How to Bid at a Live Auction

1. Inspect the property prior to the day of the auction. Remember that real estate at auction is sold "as is, where is", with no inspection contingencies placed on the subsequent sales contract. It is the responsibility of the purchaser to inspect the property as well as perform any due diligence prior to the sale. Inspection dates and times will be clearly advertised on the auction's property profile page prior to each Live Auction Date.

2. Determine prior to the auction the price that you are willing to pay for the property. Remember that in most cases a buyer's premium is added to the winning bid in order to arrive at the Total Purchase Price, which is the same as the Contracted Selling Price. For example, if a 10% Buyer's Premium is set forth in the Terms and Conditions of a particular auction and the winning bid is $100,000, the Total Purchase Price and subsequent Contracted Sales Price would be $110,000. Be sure to read the Terms and Conditions of Sale for each individual auction.

3. In the event you are being represented by a Broker or Agent, please make sure a Broker Registration Form is completed and submitted no less than 48 hours prior to the Live Auction Date. The registration may be received by mail, fax, or in person. In the event that this is not accomplished 48 hours prior to the Live Auction Date, the bidder may still register for the auction but no buyer's agent commission will be paid - no exceptions. You will also be required to bring a copy of the Broker Registration Form to the Live Auction Event along with a copy of your valid real estate license. Please see the Broker Registration Form located on the Property Profile page of the particular listing you are interested in for further details.

4. Ensure that funding arrangements are in place prior to the auction. Remember that auction Purchase and Sale Agreements are not contingent upon obtaining financing. Upon arriving at the Live Auction, you will be required to confirm your registration as indicated in paragraph 3 above, including, but not limited to, verification that you have the necessary funds available to pay the earnest money down payment through the use of a bank letter of credit. Each auction is different, but most auctions require the winning bidder to place a non-refundable deposit on the day of the auction and may range between $10,000 to 10% of the winning bid. Deposits are to be paid in the form of a cashier's check. Personal checks, money orders, credit cards and/or cash will not be accepted. The deposit will be applied to the purchase price at closing. Deposits will be held in the trust through a designated trust agency. Please see the Terms and Conditions of Sale for complete details.

5. Arrive at the auction site on Auction Day at least 30 minutes to 1 hour prior to the start time in order to complete your bidder registration for the auction. Please ensure you have a picture ID with current address information. You will also sign an acknowledgement during registration that you have read and understand the Terms and Conditions of Sale of the auction. You must also show proof that you have the required non-refundable deposit with you should you be the winning bidder. When you arrive, you may ask the Auction staff any last minute questions that you might have on the property.

6. Place your Bids during the auction by raising your bidder's number. It is your responsibility for the auctioneer and his staff to see and understand that you are bidding.

7. If you are the winning bidder, you will sign a Bid Confirmation Form as well as a Purchase and Sales Agreement immediately after the auction. At that time a closing date will be scheduled to occur approximately 30 days from the Live Auction Date.

Please Contact Us if you have any questions regarding the bidding process or to Register to activate your SageListings.com account today.