How do I buy at Auction?
Review the terms and conditions of the auction. All of the terms of sale are laid out from the beginning so it is important for you to review them.
Fill out bidder registration forms, which will be available under the auction you are interested in bidding on. Some auctions, such as real estate and car auctions also require that you have a bank letter of guarantee for the account you will be paying with.
If it is an online auction you will be given a username and password to bid during the defined auction period -- for real estate that is usually seven days. At a live auction you will be issued a bidder card with a bidder number. If it is a live auction you will be able to bid live for the item when it comes across the auction block.
The highest bidder is the buyer at an auction. Some auctions are contingent upon seller acceptance and others are reserve auctions. In the first case, that means that the owner has to approve the final bid as an acceptable price. The second case means that the owner has pre-set an acceptable price and the auctioneer will say whether that amount has been reached. However many auctions are "no reserve" which means that no matter what the final price is, the highest bidder will win.
Auctions such as real estate take a little bit longer (about 30 days for real estate and 10 to 20 days for vehicles and machinery) because of the title work involved, but other auctions the property can be transferred very quickly or immediately.
Why buy at Auction?
Transparency: all the terms and conditions are made known ahead of the sale and that the auction is a live public event or an online event for everyone to witness.
Fair Market Value: Through an auction, you know that you are only one bid ahead of the other buyers and can establish the fair market value of a property or an item.
Fun: With clear terms of agreement and without the haggling between seller and buyer you can have fun at a sale that is an event unto itself.
Contact us with any questions or comments you might have or to find out about future auctions.