Real estate auctions level the playing field between sellers and buyers. As a buyer, you immediately know where you stand. You’re either the top bidder, or you’re not. In traditional real estate transactions, offers can be used as leverage against buyers to drive the price up. In auctions, the only competition you have is against other buyers. You have complete control over the cost, and whether or not you make a purchase.
How does an auction work?
Buying at an auction is a simple open process. As a potential bidder, it is important to be well informed and well prepared before the actual auction date. The auctioneer has basic information in the auction brochure; address, date, and terms and conditions. For more information, one should request a bidder’s information package. At Associate Auctions, we send out auction bidder’s information package prior to each auction to all interested buyers. This gives you the most update breakdown of each property.