1. What do they have to have for it? What’s the reserve? What’s it going to bring?
These are our most commonly asked questions. Sellers want all they can get, just like buyers want to pay as little as possible. That’s human nature. The best answer is “Fair Market Value”. Reserve means that the seller has the right to reject the final offer, just like in private negotiations. We don’t know what the property will bring until the sale is over, just like you. However, as the buyer, you are in control of what you are willing to pay.

2. As a potential buyer, what do I need to bring to the sale to be prepared to buy?
Be prepared by having your financing in order. Be able to meet the terms of the sale printed in the advertisement. And, do your homework in order to establish a value of what you are willing to pay. This is accomplished by doing some simple research on the internet, looking at comparable just sold properties, and similar properties currently on the market.

3. What was the house appraised for? Has there been an inspection done? Is there a termite letter? Can I see the property before the sale?
All of these are great questions! We very seldom have the property appraised or inspected, however, you have the opportunity to have the property appraised and inspected by any number of competent professionals. We will make the property available to you prior to the sale by appointment or open house.

4. Is this sale Absolute? or What type of sale is this?
Unless advertised Absolute, all sales are with reserve. Reserve means the seller retains the right to reject the final offer.

5. Why are they auctioning/selling the property? Is this a foreclosure?
Any number of reasons. The seller has chosen immediate action for the sale of their property. Some common reasons include job transfer to another city, they have already purchased another home, they are absentee land owners (some may have inherited property but live in another city; they once lived here and thought they would come back but have chosen not to), 1031 tax exchanges where timing is an issue, and farms that have been divided where multiple properties can all sell in one day. Very seldom do we hold an auction due to foreclosure. Sometimes, we do auctions in lieu of foreclosure.

6. Where are you going to start the bidding? What’s the minimum?
Some people ask these questions to try to determine what price range the property is in, however, we let the public determine the starting bid and also the final bid.

7. How many square feet are in the house? What are the taxes on this property?
We refer to county tax records for this information.

8. Can I get a clear deed?
Yes. The seller guarantee’s a clear title. However, Title Insurance or a Title Letter are available for purchase.

9. What are the terms of this sale?
The terms are always stated prior to the sale and are also printed on all marketing materials.
Click here to review a copy of our Purchase Contract.

10. Can I buy it before the auction?
Yes. Contact the Auctioneer In Charge (AIC) for more information.

11. How does an auction work, what’s the process?
Please refer to our How To Buy At Auction section.

12. What if it’s bad weather? Will you still have the sale?
Yes. The show must go on!