buying FAQs

A. An auction is defined as a public sale of goods or property which prospective purchasers bid until the highest price is reached.

A. The seller decided upon the Auction Method in order to sell the properties for a number of reasons. One of their reasons was to defray the enormous amount of holding costs to maintain the properties (i.e., real estate taxes, insurance, lost opportunities, etc.). Another reason was because our client needs to know when their property will sell. Our sellers enjoy setting the date on which their property will sell. Most properties are not foreclosures, nor are the owners in bankruptcy, but instead highly motivated sellers looking to take advantage of the benefits of an auction sale. The buyer will also greatly benefit from their decision.

A. The auctioneer is the person whom the seller contracts to conduct a sale by auction. He/she directs the auction and accepts live bidding from the audience.

A. A bid assistant is someone who assists the bidder by answering any questions and by relaying bids to the auctioneer. If you can't get the auctioneer's attention, get a bid assistant to bid for you.

A. A bid is an offer of a price.

A. Before you can bid, you must register for a buyer's number that will be printed on a 'bid card'. Then, as the auctioneer progresses in his call for bids, simply raise your bid card high enough for the auctioneer to see it. Again, the bid assistants will be at your service.

A. Yes! We will conveniently accommodate you if you can't be present. You may appoint someone to bid on your behalf, or ask Assiter & Associates about Internet or Absentee bidding. This, of course, will be handled by a specific set of guidelines established by the auction company.

A. Terms and conditions are the rules of the auction and certain aspects of the Purchase and Sale Agreement that are read and/or distributed to potential bidders prior to an auction sale. See our standard.

A. No. We do not require any pre-qualification to bid; however, we do recommend that if you need to obtain bank financing you pre-qualify for their bank loan. The deposit you make on auction day is usually not contingent upon financing, but if you do not qualify for financing you may lose your deposit.

A. You are required to register before bidding on anything. When you arrive at the auction site there will be staff assisting you with registration at the Assiter & Associates mobile office. It is not necessary to register before auction day, simply be prepared, with photo identification, to deliver a cashier's check or certified funds in the amount required for each property and to sign a contract to purchase the property that calls for closing within 30 days of the auction.

A. The use of the buyer's premium is so effective because it aids in defraying the cost of the auction for the seller, giving you, the buyer the opportunity to make the purchase through open and competitive bidding, not paying anything more than true market value. A buyer's premium is an amount of money, usually an advertised percentage of the high bid, added to the high bid to determine the total price to be paid by the buyer.
Example: assume the buyer's premium is 10% and the high bid is $1000, then $100 a premium will be added to the high bid to arrive at the total purchase price of $1100.

A. In regards to the condition of the properties, buyers purchase the properties with no guarantees. Buying the property 'as is' simply means that you are purchasing the property exactly as it is. Buyers must rely entirely on their own information and their own inspection of the properties.

A. An auction 'without reserve', also known as an 'Absolute' auction, means that the property is sold to the highest bidder, no minimums, no reserves! The property is sold to the highest bidder, regardless of price!

A. A "minimum bid" is the lowest acceptable price at which the seller will agree to. The minimum bid is always stated in the brochure and advertisements, and is announced at the auction. Once the minimum bid is achieved in the live bidding, buyers can be completely confident that the property will sell.

A. Properties that are sold subject to the seller's confirmation, also known as "Reserve" auctions, are offered with the seller reserving the right to reject a top bid for any or all of the properties. If the brochure does not specify "absolute" on the property, then it will be sold "subject to the seller's confirmation". However, because of the time and money invested in putting on an auction, our sellers are very motivated to sell. In this type of auction, the seller reserves the right to accept or reject the highest bid within a specified time - anywhere from immediately following the auction up to 72 hours after the auction.

A. There will normally be an open house prior to the auction. For Real Estate, if you desire to have an inspector look at the property, please feel free to engage one at your own expense.

A. No, errors are possible. This is why it is crucial that buyers rely on their own inspection, judgment, records, and own information. Also, please remember that all announcements made from the Auction block will take precedence over any previously printed material or any other oral statements made. Once again, all sales are on an "as is" basis and without any type of representation.

A. Properties that are similar (such as residential lots) may be sold using the 'high bidder's choice' method. The high bidder, or winning bidder, may select one or more than one pieces from all of the lots in the group. Of course, if the bidder chooses three lots, then the bid is multiplied by three. To be allowed the opportunity to choose your lot, you must become the highest bidder.

A. Assiter & Associates will immediately notify the backup bidder to secure a new purchase agreement. If this is not successful then the property is made available to the other registered bidders and then the open public.

A. Absolutely! We will write the offer and present it to the owner for acceptance. Of course the terms and conditions of the auction must be followed. We recommend that you make your best offer at this time.

A. Assiter & Associates properties are sold with good, insurable title and no liens, judgments, mortgages, or back taxes. If the title cannot be cleared, the deposit is refunded to the buyer. The seller will typically provide Title Insurance on each property purchased and closed in accordance with the terms of the Real Estate Auction Sales Contract.

A. The amount that you need to bring in order to bid your particular piece of property will be listed in the brochure that you have, or will, receive. Please have the cashier's check made payable to yourself. If you are the successful bidder, you then simply endorse the check to Assiter & Associates. If, however, you are not the successful bidder, making it payable to yourself will allow you to simply re-deposit it into your account.