Absolute Auction:
An auction where the property is sold to the highest qualified bidder, regardless of price. The seller may not bid personally or through an agent.
Reserve Auction:
An auction in which the seller maintains the right to establish a reserve price to be met or exceeded before agreeing to sell.
Minimum-Bid Auction:
An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auction.
Sealed-Bid Auction:
A method of sale utilized where confidential bids are submitted to be opened at a pre- determined place and time.
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Why should I sell my property using the auction Method?
Selling your property utilizing the auction method accelerates the sale of your property by creating an intensive marketing campaign and scheduled date for the property to be sold. Intensive advertising of a property that will be sold via auction creates a sense of urgency that will bring all interested buyers together on a specified date to bid competitively.
What do I need to do on auction day?
It is advisable that you arrive at the auction site at least 30 minutes prior to the time of the auction. By doing so, you will have plenty of time to view the property, ask questions, review materials and register at our registration table. A real estate auction can be over in a matter of minutes so don't be late! Although there is no obligation to bid at an auction, all prospective buyers must register in order to bid. To register, you will need to provide evidence that you have the earnest money deposit required to bid. A valid driver's license or other acceptable form of identification is also required. The earnest money deposit must be in the form of cash, certified check or bank/cashier's check. Credit cards are not generally accepted. See the Terms and Conditions of each sale to obtain the specifics as to the deposit requirements for the property of your interest.
How do I bid at an auction?
In order to bid at an auction, you need to attract the auctioneer's attention. You can hold up your bidder card or you can shout out "Yes". Many times there will be a bid assistant circulating among the bidders who can also convey your bid to the auctioneer on your behalf. Conversely, if you want to take yourself out of the bidding, just shake your head no when the auctioneer looks at you, or answer "No". If you are ever unsure whether your bid is the high bid at any given time, feel free to ask a bid assistant or the auctioneer to confirm this. The auctioneer wants to provide you every opportunity to place your bid and will not allow you to bid against yourself.
Is the condition of the property warranted?
No. The condition of the properties varies. Properties are usually sold "as is-where is" without a warranty or guarantee of any kind other than a clear title. Auction Generation encourages all bidders to inspect the property prior to the sale.
What do I need to know before bidding?
Before you bid you should inspect the property to determine its condition. You will want to check property records for relevant information and find out what is included in the sale. You may also want to obtain a pre-approved mortgage or line of credit - the purchase and sale agreement will not include any financing contingency. You'll also want to review all auction documents including the Property Information Package (PIP), and if necessary, obtain professional advice.
What is an Absolute auction?
Property that is auctioned as absolute is sold without a reserve or minimum. The property is sold to the highest bidder regardless of price.
How does a Reserve auction differ from an Absolute auction?
Unlike an Absolute auction, in a Reserve auction a pre-determined price (or reserve) must be met in order to sell the property. This reserve may be disclosed to the buyers or may be kept confidential with the seller.
As a homeowner and/or seller how do I list my property for sale with Auction Generation?
Auction Generation provides both traditional (listing and selling) and as Licensed auctioneer #AU3595. We also work directly with Real Estate Brokers/Agents. Please contact Troy Fowler at (305) 206-0349 for more information.
As a potential buyer, what do I need to bring with me to the auction to bid on the property?
All buyers intending to bid on property must bring with them: a valid form of picture identification. You will also need to bring a cashier's check payable to yourself. The amount required will be located in the brochure or the Property Information Package (PIP).
What happens to my deposit money if I am the winning bidder? What happens to my deposit money is if I am not the winning bidder?
Your Cashier's Check will be applied towards your deposit due on auction day if you are the winning bidder. The money will be held in an Escrow Account. If you are not the winning bidder, the Cashier's Check will be returned to you once the auction is over.
If I am unable to attend the live auction event, can I still bid?
Yes. Auction Generation accepts offers prior to the auction (Absentee bid). Bids may be submitted online or via telephone at (305) 206-0349 the day of the auction, providing you have been pre-registered to bid.
Why should a buyer place an offer prior to auction?
You have the option to purchase the property prior to the scheduled auction date. The property will be withdrawn from the auction if the offer is accepted.
Can I bid on behalf of another individual or entity?
Yes. The person who bids on behalf of another individual or entity must be prepared to sign personally on the day of the auction, should they win the property. If the person or entity is unable to take transfer of the property for any reason, then the person who bid at the auction will be deemed the purchaser and will become responsible for all the terms of the contract.
Are Auction Generation sales contingent on inspection or financing?
All sales are on an "As-Is, Where Is" basis. Buyers are encouraged to do their due diligence and begin making their financial arrangements prior to the auction. auctions are non-contingent transactions and are NOT subject to inspection or obtaining a mortgage. The seller must convey clear title to the property, free of all liens and encumbrances.
Can I preview and/or inspect a property prior to auction?
Yes, Auction Generation holds several preview sessions in the weeks prior to the auction. At this time, buyers will be given the opportunity to view the property and pick up a Property Information Package (PIP).
What is a Buyer's Premium?
It is a premium paid by the Buyer. The fee will be added to the high bid price. It is most often a percentage amount of the highest bid.
How long do I have to close on the Property?
Please see the specific Terms & Conditions of each auction to determine the length of time until closing.
Visit www.Auction-Generation.com to watch a video presentation!
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