Real estate auctions can be great fun to attend. You can get in on the bidding or just watch the action. Bidding at our real estate auctions is simple. Remember, you are guaranteed clear title and you have at least 30 days to close with our auctions. But, before you start bidding, make sure you have a plan.
How to Bid - Our typical auction is a simple “oral outcry” style auction. 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 different types of real estate 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.
8 Real Estate Auction Strategy Tips
1. Start By Observing - One of the best ways to learn is by observation. Attend a couple of real estate auctions with the intention to simply watch and learn. You’ll get the feel for how things work and be prepared to avoid costly mistakes.
2. Attend the Preview - The open house can be held a few days before the auction or just a few hours before the auction begins. It is open to the public and free of charge. This is your chance to look the property over thoroughly and to ask the auctioneer any questions that you may have.
3. Be Prepared - Know what you are bidding on. Doing the legwork and due diligence before hand increases the likelihood that you will pay a fair market value. We encourage you to bring your home inspector, termite inspector or any other inspector to look over the property on your behalf.
4. Learn the Terminology - There are a few terms that you need to understand to more effectively bid at auction.
5. Register For Auction - To bid at an auction, you need to register before the auction begins. You give your name, address, phone number and you may be required to bring proof of funds. In return, you receive a bidding number. This helps the auctioneers and groundsmen keep track of who is bidding at auction.
6. Stay Cool Once the Bidding Begins - Everyone will have a chance to bid, bidding will not pass you by. If you want to bid, the auctioneers will allow you to bid and if you want to be out, the auctioneers will be sure that you are out. With a Realty Trust auction you can bid with confidence, relax and have fun.
7. Understand the Terms & Conditions – In some cases a buyer’s premium may apply to the auction. It is important to always read and understand the auction terms and conditions prior to participating in the auction.
8. Find Out About Payment - Make sure you know beforehand what forms of payment are accepted. An earnest money deposit is always required from the successful bidder so be prepared to write a check (usually 10% of winning bid amount, terms may change). Personal checks and cashier checks are accepted at Realty Trust auctions unless otherwise noted in the auction terms and conditions.