Buying Real Estate at Auction

There are many benefits and unique opportunities available when buying real estate at auction. Our staff is there to do all we can to make the process a positive experience. One advantage is knowing the seller is fully committed to selling, therefore eliminating long negotiation periods and reducing the time involved in purchasing the property. Buyers are able to determine the sales price and purchased at fair market value through competitive bidding.

Prior to Auction

The primary difference between buying real estate at auction verses buying real estate conventionally is that at auction, you do all inspections and prepare your financing prior to coming to the auction. A real estate auction is a sale of property in as-is condition with no contingencies so preparation in advance is important to allow the buyer to bid with confidence. Buyers are responsible for making all inspections and evaluating the property for their protection. In the days leading up to the auction you will want to find answers to your questions regarding the property, know what the auction process is and when payment is due. You can view the property at our open house dates, which are posted on our website or call for private showing. Please feel free to review our Real Estate Terms & Conditions or call our office for assistance if you have any questions.

Day of Auction

You will need to register for a bid number and review the bid packet for the terms and conditions of the auction. The auction will begin promptly so arrive in plenty of time to make final inspections. First the auctioneer will make any pre-auction announcements such as a summary of the terms of the sale and any last minute changes. The bidding is fast paced so be prepared. In order to make a bid you will need to get the attention of the auctioneer by raising your bid number or waving your hand or simply by saying yes. If you are unsure if your bid is the high bid, do not hesitate to ask one of the bid assistants or the auctioneer to confirm this. The auctioneer wants to provide every opportunity for you to place your bid and will not let you bid against yourself.

You Are The Successful Bidder

Once the bidding stops the Auctioneer will confirm the sale and recognize the high bidder. Reserved auctions are subject to seller’s approval. The high bidder will then complete the Purchase Agreement and sign any additional forms and make the required Earnest Money Deposit. This payment can be in the form of cash or check, personal or business check is fine and does not need to be certified. Closing of the property will take place in 40 days from the day of the auction. Generally, property is conveyed free and clear of all liens and encumbrances and closing is not contingent on financing, appraisals or inspections.

Buying Personal Property at Auction

Buying personal property at auction is exciting, fast-paced and full of energy. Whether you’re an experienced bidder or a first time auction goer, buying at a Harritt Group auction is a simple and fun process. We offer several ways to participate in our auctions, from attending in person or bidding while away on a vacation.

Inspection

We recommend you preview the items being sold prior to auction so arrive early to make your inspection. Preview times are posted on our website. All items are sold as-is, where-is, with no guarantees and all sales are final.

Registration Day of Auction

Upon arrival you will need to register to bid with a valid drivers license to receive a bid number. There is no fee involved and registration usually begins one hour prior to the auction. You will want to familiarize yourself with the terms and conditions of the auction.

Bid & Enjoy

The auction will begin promptly at the designated time. First the auctioneer will make any pre-auction announcements such as a summary of the terms of the sale and any last minute changes or disclosures. Items are sold quickly so be ready to bid when the auction begins. To place a bid simply raise your bid card. It is a myth that bids can be accidentally made by scratching your nose. If you do not intend to bid, just inform one of the bidder assistants or the auctioneer and the error will be corrected. Any tie bids or other issues regarding who has the high bid are always resolved by the Auctioneer who has complete and final authority. The most important thing about an auction is to have fun and enjoy yourself.

Payment & Checkout

Payment is due in full on auction day. Terms are cash, check or credit card. We accept Master Card, Visa & Discover. Once we say sold, the item is your responsibility. If you need help with removing the item, we can recommend local movers to assist you if needed.

Absentee Bidding

If you are unable to attend you can request the Harritt Group to enter bids on your behalf by submitting an Absentee Bid Form by 3PM the day prior to auction. The Harritt’s will execute absentee bids competitively and begin the bidding at 1/2 of your maximum bid. If your bid is successful you will be obligated to pay the hammer price plus a 10% Absentee Fee on the purchase price within 5 days as well as any packing and shipping costs. Telephone bidding is available by request only and subject to availability of lines.