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Why Buy Real Estate at Auction?

*So what's so special about auctions? And what's the advantage of buying at auction? Well, there are plenty of advantages:

 Speed of the Process

Why buy real estate at auction?
Speed of the process,  opportunity for good value and honesty of the transaction are some of the advantages of buying at auction.

There's no doubt that an auction is the fastest sales process around. It's quick and efficient and that's what makes it attractive.

• You Set Your Own Price and Establish a Value
You are in control at an auction. You decide when to bid and how much to bid and how high or low you want to go.

 Certainty of Knowing What You're Getting
Auctioneers deal with a wide range of real estate. They are educated professionals who know value and price. Many have special certifications in Real Estate.

 Opportunity for Good Value
With the wide array of properties up for bid, there's always an opportunity to get a good deal. Sometimes it's a matter of just wearing down those other bidders.

 Fun and Excitement
There's no doubt that an auction is entertainment at its finest. Crowds of people competing for unique property, combined with that lively and rhythmic auction chant make for some great entertainment and fun. It's an event the whole family can enjoy.

• Honesty of the Transaction
Auctions are very organized and the rules are straightforward. Auctioneers who are members of the National Auctioneers Association, as Auction Brokers is, are bound by a code of ethics that protects consumers against unfair auction practices.

A few suggestions to help you not only bid successfully, but to enjoy the auction experience:

Pack the items you'll need before you leave for the auction. Some suggestions:

  • A small flashlight for the inspection in case that the property doesn’t have power.

  • Deposit amount in cash or a cashier’s check made payable to you.

  • Identification

Dress comfortably. Remember, it might be hot/cold outside but the air conditioning/heat might be working overtime inside.

Eat something before you go. There's a good chance you won't have access to food while you're there.

Ask what types of payment are accepted, if the auction house charges a buyer's premium Don't bid on anything you don't examine in the preview. Unless you really, really want to.
Raise your hand or paddle to bid. Once you've been acknowledged, further bids on an item can be made by a nod of the head, etc. Don't worry; sneezing won't accidentally put you into the poor house. 

* Information provided by the National Auctioneers Association website

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