How does an auction work?

A properly managed auction consists of mutual goal agreement: a written detailed marketing plan based on specifically meeting each of those goals. The plan will include such aspects as: 1. A detailed advertising program based on time lines of agreed upon goals, 2. Proper preparation and management of the assets to not only secure them; but also, ensure that the appropriate purchasers are informed and have inspection access to them in the proper fashion to induce highest prices, 3. Proper conduct of the auction process, from start to finish, by a professional auction firm, 4. A seamless transfer of all details into a “turn key” operation requiring no more hassle on the part of either the seller or buyer. and, 5. Properly Bonded Final Accounting Procedures and Timely Payment to seller in accordance with the auction plan.  more

Auctions are events held at a specific date and venue where a catalogue of properties will be sold to the highest bidder on that day. Before the day of the auction prospective bidders should have visited the property if they wish to, carried out any surveys and checked the legal pack, (which will be held at our local office), before deciding they wish to buy that property. If a bid is successful, at the drop of the Auctioneer's Hammer, a purchaser will be legally committed to purchasing the property. The Vendor is also legally bound to sell the property to you at the price of the final bid when the hammer fell The winning bidder will then be taken aside to pay to the Auctioneer’s staff a deposit of 10% (typically) and to sign a Memorandum of Sale. At this point exchange on the property sale has occurred and you should advise your solicitor, who should already be aware of the urgency of carrying out completion within a short time frame, generally within 28 days. The process from ...

When you arrive at the auction site you may need to register with the auctioneers in order to obtain a bidding number, the information required is usually your name and address and you may also need to pay a returnable deposit. You should be familiar with the registration requirements for the particular auction before you arrive in case a large deposit is required. If you have not viewed the lots for auction prior to the auction day you will need to allow yourself time to inspect your prospective purchases before the auction starts if this is allowed, some auctions may not allow you to view the lots other than in the specified viewing dates and times, with some "catalogue" auctions you may not be allowed to view the lots after the auction has started. You should confirm these details with the auctioneers prior to the auction date. When a lot you are interested in bidding on comes up for sale the auctioneer will announce the lot number ( either found in the catalogue next to the item ...  more

When you arrive at the auction site you will need to register with the American Eagle Auction registration clerk in order to obtain a bidding number, the information required is usually your name and address along with proof of identity such as a valid drivers license or other form of positive identification. In certain cases, you may also need to pay a returnable deposit. You should be familiar with the registration requirements for the particular auction before you arrive in case a large deposit is required. If you have not viewed the lots for auction prior to the auction day you will need to allow yourself time to inspect your prospective purchases before the auction starts if this is allowed, some auctions may not allow you to view the lots other than in the specified viewing dates and times, with some "catalogue" auctions you may not be allowed to view the lots after the auction has started. You should confirm these details with the auctioneers prior to the auction date. When a ...  more

For Sellers • We will meet with you and determine if the auction method will work for your situation. • We will thoroughly explain the auction method and the types of auctions available (outcry and progressive) • Once the auction type is selected, we set a date for the auction and the 2 preview dates. • Contracts and disclosures will be signed. • We will determine the property conditionby contracting for the performance of multiple inspections. • An appraisal will be performed for marketing and informational purposes. • Previews will be conducted and marketing will begin. We will be present at previews to pre register buyers, and allow all buyers inspections to take place. Buyers who register to bid will receive a bidders package with copies of the inspections and disclosures. • On the day of the auction, the buyers must register and supply the required documentation and deposits if required. Theywill now be eligible to be a bidder and place an opening bid. • The auction is held, and ...  more

A. An Auction means that there is no pre-determined final sale price. Potential buyers will "bid" and at the end of the auction period, often right down to the last second, the highest bidder will "win" the right to buy for its final price.  more

WANT TO BUY SOME REO PROPERTIES? Herein is the problem . The Non-agency sub prime Mortgage Mess will now start to surface with a new set of problems. Lack of recorded information and other things considered not lawful. The nature of the conveyance through Trustee sale in California was presumed to have all the necessary elements for “Good faith " and to have met all the code and procedures for the States Power of Sale provisions in a lawful lender recovery. The fact before making an offer on a family home that was stolen is to established whether or not that REO (if NOT a government agency or GSE asset ) is likely deemed to be impaired. These sales by trustees who are in fact NOT by the Trustee but by a recovery agent for “someone” done with potential unlawful conveyances and deceptive practices that the courts do not get nor have ruled officially rule on as to a precedent. (Don’t argue here as the Attorney Generals for many States agree and will inquire what then it is YOU know). ...  more