Buyers Buying at an Auction
A fast-paced auction is one of the most efficient ways of converting property or assets into immediate cash. In fact, over a quarter-trillion dollars in goods and services are sold at auction every year in the U.S.
There’s an excitement about an auction that makes it a special event that draws people again and again. People participate in auctions out of curiosity about what unique or interesting items are for sale. There’s even more curiosity among bidders when it comes to the prices obtained at auction.
Everywhere you turn at an auction, there is a thrill in the air as sellers have property to sell and potential bidders find something they want to buy and set out to successfully bid along with the rhythmic chant of the auctioneer until they hear that magic word. SOLD!
Advantages of Buying at Auction
Auctions are smart – Wise investments are made at auction as properties are usually purchased at fair market value through competitive bidding.
Auctions are efficient – Buyers know in advance when the property will sell and when it will close. There are no drawn-out negotiations and waiting periods. New online bidding platforms have made auctions even more efficient for buyers.
Auctions are transparent – At an auction, all buyers are competing fairly and on the same terms.Buyers know that sellers are committed to selling the property and that they have realistic expectations. Buyers are provided a comprehensive Property Information Packet.
Auctions are fun!
Helpful Hints when Buying at Auction
•Arrive early and register for the auction. Certain auctions (i.e. real estate) may require a cashier’s check or other payment in advance of the auction to qualify you to bid in the auction.
•Always read the Terms and Conditions handed to you at registration because you are bound by them if you bid.
•Inspect items you are interested in buying because when you buy at auction you typically buy “as is” which means if you bid and win, you now own and cannot return the item.
•Bid in sync with the rhythmic chant. You should be listening closely and following the increasing bids. Remember: Filler words in the chant are used to remind buyers of the last bid number and give buyers time to consider their next bid.
•Understand the basic terms and types of auctions: absolute, reserve, and subject to seller confirmation.
Sellers Selling Your Property
We can help you maximize the true market value of your property.
Webb & Associates / Webb Realty is a full service auction company specializing in the sale of real estate on a local, regional, and national level. Webb Realty has been in existence since the mid 1960’s. During it’s history the company has conducted hundreds of auctions; selling farmland, commercial property, and residential real estate for satisfied clients across the Midwest. As a family owned business, not a franchise, Webb Realty is committed to serving the individual client with professionalism, dignity, and respect.
We can help you sell your property using an efficient, fast, transparent, and proven process.
1. Live and Online Pre-Auction Planning and Preparation – From an initial client meeting to publishing a comprehensive Information Packet, Webb & Associates is committed to providing unparalleled attention to the many details of the pre-auction phase. Thorough and complete planning is essential to the success of the auction and our clients are continually updated during the pre-auction phase.
2. The Marketing Phase – Webb & Associates offers unmatched knowledge of land and real estate across the region offering experience in reaching qualified buyers at a local, regional, and national, and level. Webb & Associates partners with select marketing groups to design a unique campaign for each client.
3. Auction Day –Following proper planning and effective marketing, Webb & Associates’ nationally recognized team of professional auctioneers and agents create the connection and energy in the room necessary to maximize the true value of your property on auction day.
4. Post Auction – The final phase of the auction process is a seamless path to Closing. The team at Webb & Associates is passionate about service and will be with you to assure a smooth transaction.