Buying Real Estate at Auction: Tips, Truths and Tools

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Buying Real Estate at Auction Tips, Truths and
Tools
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2006 Gross Sales Revenue for Real Estate

• Residential 16.0 Billion
• Commercial Industrial 15.0 Billion
• Land Agricultural 25.3 Billion

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Growth in Sales for Real Estate Auctions Since
2003

• Land Agricultural Real Estate 33.0
• Residential Real Estate 39.2
• Commercial Industrial Real Estate 27.4

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The Auction Advantage

1. Quick Turnaround Time.
2. No Negotiation Period.
3. Buyers Know They are Competing Fairly Against
   Other Buyers.
4. Buyers Determine the Purchase Price.

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The Auction Advantage
5. Purchasing and Closing Dates are Known. 6.
Buyers Receive Information on the Property
Through a Due Diligence Package. 7. Opportunity
for a Bargain.
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Types of Auctions

• Absolute An auction without reserve.
• Minimum Bid Auctioneer only accepts bids at or
  above an advertised price.

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Types of Auctions

• Reserve The seller has the right to accept or
  reject any offer that falls below a confidential
  reserve price, but must accept any bid higher
  than the reserve price.

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Timely Tips

• Inspect the Property
• Familiarize Yourself with the Terms of the Sale
• Pre-Qualify for Financing
• Check into Absentee Bidding
• Plan Your Strategy for Bidding

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www.onlyatauction.com

• Find an Auction function
• Find an Auctioneer function
• Learn tips about buying and selling at auction
• Read auction success stories

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How to Find Auctions
Join a Mailing List
Look in the Newspaper
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National Auctioneers Association

• Committed to Excellence
• Members Abide by a Code of Ethics
• Offers the Accredited Auctioneer Real Estate
  (AARE) Designation

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Buying Real Estate at Auction