The following is a list of steps to follow when preparing to participate in an onsite auction. We hope they are helpful tips that make your participation in our auction successful and easy. If you are new to buying at auction, you will want to get familiar with a few of the basic terms.
DO YOUR HOMEWORK
Find out as much as you can about the property.
INSPECT THE PROPERTY
Take full advantage of any previews or special inspections conducted by Mike Nichols Auctions. This will allow you, or your representative, to see firsthand what you are bidding on and help determine value and desirability. A full inspection will allow you to bid with confidence.
Increase your comfort level by knowing your mortgage qualifications. Even before you decide on a property to buy, you should pre-qualify through your banker or mortgage company. There is never a mortgage contingency in a real estate auction, meaning the sale is not contingent on your ability to get financing. Generally, the terms call for the transaction to close 30 days after the auction. It is best to know what you can pay for the property before you bid. Now you can bid with confidence!
ATTEND A LOCAL AUCTION
Attend and observe one or more auctions and familiarize yourself with the process before you attend an auction as a bidder. The auction process happens quickly and knowing what to expect is important when your time comes to buy. If you can’t find an auction, call us at 501-590-9755.
REGISTER TO BID
On auction day, it is to your advantage to arrive at the auction site about 1 hour before the auction. By doing so, you will have more time to consult with on-site staff who are prepared to assist you with your last-minute questions regarding the property and the auction process. Upon completion of registration you will receive a Bid Packet containing your bid number, Terms of Sale, Purchase and Sale Agreement.
BRING REQUIRED DEPOSIT
If you are the successful high bidder at an auction, you will be required to affirm your bid with a signature and earnest money deposit. All deposits must be in earnest money form, i.e. cash, certified or bank check. Deposit requirements and amounts are clearly listed in the “TERMS” section of all Mike Nichols Auctions. advertising.
PREPARE FOR “Q & A”
Prior to the start of bidding, our auctioneers conduct a question and answer period. This is an opportunity for registered bidders to ask any last-minute questions before the auction begins.
…..until you have won or reached your limit. There can be only one winning bidder. You cannot BUY at your price unless you BID your price. Determine your bid limit after examination of the property and don’t be afraid to bid early. Most other bidders will be willing to pay just as much as you. GOOD LUCK!
The Real Estate Professionals at Mike Nichols Auctions are prepared to supply you with information, over the telephone at (501-590-9755), concerning specific properties as well as the auction process.