Real Estate Auction Tips

Things that you should know about a real estate auction …

  •  Real Estate Auctions are typically "NO CONTINGENCY" and the Property condition is "AS IS".
  • In Virginia all auctions have "reserves" unless stated otherwise so if the bid price does not meet what the seller wants he does not have to sell it. "Starting bids" are just that a start, indicating that bids under the staring bid will not be entertained.
  •  They require a substantial non-refundable deposit the day of the auction from the winning buyer/bidder. If you plan to bid bring a cashier or certified check for the amount stipulated in the terms of sale made out to you and if you are the winning /bidder/buyer, you will endorse the check over to the auction company at the conclusion of the auction.
  • There is a “bid” price and a “contract” price.  Expect a “buyer’s premium” which is added on to the bid price to make the final contract price. Buyers’ premiums are listed in the terms of sale.
  • The auction company will have a purchase agreement that will be completed by the seller and the winning bidder.  Typically closing to take place in 30 days.
  • Typically, the sellers will allow for inspections prior to the auction at the buyers cost, ask if this is allowed.
  •  If you are seeking financing, this must be established before the auction and remember it’s a NO CONTINGENCY SALE.

Real estate licensees: 

  •  Register yourself and your buyer with the auction company prior to viewing so if compensation is offered, you will qualify.
  •  Attend all viewings, and inspections with your buyer.
  •  Lead the discussions.

Buyers:

  • If you are using a licensee have them register with the auction company prior to you contacting the auction company so they will qualify for any compensation available.
  •  Have the licensee arrange a viewing and attend all viewings of the property with you and your inspectors.

What Our Clients Say

Fred Wilson Auction Service was instrumental in helping my sister and I sell our house!  Not only does he have a stand up personality, he was incredibly accommodating as we both live across the country from him and the house we were selling!  He did everything in his power to make sure the process was seamless and hassle free for us!  He found ways to help us save money by eliminating excess paperwork!  FWAS is top notch with communicating the process of selling a house.  He knows EXACTLY what needed to be done and he took care of it!  We had a LOT of questions and he patiently responded to texts and emails almost immediately.  It was EASY to sell with him!  I cannot thank him and his team enough for helping us as much as they did.  I would HIGHLY recommend Fred Wilson Auction Services to help sell your home!