How Do Auctions Work for the Bidder?
Do you have questions about the auction process? We’re here to help!
Q: I have never bid at an auction before, how does it work?
A: For those who have never attended a Real Estate or Personal Property auction before, the following will provide you with some tips and an idea of what to expect. It is more simple that you think.
First, Do Your Homework!
Since all auction property (real or personal) is sold “AS IS”, you need to inspect the property and become as familiar with it as much as you can.
Attend one of the Open Houses or Previews. Usually the Open House dates will be on the Sunday afternoon before the Auction Date from 2:00 until 4:00 p.m. or Monday. All dates are posted on the auction page.
Look Online. Check out sites such as Realtor.com, Zillow.com, Trulia.com for values of surrounding properties and become familiar with the current market around the property you are looking at. You may also want to go the Assessor’s website and look the tax appraisal and other pertinent information about the property.
On our website, morrisrealtyauction.com , you need to read all the detail about the property, then read all the Terms and Conditions of the auction for that property. Each property is a little different and will have different Terms and Conditions.
Go to your bank. If you are the winning bidder on a real estate auction, you will need to be prepared to pay a non-refundable Bid Deposit equal to 10% of your bid amount. Payments may be made by bank wire or cashier’s check.
Second, Log in to the Online Auction.
Bidding on Real Estate is very similar to bidding on Personal Property. Our real estate auctions generally are one property at a time, while personal property auctions may have 100’s of lots.
On-line auctions move quickly! One item closes every few seconds. If you are interested in bidding, bid quickly, especially at the close of the bidding time. The bidding software will notify bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information or the entire screen. Due to varying internet connections speed, please place a maximum or “MAX” bid or constantly monitor the auction at close of bidding. Email notifications can be delayed. If you win you will be notified by email. It is recommended that you watch the auction at the extended bidding time session to make sure you are the high bidder.
By placing a bid, you acknowledge that your bid is a legally binding offer to purchase the item property being auctioned. Times shall be of the essence. MRA reserves the right to update, lower bids, withdraw bids or re-catalog items in this auction. Winning high bidders are notified by email when all items in the auction have closed. Bidders are responsible for checking their email to receive notification that they have won a lot(s). Auction company employees and/or Auction Company may bid on auction for absentee bidders or at the direction of interested and approved bidders who refuse to create an online account but desire to bid at the auction.
This auction features EXTENDED BIDDING. Any lot that receives a bid within 5 minutes of its Scheduled Closing Time will automatically have the clock extended on that lot for an addition 5 minutes and that lot shall remain open for bids past its normal close. The extension provision for that lot will continue until there is no additional bidding for 5 minutes.
MAXIMUM OR “MAX” BIDS:
Internet bidders who desire to make certain their bids are acknowledged should use the internet bidding feature and leave their maximum bid. When you bid your max, the current bid price does not automatically go to your max bid. There must be another bid to increase the current price and the computer will automatically bid up to your max in the preset bid increments. Max bids are taken in the order of date and time placed.
Google Chrome and Mozilla Firefox is the preferred Internet Browser for our bidding platforms. Because Microsoft is phasing out support for Internet Explorer 8, 9 and 10, bidders are more likely to have issues with Internet Explorer when using our website.
Contact Us Today!
Want to have an auction? Need to consign items in our next auction? Interested in some of our Property For Sale? Please feel free to contact us to discuss your specific needs.