INTERESTED IN BUYING REAL ESTATE AT AUCTION?
Buying Real Estate at Auction is fun and easy….
“You never know when the right buying opportunity could come along and it’s that one auction you didn’t attend that you remember most.”
-Gregg Napier,AARE, Auctioneer Carolina One Real Estate
Advantages of Buying Real Estate at Auction:
- Buyers set their own Purchase Price
The Auction process works on the ”Bottom-up” pricing philosophy. Instead of starting from a top price, like traditional real estate sales, auctions offer an opportunity to start from a lower price and work up, not down! You pay only as much for the property as you want.
- No pressure
Purchase your property at Fair Market Value. It’s always comforting to have instant confirmation of value by contending bidders. You know someone else at the auction wanted the property just one bid behind yours. You determine the price for the Real Estate, you just bid or not, it’s up to you.
- Eliminate lengthy Negotiations and Reduce Time to Purchase Your next Property
No back and forth; when the auctioneer is finished, so is the sale. Properties are always sold by specific terms set by the seller. All bidders play by the same rules, time-lines and post non-refundable deposits to ensure 100% performance on the buyers part. There is no mortgage contingency clause in a real estate auction. Therefore, it’s best to arrange how you will pay for the property before you bid at auction. Most real estate auction closings are required within 30-40 days of sale, so you should pre-qualify with your bank/lending agency prior to bidding. You bid, you buy, you close!
Registering and Buying Real Estate at Auction:
When you arrive at the auction site, register for your bidder number and read the terms and conditions printed on your registration and on brochures or handouts. Ask questions if you’re unsure of a policy, we are there to help. Inspect the property, as most are auctioned on an “as is-where is” basis. This means it is not guaranteed, however you may freely do any inspection you want before the auction starts. The auction property will be made available for preview and inspections prior to the date of the auction. Take advantage of these real property inspections and preview opportunities. This allows you to see for yourself in advance what you’ll be bidding on and help determine your comfort level and maximum bid price.
BIDDING: In order to bid at a “live” auction, you need to make contact with the auctioneer or the ring person. A ring person is someone who takes bids from the audience and then passes those on to the auctioneer. Some bidders prefer this method of bidding, in that they can maintain anonymity throughout the bidding process. To bid, hold up your card, your hand or shout “yes”. The auctioneer or your ring person 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 ring person misinterpret any of your signals, simply report the mistake right away. It’s so easy and fun!
OR…..PHONE BIDDING- as simple as it sounds. Due to the logistics, advance arrangements must be made with the auctioneer to assure proper representation and service.
BID BY PROXY- Can’t be there on sale day? Not a problem. Again, advance arrangements are made with the auctioneer and an exchange of bid information authorizes a member of the auction group to follow authorized bid increments up to the bidders maximum bid amount.……the bottom line is, if you want to participate we can make it happen!
Drop us a line sold@CharlestonRealEstateAuctions.com
NOTE TO THE WISE! The federal antitrust laws prohibit collusion among bidders in restraint of interstate commerce. The penalties for violating the federal antitrust laws include criminal fines, imprisonment, injunctions and compensatory damages and attorneys fees. Collusion between bidders to refrain from bidding or limit the prices bid for the property is strictly prohibited.
Real Estate Auction Myths:
Myth #1) Property sells at ridiculously low prices. There are many factors that affect the final bid price on an auctioned property. It is possible a property will sell at a significant discount to what it might have appraised for. It is also possible for the property to sell at or above this amount. However, it is our experience that buyers who attend auctions come with 3 prices in mind:
- -the price they hope to buy the property for
- -the price they expect to buy the property for
- -the price they will pay if pushed
The fun aspect of the process is that no two auctions are the same! That’s why you should never miss it; you just never know which way it will go!
Myth #2) Auctions are only for foreclosure or distressed properties. Actually distressed or foreclosure properties only make up a small percentage of auctioned properties. Our auctions typically offer wonderful properties with great opportunities.
Myth #3) You have to be an experienced auction buyer. Not really, contact your Realtor or Auctioneer for assistance. The process of buying a home at auction is a little different from the traditional process but has many advantages.
Labels: auctions, buy at auction, Charleston SC, public auction, residential property auction, foreclosure auctions in Charleston, short sales at auction, real estate auction, auction my home Charleston, SC
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