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The Auction Process
1. Search our upcoming auctions for homes, and inspect the ones you are interested in.
After identifying the auction event for your desired area, you will review the listed homes to determine which ones are of interest to you. Each property will have its own webpage detailing many important characteristics of the property. Once you have narrowed-down your interest list, you will want to visit and inspect the properties in person on any open house day. It is strongly advised that you inspect each property thoroughly. You may bring a home inspection professional (at your expense) or other expert with you if you desire. You should also inspect any related legal and disclosure documents you believe necessary to make an informed buying decision.
2. Register to attend and bid at your chosen auction.
Follow the instructions on our Bidder Registration page, including the instruction to contact one of our recognized mortgage lenders. There is no fee to attend any auction, but you must be pre-qualified by one of our participating brokers or lenders.
3. Check-in on auction day.
You must first check-in with our staff at the entrance to the event, even if you are pre-registered. You must provide a valid Driver's License, or other acceptable photo ID, at this time. You will be assigned a bidder number, given your numbered bidder card or paddle and allowed into the auction location.
4. Attend our Practice Auction.
We offer a brief practice auction, one half-hour prior to the start of bidding, to explain how the auction will work. We will also have staff on hand in the aisles to assist you in bidding throughout the auction. If you need assistance, you can simply gain their attention by waving them down.
5. Place a bid when your desired properties come up.
When one of your chosen properties comes up for bidding, you must follow the bid calling closely at all times to determine both the opening bid and all other subsequent bids. Start your bidding when the number is still well-below the price you are willing to pay, and do not bid anymore if the price called ever exceeds what you are willing to pay. You should decide on the highest price you think is acceptable before the bidding commences, or you could be left with little time to think it through, as bidding moves very fast. To place your bid, simply raise your bidder's card or paddle high enough so that your bid can be seen and acknowledged. As the bidding progresses, continue to bid up to your maximum price. When bidding reaches the point that where only the highest bidder remains, the auctioneer will announce the recognized highest winning bidder's number and for what dollar amount. IMPORTANT: The Buyers Premium of 3%-5% (see event details) will be added to all winning bid amounts to establish the total purchase price. Example: Your winning bid amount is $200,000, added to a 3% Buyers Premium equals a total purchase price of $206,000. Do not forget to factor the Buyer's Premium into where you want to stop your bidding.
6. Execute the required documents and open escrow.
You will be escorted to a documentation-signing room to execute all of the required paperwork. A professional real estate agent will be assigned to represent you especially if you are not already pre-registered with a licensed real estate broker or agent. All Buyers must be represented by a Buyer's Agent. The Listing Agent may have a Dual Agency, representing both the Buyer and Seller. All Listing Agent and Buyers Agent's commissions are paid by the Seller according to the terms outlined in the listing agreement. Have your agent contact the Listing Agent for details. Commissions paid vary by property and by auction events.
Make sure you have your ID at hand. During this process you are required to submit your Earnest Money Deposit (your down payment). Earnest Money Deposits range from 3%-10%, depending on the event. Please check your event for details. The first $5,000.00 in Earnest Money Deposit must be paid with a cashier's check. The remaining balance may be paid with a personal check. After all documents are executed your escrow begins.
7. Financing and closing escrow.
You will need to work closely with your real estate agent and mortgage lender to get your loan funded and escrow closed in the allotted time. Also, you will be assigned an Escrow Officer with the Closing Company. Everyone is working on your behalf to facilitate a smooth, successful transaction. However, do not waste time, your escrow needs to close on, or before, the agreed closing date or you may suffer losses.
Important: Events are sometimes held in facilities (such as hotels) where food and beverages are served, including alcoholic beverages. We strongly advise that attendees who may patronize these facilities drink responsibly. Participating in an auction comes with both obligations and consequences, and we expect bidders to be clear-headed and acting in good faith when they enter into any agreements at our auctions. Being under the influence is not a valid reason to terminate the Purchase Agreement. Your Earnest Money is Non-Refundable.
The Sherman Antitrust Act (1890)
We strictly adhere to principle and laws of The Sherman Antitrust Act (1890); and we will stop or halt any auction sale if there appears to be a conspiracy of Price manipulation among Bidders. We are a Fiduciary Agent to the Seller and we reserve the right to do whatever is necessary to protect their best interest.
Section 1. Trusts, etc., in restraint of trade illegal; penalty
Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. Every person who shall make any contract or engage in any combination or conspiracy hereby declared to be illegal shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine not exceeding $10,000,000 if a corporation, or, if any other person, $350,000, or by imprisonment not exceeding three years, or by both said punishments, in the discretion of the court.
Section 2. Monopolizing trade a felony; penalty
Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine not exceeding $10,000,000 if a corporation, or, if any other person, $350,000, or by imprisonment not exceeding three years, or by both said punishments, in the discretion of the court.
Section 3. Trusts in Territories or District of Columbia illegal; combination a felony
Every contract, combination in form of trust or otherwise, or conspiracy, in restraint of trade or commerce in any Territory of the United States or of the District of Columbia, or in restraint of trade or commerce between any such Territory and another, or between any such Territory or Territories and any State or States or the District of Columbia, or with foreign nations, or between the District of Columbia and any State or States or foreign nations, is declared illegal. Every person who shall make any such contract or engage in any such combination or conspiracy, shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine not exceeding $10,000,000 if a corporation, or, if any other person, $350,000, or by imprisonment not exceeding three years, or both said punishments, in the discretion of the court.
Section 4. Jurisdiction of courts; duty of United States attorneys; procedure
The several district courts of the United States are invested with jurisdiction to prevent and restrain violations of sections 1 to 7 of this title; and it shall be the duty of the several United States attorneys, in their respective districts, under the direction of the Attorney General, to institute proceedings in equity to prevent and restrain such violations. Such proceedings may be by way of petition setting forth the case and praying that such violation shall be enjoined or otherwise prohibited. When the parties complained of shall have been duly notified of such petition the court shall proceed, as soon as may be, to the hearing and determination of the case; and pending such petition and before final decree, the court may at any time make such temporary restraining order or prohibition as shall be deemed just in the premises.
Section 5. Bringing in additional parties
Whenever it shall appear to the court before which any proceeding under section 4 of this title may be pending, that the ends of justice require that other parties should be brought before the court, the court may cause them to be summoned, whether they reside in the district in which the court is held or not; and subpoenas to that end may be served in any district by the marshal thereof.
Section 6. Forfeiture of property in transit
Any property owned under any contract or by any combination, or pursuant to any conspiracy (and being the subject thereof) mentioned in section 1 of this title, and being in the course of transportation from one State to another, or to a foreign country, shall be forfeited to the United States, and may be seized and condemned by like proceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law.
Section 6a. Conduct involving trade or commerce with foreign nations
Sections 1 to 7 of this title shall not apply to conduct involving trade or commerce (other than import trade or import commerce) with foreign nations unless -
- (1) such conduct has a direct, substantial, and reasonably foreseeable effect -
- (A) on trade or commerce which is not trade or commerce with foreign nations, or on import trade or import commerce with foreign nations; or
- (B) on export trade or export commerce with foreign nations, of a person engaged in such trade or commerce in the United States; and
- (2) such effect gives rise to a claim under the provisions of sections 1 to 7 of this title, other than this section.
If sections 1 to 7 of this title apply to such conduct only because of the operation of paragraph (1)(B), then sections 1 to 7 of this title shall apply to such conduct only for injury to export business in the United States.
Section 7. ''Person'' or ''persons'' defined
The word ''person'', or ''persons'', wherever used in sections 1 to 7 of this title shall be deemed to include corporations and associations existing under or authorized by the laws of either the United States, the laws of any of the Territories, the laws of any State, or the laws of any foreign country.
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