AUCTION TIPS FOR FIRST TIME ATTENDEES
The following is a list of steps to follow when preparing to participate in an onsite auction. We hope they are helpful tips that make your participation in a Wilson Auctioneers, Inc. auction successful and easy. If you are new to buying at auction, you will want to get familiar with a few of the basic terms.
DO YOUR HOMEWORK
Find out as much as you can about the property. Looking in the information section of all Wilson Auctioneers, Inc. advertising will help you retrieve pertinent property information. Request a Property Information Package (“PIP”) by e-mail at info@wilsonauctioneers.com or via download, as part of the Property Information Package which is typically available at our website within 10 days of the Auction.
READ THE PIP
Our Property Information Packages (PIPs) contain property photos, descriptions, terms of the sale, legal descriptions, along with other pertinent information, in hard copy or downloadable online in Adobe Acrobat (.pdf) format. Get Acrobat Reader here.
INSPECT THE PROPERTY
Take full advantage of any previews or special inspections conducted by Wilson Auctioneers, Inc. This will allow you, or your representative, to see first hand what you are bidding on and help determine value and desirability. A full inspection will allow you to bid with confidence.
PRE-QUALIFY YOURSELF
Increase your comfort level by knowing your mortgage qualifications. Even before you decide on a property to buy, you should pre-qualify through your banker or mortgage company. There is never a mortgage contingency in a real estate auction, meaning the sale is not contingent on your ability to get financing. Generally the terms call for the transaction to close 30 days after the auction. It is best to know you can pay for the property before you bid. Now you can bid with confidence!
ATTEND A LOCAL AUCTION
Sign up to receive our Auction Alerts for notice of our auctions in you area. Attend and observe one or more auctions and familiarize yourself with the process before you attend an auction as a bidder. The auction process happens quickly and knowing what to expect is important when your time comes to buy. If you can’t find an auction, call us 501-624-1825 or Toll Free 1-877-BID2BUY.
REGISTER TO BID
On auction day, it is to your advantage to arrive at the auction site about 1 hour before the auction. By doing so, you will have more time to consult with on-site staff who are prepared to assist you with your last minute questions regarding the property and the auction process. Upon completion of registration you will receive a Bid Packet containing your bid number, Terms of Sale, Purchase and Sale Agreement and a copy of the Property Information Package (PIP).
BRING REQUIRED DEPOSIT
If you are the successful high bidder at an auction, you will be required to affirm your bid with a signature and earnest money deposit. All deposits must be in earnest money form, i.e. cash, certified or bank check. Deposit requirements and amounts are clearly listed in the “TERMS” section of all Wilson Auctioneers, Inc. advertising.
PREPARE FOR “Q & A”
Prior to the start of bidding, our auctioneers conduct a question and answer period. This is an opportunity for registered bidders to ask any last minute questions before the auction begins.
BID AGGRESSIVELY
…..until you have won or reached your limit. There can be only one winning bidder. You cannot BUY at your price unless you BID your price. Determine your bid limit after examination of the property and don’t be afraid to bid early. Most other bidders will be willing to pay just as much as you. GOOD LUCK!
CONTACT US
The Real Estate Professionals at Wilson Auctioneers, Inc. are prepared to supply you with information, over the telephone (501-624-1825), Toll Free 1-877-BID2BUY) or e-mail info@wilsonauctioneers.com, concerning specific properties as well as the auction process.
