Buyers Guide to Bidding at Auction
How Do I bid?
Arrive about 30 minutes prior to the auction start time so you can review the property information and ask questions. The auction staff is eager to assist you. Register to bid by filling out a bidder card at the registration table. By registering to bid, the buyer acknowledges that they have reviewed and understand the information in the Property Information Packet (PIP) and the Purchase Agreement, available at registration or in advance at SaundersAuctions.com
The bidder also acknowledges that, immediately following the auction, they are prepared to sign the Purchase Agreement and provide the escrow deposit.
Determine how much you are willing to pay for the property. Since your needs and use are unique, your determination of the property value will be different from other bidders.
As the auctioneer calls for bids, just raise your hand when you want to bid. If you’re not sure if you are in or out, raise your hand again and the auctioneer will keep you in. He will not let you bid against yourself. The auction is conducted under the total control of the auctioneer.
If you have any questions, motion for an Auction Team Member. They are here to help you understand the process completely.
Can I bid over the phone or via the Internet?
If you can’t physically attend the auction, call our office and ask if Online or phone bidding is being offered. If so, here is what to do:
Register to bid by calling or emailing the office for a bidder registration form. This form will explain the deposit required for bidding. Complete and return the form along with your deposit.
In order to Internet bid, you may need to register at the Online bidding website. This can be found in the online bidding section of SaundersAuctions.com.
You will receive a phone call/email prior to the auction. If you have any questions, just ask. The bidding process is simple, just follow the on screen prompts (Internet) or discuss with the auction team member (phone bidding)
If you are the successful bidder, your escrow deposit will be sent to the closing agent. You may be required to overnight the fully-signed, original purchase agreement along with any additional escrow deposit. Deposits received by unsuccessful bidders will be returned promptly.
Relax and enjoy the auction. If you have a question, ask it. We are here to help. AND REMEMBER – YOUR ONLY GOING TO PAY ONE BID MORE THAN SOMEONE ELSE IS WILLING TO PAY!
Frequently Asked Questions
Do I need to pre-qualify?
No. Unless otherwise noted, we do not require any pre-qualification to bid. If you intend to obtain lender financing, the lender may require you to qualify for a loan. The deposit you make on auction day is not contingent upon financing. It is important that you finish your evaluation and inspections of the property and arrange for financing prior to bidding. Complete your due diligence ahead of the auction and bid with confidence!
What is the buyer’s premium?
A buyer’s premium is a percentage that is added to the bid price to create the purchase price. Most Saunders Auctions have a 10% buyer’s premium added to the successful bid amount to create the total purchase price. Check the specific terms for your auction and please bid accordingly.
How much money do I need at the auction?
The escrow deposit is non-refundable and due at the auction. In most cases, a personal or business check is sufficient. However, it is best to check with Saunders to make certain that certified funds are not required. The balance of the purchase price is due at closing.
What does Reserve and Absolute mean?
Reserve Auction – In a reserve auction, the auctioneer will submit the highest and best bid to the seller. The seller has the right to accept or reject that bid. If the property is not labeled as absolute, it will be offered on a reserve auction basis.
Absolute Auction – In an absolute auction, the property will be sold to the last and highest bidder regardless of price, with no minimum or reserve bid. If an auction is absolute, it will be clearly marked.
Broker Participation – What if I’m a Real Estate Broker/Agent?
We offer a Broker Participation Commission to any licensed Real Estate Broker who properly registers a client. Registration forms must be completed at least 48 hours prior to the auction by calling 813 321 5009 or visit SaundersAuctions.com to request a registration form.