Buying Process
Getting prepared for the Auction
Buying property at a real estate auction can be fun and exciting! The auction begins promptly at the auction time so don’t be late. First time attendees may be surprised to discover that the auction is concluded within a few minutes so be on time. On auction day each prospective bidder will be asked to register via a current driver’s license or picture ID and fill out a current bidder info card. Registration usually begins 2 hours before sale time. There is no fee to register at or attend the auction.
Note that the day of the auction is simply the time to compete with other bidders to purchase the property. MAG offers an appropriate time period (usually two weeks prior to the auction) for buyers to preview/inspect the property and get questions answered. Buyers should make every effort to do their due diligence on the property at that time. For most auctions MAG provides a Bidder’s package to Buyers several days prior to the auction. This package will contain information about the terms of the auction and also information about the property. Buyers should be aware that they need to have their inspections of the property completed by day of the auction as properties are sold “As-is.”
The auction will begin with the auctioneer’s opening remarks summarizing the terms and conditions, method of bidding, and any last minute changes or disclosures. Any statements made day of sale by MAG will take precedence over any published information. A brief time will be allowed to answer any final questions. Keep in mind that all properties are sold without any financing contingencies so all buyers need to have their preliminary financing approval in place by the time of the auction. At the close of the auction, the successful high bidder will be required to enter into a written contract immediately following and submit a bankable check for the required amount of earnest money. Be sure to read through all of the Terms and Conditions of each auction you attend as they may vary.
Good luck!
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