Beyond the Bid & Auction Essentials
Auctions can be an exhilarating method for buying or selling items like real estate, construction equipment or classic cars. However, participating in auctions involves more than just spotting amazing items. It’s essential to understand the terms and conditions of each sale to ensure a seamless and successful experience.
Terms are not one-size-fits-all; they vary widely across our different types of auctions, affecting both buyers and sellers in distinct ways. The variation in terms stems from the diverse nature of auctions themselves. Each type of auction serves different purposes, involves different kinds of items, and operates under different sets of rules. These variations are tailored to address the unique needs of each auction format, whether it’s a live, online, charity, or real estate auction.
We have compiled a shortened overview of terms for our LASTBIDrealestate auctions:
Buyer's Premium
A Buyer’s Premium of $1,000 or 10%, whichever is greater, will be added to the high bid and charged as a transaction fee to the buyer. Refer to item specific terms on each real estate auction to verify the Buyer’s Premium implemented on each auction.
Payment
Payment varies based on each property/parcel. Most often, a deposit will be required within 48 hours of the auction close date as well as the balance being due within 30 – 45 days of the auction close date. However, on some occasions, it may be shorter. Please refer to each property/parcel specifics to make sure you understand the deposit and balance due for the property you are bidding on.
Sales Subject to Approval
If the term “Sales Subject to Approval” is listed on the property you are interested in, this means that this particular property’s sale is contingent upon receiving the approval of the Bank, Court, Trustee, Private Seller or Lien Holders affiliated with that particular piece. Once the auction has ended, your Real Estate Manager will contact you once they hear from the seller, which is usually within 24 hours of the auction closing.
Regardless of the auction type, it’s important to carefully read and understand the terms and conditions before getting involved. Each auction format has its own nuances, and overlooking these details can result in unexpected costs or issues. Buyers should be aware of any potential fees, payment procedures, and return policies, while sellers need to understand how their items will be managed and what fees they may face. As the auction environment evolves, staying informed about these terms will help ensure a smooth and rewarding bidding experience. When in doubt, our experienced staff at LASTBIDrealestate can answer all your questions and can be contacted here. We want to make sure you feel comfortable and confident with every bid you place.