How to be a wise bidder at a real estate auction, step 3

How to be a wise bidder at a real estate auction, step 3

Step three: What to ask an auctioneer
Before the real estate auction, be sure to ask the auctioneer (or auction manager) any questions you may have about the property.

There are two types of auctions: RESERVE and ABSOLUTE. RESERVE means the seller (owner) may accept, or reject, the final Bid. ABSOLUTE means just that. The property will be sold to the last and highest bidder. If a property is being sold ABSOLUTE, it will be stated as such in the advertising, and information packages, as well as on the real estate or auction website.

There is a 10 percent buyer’s premium added to the bid price, which creates the contract price.

The down payment (specified amount will be in the info package) is due at the close of the auction, when the contracts are signed. The remaining balance, will be due at closing.

You can always go to our website, www.Higgenbotham.com, and download all the information you need on any of our upcoming auctions.

Part 1 | Part 2

This column is sponsored by Donald Kirkland and Higgenbotham Auctioneers. Get more details online about our interesting properties at www.higgenbotham.com and then click on “upcoming auctions.” Give me a call if you have a property to sell at (863) 607- 7877, or email donald@higgenbotham.com.

CREDITS

column by DONALD KIRKLAND

BIO: Donald Kirkland (AU1803 AB 158) is a third generation Floridian, from Medulla (South Lakeland) and is an admitted “Florida Cracker.” He has been with Higgenbotham Auctioneers since 1993. Donald enjoys the agriculture community spirit of 4-H, FFA, and FHA. Donald is a certified and licensed auctioneer and real estate associate.