Auctions are unique — in experience, in sound, in
practice.
Many auction attendees find the
experience addictive. They report that there’s
nothing quite like the thrill of finding something
they want and then bidding against others who want
the same thing.
But you don’t have to be a seasoned
auction attendee to be able to experience the thrill
of auctions. Auctioneers across America are glad to
welcome new bidders to their auctions. And though
almost everyone has heard the old story about the
person who attended an auction, scratched his nose
and came home with an item he’d not intended to buy,
pay no heed to that myth.
Feel free to just get your feet wet -
don’t think you have to go to your first auction
ready to bid. Attend an auction or two in your area
to get a feel for how they are conducted. Watch and
listen, then move on to bidding if that makes you
comfortable.
Many auctioneers spend some time
addressing commonly asked questions and explaining
how the auction is going to work. Some even conduct
pre-auction or practice sessions, or brief
tutorials, about the auction process. If you’re
interested in going to your first auction, check
with local auctioneers to see if they offer such a
service.
Always remember that at an auction
you’re free to ask a question if you don’t
understand something. Auctioneers and their staff
want people to continue to come to their auctions,
so they will do all they can to encourage repeat
business. Ask a question of a member of the
auctioneer’s team, and they’ll find the answer for
you.
When you arrive an auction site,
register for a bidder number and read the rules
printed on or displayed on posters, brochures or
handouts. Again, ask questions if you don’t
understand a policy. Inspect the merchandise you’re
interested in, as most is auctioned on an "as is,
where is" basis. This means it is not guaranteed.
When you buy an item, you become responsible for it.
And, keep in mind that you’ll pay for the items you
purchase before you leave the auction, even if you
aren’t taking everything with you that day.
In order to
bid at an auction, you need to make contact with the
auctioneer or the ringperson. A ringperson is
someone who takes bids from the audience and then
passes those on to the auctioneer. To bid, hold up
your bid card, your hand or shout "yes." The
auctioneer or ringperson will make eye contact with
you, take your bid and immediately turn and seek
another bid. You can remove yourself from the
process at any time by shaking your head "no" or
saying "no" if the auctioneer or ringperson turns
your way. Should an auctioneer or ringperson
misinterpret any of your signals, simply report the
mistake right away.
The following is a list steps to
follow when preparing to participate in an auction.
We hope they are helpful tips that make your
attendance and participation in a
Clear Choice Auctions
auction successful and easy. See the auction
glossary at the bottom of the page for a list of
useful auction terms.
1.
Contact Us
The Auction Professionals at Clear
Choice Auctions are prepared to supply you with
information, over the telephone (
478-455-1861 ) or email (rustylane@clearchoiceauctions.com),
concerning specific properties as well as the
auction process itself.
2. Do Your Homework
Do your "Homework" Find out as much as you can about
the property or item(s). Review our
Auction Glossary to
familiarize yourself with common auction terms.
3. Inspect the Property
or Item(s)
Take full advantage of any
inspections conducted by Clear Choice Auctions.
Remember, at auction, you are buying "as is, with
all faults". Attendance at an "open house"
inspection will allow you or your representative to
see first hand what you are bidding on and help
determine value and desirability. This will help you
to bid with confidence.
4. Pre-qualify Yourself
Pre-qualify yourself
for financing. There is seldom a mortgage
contingency in a real estate auction. Increase your
comfort level by knowing your mortgage financing
qualifications. Even before you decide on a property
to buy, you can pre qualify yourself with a lender.
It is best to know what you can afford to pay for
the property before you bid. Now you will be able to
bid with confidence!
5. Attend an Auction
Attend an auction!
Check the local newspapers or join our mailing list
for auctions in your area. Attend and observe one or
more auctions and familiarize yourself with the
process before you attend an auction as a bidder.
Auction companies differ in the amount of "due
diligence" information they provide and how the
conduct an auction. The auction process happens
quickly, so knowing what to expect is important,
when you decide to buy. If you have questions about
what you saw, email or call us.
6. Plan Your Bid Strategy
Determine your bid
limit after examination of the property and all
available information. Plan to compete. Most bidders
will be thinking in the same price range. The one
who bids that number first, wins the day.
7. Register to Bid
On auction day, it is to your
advantage to arrive at the auction site 1 hour
before the auction. By doing so, you will have more
time to consult with on-site staff who are prepared
to assist you with your last minute questions
regarding the property or item and the auction
process. Upon completion of registration you will
receive a Bid Packet containing your bid number,
Terms of Sale, Purchase and Sale Agreement.
8. Bring Required Deposit
You will be required to show proof
of your deposit in order to register at the auction.
You should have the certified check or bank check
made out to you. When you are the successful high
bidder at the auction, you will be required to
affirm your bid with a signature on the P&S and
endorsement of the deposit check to the auction
company or Seller's attorney. All deposits must be
in earnest money form, i.e. cash, certified or bank
check. Deposit requirements and amounts are clearly
described in the "TERMS" section of all Clear Choice
Auctions advertising.
9. Prepare for Q&A
Prior to the start of bidding,
Clear Choice Auctions Auctioneers will conduct a
Question and Answer (Q&A) session. This is your
opportunity to ask any last minute questions before
the auction begins. You should come to the auction
prepared to ask your questions. If you arrive early
enough, you can question Clear Choice Auctions
staffers at that time. The auctioneer may ask you to
repeat your question during the Q&A, if he believes
it to be of interest to all bidders. Our job is to
raise comfort levels of all bidders with the auction
process, the property we are selling and the auction
company. The Q&A is important to the success of
these goals.
10. Bid Aggressively
Until the "hammer falls" or you
have reached your limit you should compete
aggressively. There can be only one winning bidder
for the property. You cannot buy at your price
unless you BID your price. GOOD LUCK WITH YOUR BIDS!
