The following is a list of steps to follow when preparing to participate in an auction. We hope they are helpful tips that make your attendance and participation in an Official Auction successful and easy.
HOW TO BUY AT AUCTION:
|Contact Us||The Equipment Professionals at Official Auctions are prepared to supply you with information, over the telephone at 816.564.3574 or you can email us at email@example.com, concerning specific items as well as the auction process itself.|
|Do your Homework||Do your homework. Find out as much as you can about the property by downloading the Information Package (IP). Our Information Packages contain photos, descriptions, terms of the sale and financing information, sample Purchase & Sale Agreement, taxes & assessments and many other pertinent documents. Our IPs are available online in our auctions section, usually within a few weeks before the date of the auction. For the KC Tow Lot Auction, there is a Help/FAQ here.|
|Inspect the Equipment||Inspect the property. Take full advantage of any inspections conducted by Official Auctions. Remember, at auction, you are buying “as is, with all faults.” Attendance at an “open house” inspection will allow you or your representative to see first hand what you are bidding on and help determine value and desirability. This will help you to bid with confidence.|
|Pre-qualify Yourself||Pre-qualify yourself for financing. There is seldom a financing contingency in an auction. Increase your comfort level by knowing your financing qualifications. Even before you decide on the item(s) to buy, you can pre-qualify yourself with a lender. It is best to know what you can afford to pay for the items before you bid. Now you will be able to bid with confidence!|
|Attend an Auction||Attend an auction! Check the local newspapers or join our mailing list for auctions in your area. Attend and observe one or more auctions and familiarize yourself with the process before you attend an auction as a bidder. Auction companies differ in the amount of “due diligence” information they provide and how they conduct an auction. The auction process happens quickly, so knowing what to expect is important, when you decide to buy. If you have questions about what you saw, email or call us.|
|Plan your Bid Strategy||Determine your bid limit after examination of the property and all available information. Plan to compete. Most bidders will be thinking in the same price range. The one who bids that number first, wins the day.|
|On auction day, it is to your advantage to arrive at the auction site 1 hour before the auction. By doing so, you will have more time to consult with on-site staff who are prepared to assist you with your last minute questions regarding the property and the auction process. Upon completion of registration you will receive a Bid Packet containing your bid number, Terms of Sale, Purchase and Sale Agreement and a copy of the Information Package (IP).|
|Bring Required Deposit||You will be required to show proof of your deposit in order to register at the auction. You should have the certified check or bank check made out to you. When you are the successful high bidder at the auction, you will be required to affirm your bid with a signature on the P&S and endorsement of the deposit check to the auction company or Seller’s attorney. All deposits must be in earnest money form, i.e. cash, certified or bank check. Deposit requirements and amounts are clearly described in the “TERMS” section of all Official Auctions advertising.|
|Prepare for “Q&A”||Prior to the start of bidding, Official Auctions Auctioneers will conduct a Question and Answer (Q&A) session. This is your opportunity to ask any last minute questions before the auction begins. You should come to the auction prepared to ask your questions. If you arrive early enough, you can question Official Auctions staffers at that time. The auctioneer may ask you to repeat your question during the Q&A, if he believes it to be of interest to all bidders. Our job is to raise comfort levels of all bidders with the auction process, the property we are selling and the auction company. The Q&A is important to the success of these goals.|
|Bid Aggressively||Until the “hammer falls” or you have reached your limit you should compete aggressively. There can be only one winning bidder for the property. You cannot buy at your price unless you BID your price.
GOOD LUCK WITH YOUR BIDS!