Getting Started
How do I register to bid?
You must register online before the auction begins. Registration requires your contact information and agreement to the auction terms. In some cases, proof of funds or a deposit may be required to ensure you are a qualified bidder.
Do I need to be pre-approved for financing?
Yes, if you plan to use financing. Auction sales typically have a short closing window (often 30 days or less), so you should have financing in place or be prepared to pay cash.
Can I inspect the property before the auction?
Absolutely. Open houses and scheduled showings are available prior to auction day. Because properties are sold “as-is,” due diligence is your responsibility before bidding.
Bidding Process
How does online bidding work?
Once registered, you can place bids online in real time. You’ll see competing bids as they come in, and you can increase your bid as needed until the auction closes.
What is a “soft close”?
If a bid is placed in the final minutes, the auction time automatically extends (usually by a few minutes). This prevents last-second “sniping” and gives everyone a fair chance to respond.
What is a maximum or auto-bid?
You can set a maximum bid amount. The system will automatically bid on your behalf up to that limit, only increasing when necessary to maintain your position as the high bidder.
Do I have to be online at the time of the auction?
It’s best to participate live, but if you’ve placed a maximum bid, the system will continue bidding for you up to your chosen limit.
Costs & Terms
What is a buyer’s premium?
The buyer’s premium is an additional fee (a percentage of the winning bid) added to the final purchase price. This will always be disclosed before bidding begins.
Are there any other fees I should know about?
Standard closing costs still apply—such as title, escrow, and recording fees. All terms will be outlined in the auction documents.
What does “as-is / where-is” mean?
The property is sold in its current condition with no guarantees or repairs by the seller. You are responsible for inspections and understanding the property before you bid.
Winning & Closing
If I win the auction, what happens next?
You will be required to sign the purchase contract immediately and provide any required deposits. Closing will occur within the timeframe specified in the auction terms (commonly 30 days).
What happens if I can’t close after winning?
Failure to close can result in loss of your deposit, legal liability, and potential damages. Bidding in an auction is legally binding, so only bid if you’re prepared to complete the purchase.
Can I back out of a winning bid?
No. Auction sales are final and legally binding. If you win, you are contractually obligated to close.
General
Are auction properties always distressed?
No. Auctions are often used for high-demand or unique properties, land, and sellers who want a faster, more competitive sales process. Many auctioned properties are in excellent condition.
Can I use a buyer’s agent?
Yes. Buyer’s agents are welcome, and some auctions even offer a commission to cooperating brokers. Check the terms for each specific auction.
What if no one else bids—do I get the property for my bid?
Yes, provided your bid meets the reserve price (if one exists). If it’s an absolute auction (no reserve), the highest bid wins regardless of amount.