The Auction
The Auction is a fairly straightforward affair. Many newcomers to Auctions are surprised to learn that the home and land sale they are attending will be over in a fairly short period of time. The slow part is the weeks leading up to the Auction. It is during this period that interested buyers preview the property during open houses or private appointments, make any inspections they desire, get their questions answered and determine what they can afford to spend. The actual Auction is the conclusion of everyone’s efforts to establish the highest bids for the transaction.
On Auction Day, buyers register for bid numbers, inspect the property one last time and get any last minute questions answered. To register, a valid drivers license or a photo id is required and if you are a successful bidder, your personal check will be acceptable.
The Auction will begin promptly at the appointed time with opening announcements. The Auctioneer and staff will make opening comments, welcoming everyone, summarizing for the record terms of the sale, methods of bidding and any last minute changes or disclosures. These comments will usually take only a few minutes and will conclude with the Auctioneer answering any final questions. Assisting the Auctioneer will be the ring staff. Their job is to make sure that anyone who is trying to bid gets recognized and their bid is properly executed. They can also assist with questions during the Auction, including asking the Auctioneer to pause if necessary. Any tie bids or other issue regarding who has the high bid is ALWAYS resolved by the Auctioneer who has the complete and final authority.
Groupings in land sales are allowed throughout the Auction after the second tract is sold. Any grouping requires the combination of all property that adjoins property that is controlled by one bidder. A 10% increase in price is required to group and this allows all bidders the opportunity to start bidding again on the tracts that are grouped. Grouping all though the sale will allow any bidder who loses his bid by a grouping to bid again on additional properties. Groupings are taken on a First Ask basis. Once the groupings are completed, we reserve the right to offer the property as a whole with a 10% increase in price to start the bidding on the whole property.
