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*If you're new to auctions, there's nothing to fear. This step by step guide will show you just how easy it is to find, scout and participate in a live auction.
1. Find an auction
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To make the atmosphere most comfortable for potential buyers, our professional Auction Day Team will be present to assist with all aspects of the auction.
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Visit our website often, subscribe to our RSS feed, sign up for our weekly emails, check the local newspapers, specially the Sunday edition of the Baltimore Sun Real Estate Auctions section.
2. Do your due diligence
Drive by the property, look at the public records, call the Auction Brokers associate in charge of the property and ask all your questions.
3. Arrive early
On the day of the auction, try and get there early enough to register and inspect the property.
4. Inspect
Carefully inspect the property. If you’re not familiar with real estate, bring a friend who is.
5. Set a price
What are you willing to bid? You should have a number in mind, so you don't go way over your budget in the heat of the moment. Don't forget to include your total costs, like the buyer’s premium and closing costs. Read the bidder's package you were given at registration.
6. Bid
Have fun! Carefully follow the auction and bid!
7. Pay
If you win, approach the auctioneer or associate. They will help you fill out the contract and other forms required.
8. Enjoy
More and more consumers are seeing the advantages of buying by the auction method. In addition, consumers find auctions fun because they're a rewarding activity for the whole family to enjoy. On average, consumers are willing to drive 1.3 hours to attend a live auction, with 75% bringing the family when they go.
Here are some of the others reasons why consumers love attending auctions:
• 83% think auctions are an exciting way to get good deals
• 51% think they offer a great value on real estate
• 65% think auctions offer properties they wouldn't find out about otherwise
• 53% like the excitement of getting a good price
Common Auction Terms
If you're a frequent auction attendee, you're probably familiar with some of the jargon used at auctions. But for those of you who are new to buying at auction, you will want to get familiar with a few of the basic terms. Be assured that if you are at an auction and you hear a term or see a process that you don't understand, the auction staff will be more than happy to help you. That's what we do!
* Information provided by the National Auctioneers Association website www.auctioneers.org
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