Understanding the Auction Process
Did you know that you can buy personal property and real estate through an auction?
Home and property auctions are a regular occurrence in Northeast Ohio. Desirable homes, beautiful parcels of land, valuable farm equipment and more are regularly sold at auction. There are great deals to be had when you take advantage of the home auction process, but knowing a little about how it works can be the key to getting the best prices. Here are just a few things to know about property auctions:
Personal property can be sold as well as real estate. In addition to homes, farms, farm land, businesses and commercial property, personal property may be for sale. Known as “chattel,” the personal property sold at an auction can include everything from furniture to cars.
Auction items are sold “as is.”At an auction, it is customary for all items to be sold in the condition they are presented in. No warranties are generally available or offered for things that are sold.
Items can be previewed. Auction items are usually offered ahead of time for preview. This applies to both real estate and chattels. For example, if you are looking to buy at a Geauga County home auction, you will be able to view the property. For properties, scheduled open houses allow potential buyers to visit and look carefully through the property before the day of the auction.
Background materials for real estate may be available. Just because you are interested in purchasing a property at an auction does not mean that you won’t have any information on the history of the site. Frequently, items like disclosures, site reports, surveys and information on zoning in the area are included in the display for the property. You can use this information to make an educated decision about whether or not you would like to bid.
Register to bid. Before you can bid on a property, you must register with the auction company. You will need to provide identification as well as the terms and conditions of the auction. You may also need to provide a proof of funds letter from your bank.
If you are interested in buying or selling at a Northeast Ohio auction, contact Dan O’Reilly and his team at O’Reilly Auctions. Dan is an experienced Cleveland real estate auctioneer and is happy to answer your questions.