BUYING REAL ESTATE AT AUCTION
1. Identify the property you wish to bid on
2. View a copy of the relevant ‘Property Brochure’, available from our Auction House two (2) weeks prior to the auction date, or download the brochure from the Auctioneer’s website
3. The Property Brochure includes, where relevant, the conditions of sale, the title deeds, the site plan, the zoning certificate, and information on any rental or lease agreements
4. Establish where the auction will be held – most auctions are held on site at the property that will be auctioned, but occasionally they are held at larger or more convenient venues
5. Arrange to view the property in advance or set aside time to view the property on the day of the auction
6. Decide on the limit you can afford or are prepared to spend
7. Study the ‘Terms and Condtions of the Auction’
8. Be aware that if your bid is successful, it is final and legally binding – it cannot be withdrawn or renegotiated and the conditions of sale cannot be altered
9. If your bid is successful, you will immediately be obliged to proceed to the Auctioneer’s desk to sign the Offer to Purchase (the Sales Contract)
10. Auctioneer’s commission: Once the Seller has accepted your offer to purchase, you will be required to pay the Buyers Premium, which is a percentage of the purchase price as stated in the Terms and Conditions of the Auction.
11. Purchase price: Once the Seller has accepted your offer to purchase, you will also be required to pay a deposit of 10% of the purchase price and deliver guarantees on the balance of the purchase price within 60 days from the date of acceptance unless posted differently in the Auction terms and conditions. Guarantees are for the Purchaser’s convenience only – if you are not granted a bond by the bank, you are still liable for the full payment, therefore ensure that you have made arrangements for the necessary finance
12. If you are married in community of property, ensure that you have a certified letter of permission from your spouse to participate in the auction, or that your spouse attends the auction with you
13. You can bid on behalf of a third party if you have a certified letter from the third party (on their company letterhead in the case of a business, accompanied by a certified copy of the resolution authorizing you to bid on behalf of the company) granting you permission to do so
14. On the day of the auction allow yourself time to register as a bidder and to thoroughly inspect the property, as the property is sold in the condition as presented by the Seller on the date of the auction
15. You will not be permitted to bid unless you have registered and can show your ‘bidder’s card’ with bidder’s number
Contact Palatium Auctioneer, Paul Roesch, CAI, AARE designationed, the highest Auctioneering designations the National Auctioneers Association awards. These designation are earned by less than 1% of all Auctioneers.
618-233-1000 or firstname.lastname@example.org . Your inquiry will be handled confidentially.
Midwest Region - St Louis MO
Palatium Auctions® and Liquidations
Cathy Roesch, Auctioneer, CAGA Appraiser Business Card
Paul Roesch, Auctioneer, Realtor, Appraiser,
CAI, CES, ATS, BAS, AARE, GPPA, CAGA, USPAP compliant Business Card