The Real Estate Auction Process.
Learn How to Browse Listings and Bid on Online Real Estate Auctions with Ashland Auction Group.
1. Browse Inventory & Find a Property
Ashland Auction Group has a wide selection of properties that are scheduled for online auctions. After finding a property that meets your initial criteria, you can begin to do your homework.
2. Do Your Homework
Before participating in an auction, be sure to perform your due-diligence.
· Review Auction Documents Properties scheduled for public auction through Ashland Auction Group are being sold in "As-Is, Where-Is" condition. Sellers have signed a disclaimer statement - electing to sell the property without representation and warranties as to its condition, except otherwise provided in the contract of sale or listing of latent defects.
· Inspect the Property At auction, you are purchase the property with No Inspection Contingencies. If a property is vacant and you plan to perform an interior inspection, consider conducting it prior to submitting a contract or participating in an auction.
· Secure Financing At auction, you are purchasing the property with No Financing Contingencies. If you plan to use financing to purchase a property, it is important to pre-qualify with a lender. This can be done even before you have a specific property in mind. Knowledge of mortgage financing qualifications will help you determine the amount you're able to pay for any property, increasing your comfort level and allowing you to bid with confidence. Properties advertised as Financing Available indicate that seller financing is available. Before signing a contract of sale or participating in an auction, you should confirm the specific terms the particular seller is offering.
· Participate as an Observer To familiarize yourself with the process before you participate as a bidder, it may be helpful to first attend one or more auctions as an observer. After registering for text message notifications, you will receive regular updates about the scheduled upcoming auctions.
3. Verify Auction Status
Scheduled auctions can change in a moment’s notice due to a variety of circumstances. We make our best attempt to notify prospective buyers of cancelled auctions, but sometimes last-minute cancellations are out of our control. Be sure to confirm the status of a property before proceeding to an on-site auction.
4. Plan Your Bid Strategy
Examine the property, review available information, and consider any financing issues to determine your bid limit. Plan to compete. Most bidders will be thinking in the same price range. Only the one who bids the top number first can succeed.
5. Participate in an Auction
· Check-In & Register to Bid Immediately preceding the beginning of the auction, an auctioneer or auction associate will check-in all of the auction participants. During this time, we will collect some basic contact information and verify that you have the required deposit. If you are represented by a real estate agent, your agent is required to register you in advance of the auction. In addition to accompanying you during the registration process, they will need to bring a copy of registration confirmation.
· Conduct a Final Inspection After registering with an auctioneer, you will be given one last chance to physically inspect the property, if it is accessible.
· Bid Aggressively Until the "hammer falls" or you reach your bid limit, compete aggressively. There can be only one winning bidder for each property. Best wishes for the success of your bids!
6. Going Once, Twice, Three Times...SOLD!
Immediately after the auction, the successful winning bidder would have been asked to sign a Real Estate Contract of Sale. If the seller is physically present at the auction, they will be presented within the offer and asked to ratify the sale. If they are not present, you will consent to a twenty-four-hour irrevocable offer. Upon ratification by all parties, you will be on your way towards settlement.