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Auctions 101 |
Get Ready!
The weeks leading up to the auction is the time to get informed,
do all inspections and due diligence. Attend open houses and
decide what you are willing to spend. Be prepared to give your
pre-determined offer on the actual day of the auction.
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Get Set!
Auctions move fast! First time attendees are usually surprised
at how quickly they are over. Get with the auctioneer or ring
man to help you. If the auction is for a single home, the
process could take just 15 minutes to sell. Make sure you are
not late, or you could miss it! |
Register
Upon arrival, register for a bidder number by showing a valid
driver?s license and filling out your information. This may
occur 30 minutes to two hours before the auction begins. There
is no fee to register. Cash or personal checks are accepted for
down payments on property with proper ID. All last minute
questions can be answered at this time. |
Bid!
The auction begins promptly at the appointed time. The
auctioneer will summarize the terms of sale, methods of bidding
and any last minute changes or disclosures at this time. The
auctioneer will also answer any remaining questions. Then the
auction is ready to begin! |
Assistants
The ring staff will assist the auctioneer to make sure every
bidder is recognized and all bids are recorded with the
auctioneer. They may also help with any questions, or ask the
auctioneer to pause if necessary. If someone is recognized as a
bidder by mistake, they may inform the auctioneer or the ring
staff to correct the mistake. The auctioneer has final authority
concerning tie bids and highest bid issues. |
Sold!
The auctioneer will announce ?sold? as soon as he or she
determines the final bid was made. As soon as this takes place,
the auction is concluded and the purchaser executes the contract
of sale and makes the required payment and closes within 30
days.
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Buyer?s
Choice
For auctions with more than one property or parcel being
offered, the ?buyers choice? method may be used. Items for sale
will be numbered for identification purposes. This will not
correspond with the order things will be sold. The person with
the high bid will choose the property that was sold by
announcing the identification code that describes it. The high
bidder can choose how many parcels or properties they want from
those that are unsold. Their high bid will be multiplied by the
number of things they have chosen at that time. Once ?sold? is
announced, the item or property is no longer available. Buyer?s
choice allows the buyer to determine how, when and at what price
they will purchase items or property. |
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