Buying at auction is a simple and effective way to purchase the home you've always wanted at a price that you choose. Before you can bid on a property, there are a few steps that you want to follow.
Register for the Auction
- You can register online. Once you have registered, you will gain access to a list of all properties and will receive updates if there are any changes to the property list, auction schedule, or other relevant information. You will also receive an auction brochure in the mail which will have a great deal of detail about the auction.
Get Pre-Qualified
- Determine how much home you can afford prior to attending the auction. We do not require any particular preferred lender, so shop around and find the right rates and terms to meet your needs. Your loan officer will request certain information such as your credit score, and will be able to issue you a written loan pre-qualification.
View the Property
- Properties are all listed in the MLS with a local broker. You can arrange a showing with that broker or attend one of the Open Houses scheduled from 12pm - 4pm on the 3 Saturdays prior to the auction. Alternatively, the homes are on lockbox and if you are working with a local RealtorŪ, they can gain access to the property. (Your agent will need to follow certain steps if they will be representing you in the purchase).
Attend the Auction
- On the day of the auction, bring your earnest money check and your loan pre-qualification letter. If this is the first time you have attended an auction, you will want to be present at the beginning of the auction as the auctioneer will demonstrate how the auction works and will conduct a practice round of bidding. Our auctioneer moves at a controlled pace and is much easier to understand than many of the 'cattle-caller' auctioneers you may have heard in the past. When your property is called, be alert and bid at specific prices by raising your paddle. There will be bid assistants in the auction room to assist you during the bidding, and to keep you informed if you are unsure of the current bid amount.