Preparing to Bid at an Auction
The following is a list of steps to follow when planning to participate at an auction.
We hope they are helpful tips that make your attendance and participation in a auction successful and easy.
Contact Us
Here at Clark Auctions we are auction as well as real estate professionals.
We are prepared to supply you with information over the telephone or by email (please see our Contact Us page), about specific auctions or properties, as well as the auction in general.
Do Your Homework
Find out as much as you can about the property or items up for bid. On this website we have a page devoted to each and every auction property we list. You can gather important information from this page.
On our CONTACT US page, you can request one of our Property Information Packets; these packets contain photos, property descriptions, terms of the sale and disclosure, Purchase & Sale Agreement, property taxes & assessments, maps, plans and many other pertinent documents. Our packets are available to interested parties. We will be happy to mail a packet to you.
Inspect the Property
Take full advantage of any Open Houses hosted by Clark Auctions. Remember, at auction, you are buying “as is where is.”
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 more easily with confidence.
Prequalify Yourself
With a real estate auction, there is never a mortgage contingency. Increase your comfort level by knowing your mortgage financing qualifications.
Even before you decide on a property to buy, you can pre-qualify yourself with a lender. It is best to know what you can afford to pay for the property before the auction, so you will be able to bid with confidence.
Attend An Auction
Check the local newspapers, the internet, or join our mailing list to be notified of 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 when you decide to buy, it’s important to know what to expect. If you have questions about buying at auction, email or call us.
Plan Your Bid Strategy
Determine your bid limit after examination of the property and all available information. Be prepared to compete.
Most bidders will be thinking at or around the same price range. The one who bids that number first, wins the day.
Register To Bid
Check the local newspapers, the internet, or join our mailing list to be notified of 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 when you decide to buy, it’s important to know what to expect.
If you have questions about buying at auction, email or call us.
Bid Aggressively
Until the “hammer falls” or you have reached your bid 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!