Real Estate Buyers FAQs

To further assess whether purchasing real estate at auction is right for you, review the following list of Frequently Asked Questions. Once you’ve learned the basics, if you have additional questions, just give us a call.

Real Estate Buyers FAQs

1. What types of properties sell at auction?
2. Is it possible to get a bargain at auction?
3. I have never attended a real estate auction before. What should I do?
4. What do you mean by "due diligence"
5. What do you mean by "insurable title"
6. What are"previews"
7. Why do I need to register, and what is involved in the process?
8. I have not seen a real estate auction before. Can I come to an auction just to watch?
9. Are there different kinds of real estate auctions?
10. What does "absolute auction" mean?
11. What does "subject to confirmation" mean?
12. What is a "reserve" auction?
13. If a seller has a reserve, why don't they tell us the reserve, instead of wasting our time?
14. What is a "stated minimum bid" auction?
15. What is a buyer's premium?
16. Do I have to attend an auction to bid on a property?
17. Do you start the bidding with the total amount of my absentee bid?
18. Can I make an offer prior to the auction?
19. How do I bid in the "live" auction?
20. What is a "bid assistant"
21. Where does the bidding start?
22. What is an auctioneer's "chant"?
23. Will the Auctioneer say "Going once, going twice"?
24. What is a bid acknowledgment form?
25. What do I do after I sign the bid acknowledgment?
26. When and where does the closing take place?
27. Is the closing different from any other real estate closing?
28. What happens if the high bidder fails to close?
29. What is "fair market value"?
30. What is "high bidder's choice", and when is it used in a real estate auction?
31. What does "auction by the acre" mean?