HOW TO BID

This is my first auction and I'm not sure how to bid?

Step 1:

Register to bid by filling out a bidder card at the registration table. By registering to bid, the buyer acknowledges that they have reviewed and understand the information in the bid packet and the Contract of Sale agreement. The bidder also acknowledges that immediately following the auction, they are prepared to execute the Contract of Sale agreement and pay the appropriate deposit at that time in a form that has previously been deemed acceptable to the Auction Company.

Step 2:

Determine how much you are willing to pay for a piece of property. Since your needs and desires are unique, your evaluation of the property will be different from anyone else’s. This is key!!

Step 3:

As the auctioneer progresses in his call for bids, simply raise your hand when you want to bid. If you’re not sure if you’re in or out, raise your hand again and the auctioneer will keep you in. He will not let you bid against yourself. The auction will be conducted under the total control of the auctioneer.

Step 4:

If you have any questions, motion for one of our Auction Team members. These ringmen are here to help you understand the process completely.
What does the term "reserve" mean?

Under a reserve auction the auctioneers will submit the highest and best bid to the seller. The seller has the right to accept or reject that bid. If the property is not labeled as absolute, it will be sold on a reserve basis.

What does the term "absolute" mean?

In an absolute auction, the property will be sold to the last and highest bidder regardless of price.

Do I need to pre-qualify?

No. We normally do not require any pre-qualification to bid; however, if you intend to obtain bank financing, the bank will require you to qualify for their loan. The deposit you make on auction day is not contingent upon financing.

What is a buyer's premium?

A buyer’s premium is a percentage that is added to the bid price to determine the total purchase price. In most auctions there will be a 10% buyer’s premium added to the successful bid amount to create the total purchase price.

How much money do I need at the auction?

The Earnest Money (pursuant to the Contract of Sale) is $2500 And will be non-refundable (except as otherwise provided in the Contract of Sale); and due on the date of auction in the form of a cashiers check. The balance of the contract purchase price shall be due at closing.

What if I'm a Real Estate Broker?

We offer a Broker Participation Commission to any licensed Real Estate Broker who properly registers a client. Registration forms must be completed at least 24 hours prior to the scheduled auction by calling 612-328-5659 to request a Broker Participation Form. The amount of the commission shared varies by auction.

I've never been to an auction before. This sounds confusing?

First, you are not alone most people who attend one of our Real Estate Auctions are there for the first time. Second, you will never be tricked into buying something that you don't want. The most important thing to do at an auction is relax and have fun. If you have a question, ask it. We strive to insure that all of our customers are fully informed and educated.