Auction FAQ

Can I look at the property prior to the auction?

Yes! You can view the property on one of the Preview Days. This will allow you the opportunity to walk-through the property and do any inspections. Please look at the auction calendar to for the Preview Days. 

Can I do inspections on the property?

Of course! The property will be sold "as-is, where is" so you should do all your due diligence prior to the auction. The Preview Days are the perfect time to schedule your inspector to visit the property. 

Can I get financing on the property?

Yes! However, you should have all your financing in place prior to the auction. The property will be sold not contingent on financing. This means if your financing falls through and you are unable to close by the set date your earnest money will be released to the seller and us, as the auction company, will contact the runner-up bidder to see if they are still interested in purchasing the property.

What is a buyer's premium?

A buyer's premium is a fee as a percentage added to the highest bid for the purchase price. We have a 10% buyer's premium which is standard for the auction industry. For example: If the highest bid was $100,000 then the purchase price will be $110,000. The buyer's premium should be taken into consideration when bidding at auction. 

How much do I need to register to bid?

In order to be approved to bid on the property, either online or at the live auction, you must provide proof of fund/lender letter and winning bidder must furnish a bid deposit of $10,000, which will go towards the earnest money deposit. The winning bidder will provide an earnest money deposit of $10,000 or 10% of the contract price, whichever is greater due to the title company 48 hours following the auction. This 10% earnest money deposit is non-refundable. 

I've never purchased anything at an auction before. How do I know what I am bidding?

The auctioneer and staff want you to understand the auction process. The auctioneer will go over the terms and conditions and then ask for any questions before the bidding starts. Once the auction start a bidding assistant, commonly called a "ringman" may help you in relaying bids to the auctioneer. If you are unsure what the bid is or who has the highest bid feel free to ask the "ringman" during the auction.