Buying at Auction: The Ins and Outs

Throughout recorded history, buyers and sellers have bought and sold a wide variety of property types at auction.  Auctions bring together interested buyers and sellers in a forum where buyers determine the value of property through a process of competitive bidding. Buyers at auctions make purchases in confidence, knowing they have paid market value for their purchases.

Auction buyers compete on a level playing field.  The terms and conditions of for each auction apply to anyone who participates. Interested buyers must review and completely understand the terms and conditions of each auction they attend.  Many auctions sell merchandise “as is” without warranty, guarantee or contingency.  There are great deals at auctions, but it’s important to do your homework.  Thoroughly inspect the property and make sure you understand the specific terms that apply to each auction.

Advancements in Internet technology and software have increased the public’s ability to participate remotely through the use of live simulcasts and timed “online only” auctions.  Live simulcast auctions provide the opportunity for bidders to see and hear the auction, but to submit their bids in real time, or by absentee bid, from a remote location.  Timed on-line auctions end at a pre-determined time and date in a similar manner to auctions on e-bay ™.  Other methods of participating in auctions remotely include left bids and telephone bids.

Contact Strategic Alliance today for more information on buying at auction.