Getting the Best Deal at an Auction

Auctions are becoming one of the hottest ways to buy or sell homes, land and personal property.

Home AuctionIf you are planning on attending your first auction and would like to buy an item, or real estate, there are some important things to know in order to get the best deal.

Before the auction ever occurs, you need to do your homework. Generally, items will be advertised on the Internet so that you can view them. There may even be times scheduled for inspections and open houses to let you view the property before you bid. One of the best ways to learn more about how the auction will be conducted is to call the auctioneer’s office and find out the terms of the sale. These terms may also be posted online.

Part of the terms of the auction may be that you need to provide a proof of funds letter to the auctioneer. This proves that you have the financial ability to make a large purchase. In order to be eligible to bid at the auction, make sure to take care of this and all paperwork prior to the start of the auction itself, especially if you are considering online bidding or phone bidding.

One of the most enjoyable aspects of going to an auction is the pace in which business is conducted. Even large ticket items, such as homes, vacant land and commercial property can be sold very quickly. If you are planning on bidding make sure you are ready for the fast pace environment. Plan to go to the auction early to get a good seat and to complete the registration process. Take your bidder’s card with you to your seat as it usually has a bidder’s number on it that will identify you to the auction staff.

As the bidding begins, listen carefully for the pricing. All you need to do to bid is to raise your card. You’ll get the attention of the (ring man) or staff and be part of the race for the purchase. Remember to have a final number in mind because sometimes you can get caught up in the excitement and spend a little more than you had planned during the auction.

Want to learn more? Call the friendly auction staff at the O’Reilly Team and learn more about how auctions work and when our next event will be held. Call today!