Questions About Auctions?

There are many benefits to being a buyer at auction!

• Auctions eliminate long negotiation periods.
• Auctions accelerate the time to purchase property.
• You, the Buyer, determine the price.
• You, the Buyer, know you are competing in an open competitive market environment where the terms are the same for all other buyers.
• You, the Buyer, know the date the property will be purchased and the date the property will close.
• Smart investments can be made by purchasing property at auction.

What does the term “Reserve or Public Auction” mean?

In a reserve/public auction, the seller sets a confidential minimum amount that the bid must meet.  The auctioneer will submit the highest bid to the seller and the seller may accept, decline or counter the winning bid.

What does the term “Absolute or No Reserve” mean?

Absolute means the property will be sold to the highest winning bidder.  There are no minimum amounts or reserves in an Absolute auction.

Do I need to be pre-approved?

No. We do not require any pre-qualification to bid.  We require 10-15% non-refundable deposit of the total purchase price the day of the auction.  This is to be paid in the form of a cashier’s check, and/or a good personal or business check, secured by the buyer’s personal demand note.  This deposit amount is not contingent upon financing and if you are unable to obtain financing, then the Buyer’s deposit amount will be forfeited.

What is a Buyer’s Premium?

A buyer’s premium is the percentage amount that is added to the winning bid amount to determine the total purchase price.

What should I do if I want assistance in Buying at Auction?

Contact us at 502-551-1286 for a personal appointment to discuss your particular situation.