Buying at live or online auctions is a lot of fun and can be rewarding. We hope the tips below help you with your bidding and buying decisions.
Find out as much as you can about the item you are bidding on.
In a real estate auction, you may first want to download the Property Info Pack we provide. It will contain a property description, sale terms, photographs and as much other information as we have available. We also suggest you conduct additional due diligence to make yourself comfortable with what has been provided.
For an asset auction you should pay particular attention to the description of the item and, if a manufacturer or model number is available, look online for specs and measurements.
Inspect the Asset or Property.
Almost every auction event will provide an opportunity to physically inspect an item or property in advance of the auction date/time. Take advantage of this opportunity to confirm the information collected.
Address Your Finances.
When bidding on real estate it is rare for there to be a financing contingency in the Purchase Agreement. We strongly recommend that you work with your banker in advance of auction day to make sure funds are available at closing.
When bidding on assets at live or online sale, most people rely on credit cards. Check your credit card balances ahead of time in order to confirm your buying capacity. You may also want to call your credit card company and let them know you are about to make a large purchase so the card is not declined or put on hold for security purposes.
Review Terms in Detail.
Different auctions, even with the same auctioneer, sometimes have different terms so spend an extra few minutes making sure of the “rules” before you bid. These terms are ALWAYS available ahead of time and are in writing.
Plan Your Bids.
Bidding at an auction can sometimes move quickly. Keep aware of how the bids are increasing and know your limit.
Ask A Lot of Questions.
If you have a question, ask it. Our staff is available by phone or email and on site during inspection time. If we don’t know the answer, we’ll do our best to get it.