We understand that buying at an auction, especially for the first time, can be intimidating. It should be a simple and easy way to buy property. Our team wants to take the guesswork out of this process. Here’s how it works.
Here's How it Works
Review Auction Information
Make sure to review the complete terms and conditions of the sale and that you know where the auction is located. If the auction concerns a lot or piece of land, it is most often on-location. This varies from project to project. You’ll easily find that information on our “Upcoming Auctions” page.
Place Your Bids
The first thing to do at an auction is to arrive early, leaving plenty of time to register and obtain sales information. Also, remember to bring valid identification and the required method of payment for any earnest money. Earnest money is generally 10% of your winning bid and is paid on-site with cash, personal or certified check, or money order. The auction itself can be intimidating with the volume and speed at which they can happen. Here are a couple of helpful tips for people attending their first auction:
- Listen! The auctioneer will be repeating two numbers: where the bid is, and the asking bid.
- Don’t worry about scratching your nose or waving. To bid, you’ll typically need a bid card or bid paddle. The auctioneer will know to look for these items.
- The people you see working the crowd of bidders are called ground men or bid assistance. Their job is to assist you in bidding and pass bids on to the auctioneer.
If you are declared the successful purchaser, a Dempsey representative will walk you through contracts, addendums, terms & conditions, and any other necessary paperwork. If you have any questions, our team is here to help.
Do you have a client who is interested in one of our upcoming auctions? If so, refer your client to a Dempsey auction, execute the paperwork, and if your client successfully closes, you’ll receive a referral commission. Call us for a simple and easy way for your client to buy.Call Us Today