Buyers
Buying a property at auction is simple; all you need to do is know in advance that this is the property for you, and how much you are willing to pay for it.
WHY SHOULD I BUY AT AUCTION?
- Committed Sellers:
We only bring properties to auction if the seller is committed to selling the property at the auction. - Our Complete Information Package:
You only bid after having done your due diligence. Consequently, the number you offer is a fully informed one. - There Is No Risk of Overpaying:
Unlike traditional real estate negotiating in which the price offered by your competition is not clear to you, at the auction you see plainly what other buyers are willing to pay. This means that the successful bidder pays fair market value. - You See the Accepted Offer for Yourself:
After the offer is accepted you have seen for yourself that you have been treated fairly. There are no third party representations. - No Drawn out Negotiation:
Once the hard contract is signed on the day of the auction, you know the property will be yours. This is especially good for those of you with deadlines.
Buying a property at auction is simple; all you need to do is know in advance that this is the property for you, and how much you are willing to pay for it.
Because you will be signing a hard contract, you want to make sure you study the information package because you need to know the procedure for the auction. Take time to do your due diligence so you know what you are buying.
Because of our buyer’s information package you can bid from the position of knowing the truth about the property in advance.
We provide opportunities to inspect the property and to review all legal and financial materials with all disclosures.
By the time of the auction the serious bidder will have the opportunity to bid with the certainty that he has had opportunity to exhaustively study the property.
The auction is completely transparent. The highest bidder gets the property.


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Buyer’s FAQ
Is it possible to get a bargain at auction?
Absolutely. However, keep in mind a “bargain” is like “beauty” it is in the mind of the beholder. One person might say,“That guy is nuts to pay $800,000 for that big chunk of ground.” While the buyer is thinking, “I just got a bargain at $800,000, I’m going to subdivide and develop for a nice profit”.
You can get great value buying at just one bid over the next interested party. But, don’t be fooled by those late night television shows that promise that you can make a million dollars buying property dirt-cheap. It might be possible to buy a skyscraper for $1, but you must have it torn down and removed by the end of the week!
What is a bid contract?
How do I bid in the live auction?
Can I make an offer prior to auction?
Do you start the bidding with my Absentee Bid?
Do I have to attend an auction to bid on a property?
No, there are two ways that you can participate.
- You could send someone to the auction to bid on your behalf that you have granted limited Power of Attorney to (consult attorney).
- Further, you may bid by utilizing an Absentee Bid Form. This form must be filled out with your personal information for proper registration. Absentee bids must be accompanied by the proper down payment for the property of interest along with signed Terms & Conditions, a signed Purchase & Sale Agreement complete with the total bid offer.
How and why do I need to register?
Registration is a process of identifying yourself in our system as a potential buyer. If you want to participate in one of our auctions you will need to provide some form of positive ID such as a drivers license.
You will need to sign the standard Terms and Conditions for the auction and provide the stated down payment amount for the property of interest in guaranteed funds. You will receive a bid card with a number, which is used to identify yourself as the successful bidder. You will also be provided a Bid Packet with copies of the Terms and Conditions, Purchase & Sale Agreement, and information on the property that you are interested in.
Once you have registered you are in our database and eligible to bid.
What are previews?
What do you mean by insurable title?
What do you mean by due diligence?
Bonnette Auction Company will provide you with the information that is available from the seller on each property. However it is your responsibility to satisfy yourself that all information is accurate and to your satisfaction.
- You might want to check with the local municipality to verify taxes, zoning and get a copy of the deed or tax map.
- You might want to walk the property to inspect the “lay of the land”.
- You might want to have professional inspections done of the improvements.Typically, you are buying the property as, is without contingencies. The Seller will provide insurable title free of adverse liens by closing. Therefore, you should do your homework prior to bidding.
I have never attended a real estate auction before. What should I do?
If you are interested in buying at any Bonnette Auction Company real estate auctions you should read all the answers to these FAQs.
- You should subscribe to our e-mail list to get listing of upcoming real estate auctions.
- Obtain a listing all properties in the real estate auction.
- Call your lender and pre-qualify.
- Preview all properties of interest.
- Check out the values in the neighborhood and set a range of value or limit for your bidding.
- Be prepared to bid to your limit.
- Review the Terms and Conditions of the auction you are interested in.
- Do your due diligence on the property.
- Arrive early at the auction site to register to bid and get to know the auction staff.
- Ask questions about properties of interest prior to bidding.
- Determine what the property is worth to you and then bid confidently to obtain it.
- Get comfortable and relaxed.
- Listen closely to the auctioneer.
- Don’t be bashful or you might miss a great buying opportunity.
- Once you are successful, sign documents and your on your way to closing.
Why should someone sell real estate at auction instead of pricing it?
Auctions are fast, efficient and produce fair market value. When a property is “priced” it is either under priced or overpriced. Either way, the seller loses. If the price is too low it sells quickly but equity was lost. If the price is too high the property does not sell. It then has to be advertised again at a lower price or negotiated through negative haggling with one person at a time.
The auction creates a sense of urgency. All serious people are brought together to compete. The seller is assured of fair market and so is the buyer that obtains the item at one bid over the next interested person.
Are there different kinds of real estate auctions?
What does Absolute Auction mean?
What does Subject to Confirmation mean?
What is a Reserve Auction?
What is a Stated Minimum Bid Auction?
An auction where the Seller announces the reserve or minimum bid and generally will sell the property absolute at or above the stated minimum.
Example: This property shall sell at absolute auction at or above a minimum of $41,237. If any one bids the stated amount or more the property will sell.
I have not seen a real estate auction before. Can I come to an auction to watch?
What is a buyer's premium?
Whta is a bid assistant?
Where does the bidding start?
When and where does the closing take place?
Is the closing any different than any other real estate closing?
What happens if the high bidder fails to close?
What is market value?
What is high bidder’s choice and when is it used in a real estate auction?
What does by the acre mean?
Land parcels are often offered by the acre. The winning bid price is multiplied by the number of acres to arrive at the price.
Example: 150 acres at $500 per acre = $75,000.
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