How Real Estate Auctions Work

Buying real estate at auction is easy. Choose any link for more information,

Buyers start here
Registration
Before the bidding begins
Auction Staff
It's Auction Time!
Auction Definitions
Bidders Choice
Absolute Auction
Reserve Auction
Online-Only & Onsite-Only Auction
Webcast Auction

Buyers Start Here
Before the auction is when the buyers do their homework!
1. Pick out a property or properties you are interested in
2. Visit the properties during the open house and ask questions of the auction staff
3. Have any inspections you would like performed
4. Get your financing in order, know what you can afford to spend

Back to Top

Registration
On auction day the registration period usually begins from 30 minutes to two hours before the scheduled auction time. There is no fee for prospective buyers to register for a bidder number. Simply show a valid drivers license and sign the terms of the sale. The registered bidder is the person who is responsible for signing the contract for purchase and closing on the purchase, no one else may bid on your behalf without prior agreement with the auction company. High bidders may use cash or personal checks for down payment. You can also get all last minute questions answered and tour the home one final time if you wish.

Back to Top

Before the Bidding Begins
The auction begins promptly at the appointed time with the Auctioneers opening remarks. These comments usually take only a few minutes and the bidding is ready to begin! An auction moves very quickly and a single piece of real estate will be sold in about 5 minutes from start to finish. Be sure to be on time.

Back to Top

The Auction Staff
The Auctioneer is the person making the opening remarks and calling the bids. Bid Assistants will be introduced at the opening remarks. Bid Assistants make sure anyone trying to bid is recognized. They may also assist with questions during the auction, including asking the auctioneer to pause if necessary. It is a myth that bids can be made accidentally by scratching one's nose or waving to a friend. If you did not intend to bid, simply inform one of the bid assistants or the auctioneer and the mistake will be corrected. Any tie bids or other issues regarding who has the high bid are always resolved by the auctioneer, who has complete and final authority.

Back to Top

It’s Auction Time!
From the first bid, things move quickly with bidders bidding up to the price they are willing to pay for the property. The auctioneer will say the number already bid and the next number asked to be bid. To offer the asked for bid simply raise your hand or speak out to the auctioneer or one of the bid assistants. When the auctioneer determines that there is no further increase offered he will declare the high bidder. The high bidder will execute the contract and make the earnest deposit.

Back to Top

Auction Definitions
Multi-parcel Auctions (Available at some auctions)
Sometimes we offer a large piece of property which can be divided into one or more tracts. Our Multi-Parcel method of selling real estate involves dividing a property into multiple tracts and then utilizing open forum bidding on individual tracts, combinations of tracts, and then whole property. We accomplish this in an unrestricted open market forum with continual computerization of bidding results. Offering a property in this manner increases the buyer base, creates a positive and exciting auction event, and gives all bidders an equal chance to buy exactly what they want. Bill Fair and Company uses this multi-parcel method to generate the most successful auction possible! The use of patented ‘MultiPar Software’ makes the whole bidding process easy to understand, and it’s FUN. Buyers get maximum flexibility, Sellers get maximum value.

Back to Top

Bidders Choice
If there is more than one parcel being offered, the “bidder's choice” method is often used. Each time the auctioneer says "sold," the person with the high bid will choose which parcel they want to purchase . In some cases the auctioneer may allow bidders to take more than one parcel, paying the high bid for each parcel selected. If you are after a certain parcel now is the time to bid aggressively and buy exactly what you want. The Auctioneer will explain in detail how these processes work before the bidding begins so that you may bid with confidence and buy exactly what you want.

Back to Top

Absolute Auction
This is a legal term meaning that once the bidding is declared open the property will sell to the high bidder regardless of price.

Reserve Auction
This means that the seller has the right to accept or reject the last bid.

Online-Only or Onsite-Only Auction
These terms mean just that, the bidding is taking place only live online or live onsite

Webcast Auction
This is a combination of onsite and online. A clerk onsite will put your online bid into the ring.

If you have additional questions about auctions, please contact a customer service representative at 800-887-6929

Back to Top

THIS PAGE: SHARE | EMAIL | PRINT
800.887.6929
All Rights Reserved - © 2017 Bill Fair & Company Worldwide Auctions
Our goal at Bill Fair and Company is to obtain the highest price possible for real estate and capital assets. We accomplish this by providing our clients with marketing campaigns and product presentation crafted specifically to promote their individual projects. Our efforts excite serious buyers and end users to prompt response. Our time frame for action is immediate.
478 N. 1950 Road
Lecompton
KS
66050-4124
United States