How to Participate
How to participate as a bidder at an auction:
- Prior to the auction, make sure you have the funds to support your purchases or have arranged for the funds in advance.
- Some auctions require you to pre-register. This would be most common in Real Estate auctions. Contact the auction company in advance and they will assist you in the pre-registration process.
- Show up on auction day prepared with a government issued photo id (driver license, military id, etc) and register with the auction company prior to placing any bids that day.
- Inspect the property (real estate or personal property) you are interested in bidding on. Most property sold at auction is sold “as is, where is” without warranty or guarantee. It is the buyer’s responsibility to inspect the property and determine what value they place on it.
- f you have any questions about the property that is being offered, direct your questions to the bid assistants or “ringmen” as the Auctioneer will be busy during the auction. Make sure to ask any pertinent questions you have about the property or items, prior to placing a bid.
- Request a copy of the Terms and Conditions of the Sale and read the content with full understanding that once you place a bid at the auction, you are legally bound to complete the transaction.
- When bidding on real estate or large equipment, ask for a copy of the Property Information Packet (PIP) and a catalogue, if available.
- To place a bid, raise you buyer’s card or your hand in the air and either the auctioneer or a bid assistant will accept your bid. Once your bid has been acknowledged remove you hand from the air.
- Hopefully your bid was not overlooked, however if so call out your bid if necessary and attract the auctioneer or bid assistants attention.
- Remember the items you are bidding on could be subject to taxes, buyers premium, or additional fees as disclosed by the auctioneer.
- A buyer’s premium is a percentage (%) that is applied to the winning bid to arrive at the total sales price. Example: a 10% buyer’s premium that is applied to an item purchased for a $100 dollar bid, would make the final price the buyer would pay $110.
- To remove yourself from the bidding process, signal to the auctioneer or bid assistant by shaking your head “no” or saying “no” when asked to bid again.
- Remember to settle you account with the cashier or office before leaving the auction.
- If you purchase real estate or are required to place a down payment at the auction, that money is placed into a valid trust account and fully accounted for throughout the transaction.
- Any personal property you purchase can become your responsibility as the auctioneer announces sold, so make sure to keep an eye on your property as the auction continues.
- Remember that auction information is constantly updated and you should frequently visit our website for current information. On auction day, pay special attention to any special announcements that the auctioneer makes.
Remember NOT to do the following:
- Don’t place a bid if you are not registered for the auction.
- Don’t place a bid if you do not have the funds with you or if you have not made arrangements with the auction company to cover your purchase. Doing this will have an adverse effect on the auction and can leave you with the potential liability of “damages”.
- Don’t wait to long to bid because when the auctioneer announces “SOLD”, that is a legal and binding agreement and the property now belongs to someone else.
- Do not bid if you do not fully understand the Terms and Conditions of the Auction.