.
An Auction is the oldest
method used throughout the world to buy and sell
property.
The
Auction is a process of selling goods by
offering them up for bid, taking bids, and then
selling to the winning bidder.
This is my first auction
and I am not sure how to bid?
1.
Register to bid
by filling out a bidder card at the registration
table. By registering to bid, the buyer
acknowledges that they have reviewed and
understand the information in the bid packet and
the Contract For Sale And Purchase Agreement.
The bidder also acknowledges that immediately
following the auction, they are prepared to
execute the Contract For Sale And Purchase
Agreement and pay the appropriate deposit at
that time in a form that has previously been
deemed acceptable to
American
Heritage Auctioneers, Inc.
Determine how
much you are willing to pay for the property.
Since your needs and desires are unique, your
evaluation of the property will be different
from anyone else’s.
2.
If a property should interest you, then attend
the sale. You will never know the selling price
unless you are present. The advantage in buying
Real Estate from American Heritage
Auctioneers, Inc., is that you are going to
pay just one bid more than someone else is
willing to pay, which lets you determine the
price. We (American Heritage Auctioneers,
Inc.), realize that some of you have never
been to an auction, and perhaps you do not quite
understand how the process works.
Before the auction begins, the Auctioneer will
thoroughly explain the “live bid” auction
process. We (American Heritage Auctioneers,
Inc.) will also conduct a “mock” auction to
show you an example of exactly how the auction
process works. The auction usually lasts less
than 30 minutes from start to finish. Remember
if the property interests you, we (American
Heritage Auctioneers, Inc.), recommend that
you take the following steps to prepare for the
auction day:
First: Attend the Open House
(Preview Day of Sale).
Second:
If financing is needed, try to get pre-approval
for an amount that you would spend on the
particular property and be prepared to close
within the time indicated on the Flyer
Information Sheet under “Terms and Conditions.”
You will usually have 30 to 45 days to close.
Flyer Information Sheet is available on our
website:
www.AmericanHeritageAuctioneers.com
Click on the
link for Upcoming Auctions.
Third: Come to the sale prepared
with a purchase price in mind that you would be
willing to pay for the property, and simply bid
up to that amount. If someone outbids you, you
can always continue to bid.
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3.
As the
auctioneer progresses in his call for bids,
simply raise your hand when you want to bid.
If you are not sure if you are in or out,
raise your hand again and the auctioneer
will keep you in. He will not let you bid
against yourself. The auction will be
conducted under the total control of the
auctioneer.
If you have
any questions, motion for one of
American
Heritage Auctioneers, Inc.,
Auction Team members. The ring men are there
to help you understand the process
completely.
Frequent Questions and
Answers
Question:
Is there a charge to
register to bid?
Answer: No, just ask an
American Heritage Auctioneers, Inc.,
Team Member for a bidder’s card.
Question:
Does this property
have a clear and marketable title?
Answer: When the title is transferred
to you it is guaranteed to be free and clear
of all liens and encumbrances with a title
insurance policy.
Question:
What does the term
"Reserve" mean?
Answer: In a Reserve Auction, the
Auctioneer will submit the highest and best
bid to the seller. The seller has the right
to accept or reject that bid. If the
property is not labeled as absolute, it will
be sold on a reserve basis.
Question:
What does the term
"Absolute" mean?
Answer: In an Absolute Auction, the
property will be sold to the last and
highest bidder regardless of price.
Question:
What is a buyer's
premium?
Answer: A buyer’s premium is a
percentage that is added to the bid price to
determine the total purchase price. In most
auctions there will be a 10% buyer’s premium
added to the successful bid amount to create
the total purchase price. It is an old
auction tradition and here is an example:
Your High Bid: 100,000
The Buyers Premium: + 10,000
Which creates the Contract For Sale And
Purchase Agreement Price Paid To Seller
$110,000.
Question:
How much money do I
need at the auction?
Answer: The Earnest Money (pursuant
to the Contract For Sale And Purchase is
normally 5% of the purchase price; will be
non-refundable (except as otherwise provided
in the Contract For Sale And Purchase); and
due on the date of auction in the form of a
personal or business check. The balance of
the contract purchase price shall be due at
closing.
Question:
Will you accept my personal check for
deposit?
Answer: Yes, as long as the funds are
available, if you need to transfer funds,
Please let
American Heritage Auctioneers, Inc.,
Auction Team Member know if the funds
will be available within 3 days.
Question:
I have never been to
an auction before.
Answer: Thousands of people have
attended our Sales Auctions.
It is a simple and
straightforward process.
First, you are not alone most people who
attend one of our Real Estate Auctions are
there for the first time. Second, you will
never be tricked into buying something that
you do not want. The most important thing to
do at an auction is to relax and have fun.
If you have a question, ask it. We strive to
insure that all of our customers are fully
informed and educated.
If you have any other
questions, please call
American Heritage Auctioneers, Inc.,
at 727-726-7272.
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Click here to download the
auction process. |
