It’s a busy and fun-filled time, to be sure. The staff of RealEstateAuctions.com has prepared for weeks to make this event worthwhile and beneficial for buyers and sellers.
Participants are required to arrive at least 30 minutes prior to the start of the event to register and pick up all necessary materials. A full hour in advance is really the best bet, as most people typically cut things very close time-wise. That’s human nature, it seems!
Upon arrival, buyers will produce (but not surrender) the certified check they have brought for each property theay are interested in bidding on. Registration staff will also ask for a government-issued photo ID, such as driver’s license, passport, etc., as proof of identity. Buyers receive a copy of the auction Terms & Conditions along with a numbered card, or paddle, that they will hold aloft when making a bid at auction. Buyers will also receive a printed brochure or pamphlet with basic information about each property for sale that day, including photos, adresses and prices.
Sellers also check in with staff at the entrance to the auction room. Sellers will be shown to a designated area in the auction room where they can be positioned to be in contact with the and a RealEstateAuctions.com facilitator as they event progresses.
Spectators are welcome to attend to experience what happens on auction day. We require spectators to check in and register with staff outside the auction room. Spectators can take a printed brochure or pamphlet to follow along with the action, too. Attending a real estate auction as a spectator is a great way to learn about the process and see if it’s something you’d like to take part in.
An event facilitator welcomes the crowd and reviews the basic ground rules of the day. The event kicks off in earnest when pictures of the first property appear on the screen and the auctioneer takes off into his signature chant.
Auction properties will vary in their popularity. Some properties receive a high amount of bidding, some less. Bidders raise their paddles to indicate their bid as the action skips back and forth across the room, always under the watchful eye of the auctioneer at the podium and his bid assistants stationed in the crowd.
Absolute auctions are the most exciting. Properties sold “absolute” means the highest bid wins. Sellers are sometimes reluctant to offer their properties in the absolute category, fearing the bidding might not be high enough. Often, the opposite happens because bidders in an absolute auction know that if they go just go a little higher in price, the property could be theirs.
Once a winner is declared, a friendly associate with RealEstateAuctions.com shows the way to the contract administration area where paperwork begins for the purchase of the property, concluding what happens on auction day.