The live in-person auction event can be confusing when attending for the first-time. Here are some buyer tips:
Do Your Homework.
May sure that you have completed all of the needed research and due diligence to be prepared to participate in the auction. Check out the neighborhood to get a sense of the property values in the area. Get an idea of what you plan to do to the property, and at what cost. This will help you know the price to set for your maximum bidding limit.
If you want an inspection done on the property, it will need to take place before the auction. Auction properties are sold “as is" and the seller will not make any repairs to the property. An inspection will give you an idea of the condition of the property but will be used for informational purposes only.
Preparation is Key.
When going to a live event or participating in the online auction, make sure that you have completed all of the needed research and due diligence. Visit the property, review all of the provided materials, conduct your own research, have your financing ready, and know your maximum bid amount.
Show Up Early.
Arriving during the registration period so that you are not rushed. Speak with members of the One Day REO team if you have questions, and review any last minute changes to the auction list that may be posted. The auction will start on time, so you should be there early.
Anyone who bids must have a bidder number and this can only be secured through registering prior to the event or during the registration period at the event. Click here to register and be approved as a bidder.
Contact your lender early if you need financing. You will need a letter showing you have secured financing to register for the auction. And have a down payment ready. If you are the winning bidder, you will generally need to make a non-refundable payment of 10% of your high bid. If you, the buyer, can’t close for any reason, then you will lose the deposit.
Be Prepared to Bid.
Bidding is simple. But if you're doing it for the first time, it can be intimidating. Here are some general guidelines:
- Make sure you clearly understand the terms and conditions of the auction before making a bid
- Listen closely to the auctioneer. The auctioneer will determine the increments of bidding. If you are having a bit of trouble understanding the auction chant, plan to listen for a few minutes and get a feel for it before you jump in and begin bidding.
- Be sure you make eye contact with the auctioneer when you bid.
- The process is fast so if you wish to bid, quickly raise your hand or shout out loud.