American Heritage Auctioneers, Inc. :: A licensed Estate Broker
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FREQUENTLY ASKED QUESTIONS
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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.

 

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.

 

Click here to download the auction process.

28461 US Hwy 19 N, Clearwater, Florida 33761 Tel (727) 726-7272 or (888) 560-7272

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