information, photos, maps, virtual tours, video and additional material. Our website is the best starting place for learning about upcoming auctions and obtaining information about properties that interest you. For most sales, we also produce a color brochure that pulls together information about the property, the location, the community, and details about the sale such as exact location, broker registration information and down payment (earnest money) requirements. You can obtain a copy of the brochure by downloading it in PDF format from the applicable auction promotional page on realtytrustauctions.com.
Due Diligence. Bidders are encouraged to conduct due diligence or do their homework, inspect the property, area, etc. prior to placing bid. Please remember, all auction properties are sold “AS IS”, and by placing a bid at public auction you are entering into a binding agreement to purchase real estate…If you do not understand, please do not bid.
Commitment to Sale. When you attend a RealtyTrust auction, you will know that the seller is truly committed to selling the property on sale day. As leaders in the auction industry, we adhere to a strict Code of Ethics, which spells out our obligation to properly inform buyers during the marketing campaign whether the auction is absolute or with reserve. Therefore, we are committed to providing you with a clear and concise understanding of the property being sold, the terms of the auction and the auction process.