BUYING

Buying a home can be a daunting experience,
but it doesn’t have to be.
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OUR MISSION

MAKING BUYING A HOME EASY AND TRANSPARENT.

Buying a home through the auction process, let alone buying a home period, may scare you a bit. At Harcourts Auctions, we are committed to providing you with as much information as possible to ensure you are comfortable every step of the way.

KNOW THE CLOSING DATE

You might be wondering, "why auction?" There are many reasons to choose auctions as opposed to traditional real estate. First, you know the closing date beforehand. Also, the purchase agreement signed at auction is exclusive of contingencies. Once it's signed, is binding.

PURCHASE PRIOR TO AUCTION

As a buyer, you can submit offers on an auction property before auction day. In other words, if you submit an offer that's attractive to a seller, the seller may accept your offer prior to the auction.

HAVE CONFIDENCE

By taking a property to auction, the seller is putting a date on the sale of the property; therefore, buyers can have complete confidence knowing the seller is committed.

SEE WHAT OTHERS ARE BIDDING

At auction, you call bids in a transparent environment where you can see all offers in real time. Auctions create an open arena that eliminates the uncertainty of a long negotiation period. You see exactly how much money it will take to be the highest bid instead of wondering why your offer wasn’t accepted. If other bidders surpass the amount you're willing to pay, you're under no obligation to keep bidding.

AVOID COMPETITION

Buyers who bid at auction are doing so on an “as is" sale not subject to any contingencies. Because of this, bidders may find they actually have less competition for the purchase of the property than if they seek to purchase via the traditional method. Some buyers aren't prepared to complete their due diligence or are unable to purchase without the inclusion of a finance contingency.

PAY FAIR MARKET VALUE

Bidders determine the purchase price representing true market value through competitive bidding. When you're bidding, you can see what others are bidding and tailor your bid accordingly.

LEVEL PLAYING FIELD

As a potential buyer, you take part in a fair competition and are on the same terms as all other registered bidders. You know the closing date in advance. You know that you’re bidding with no contingencies. You know your competition, and you know exactly what other potential buyers are willing to offer.

NO HIDDEN SURPRISES

Buyers receive and have access to comprehensive information and disclosures on the property via a property information package. All reports and disclosures---traditionally completed by the buyer in escrow, have been completed in advance by the seller.

ANY FURTHER QUESTIONS?

If you have any questions about buying we invite you to reach out.

THE BUYING
PROCESS

buying_process

PRE-AUCTION PREPERATION

Before the property goes live on the market for auction, we work together to set the bidding start amount, deposit amount and close time. Be sure you pay attention to the calendar, so you’re fully aware of the schedule for the entire process. We make it our mission to ensure your property sells by taking care of the following details.

STEP #1

KNOW THE TERMS

Familiarize yourself with the Terms and Conditions of sale before you bid. Terms and Conditions vary slightly for each property.

STEP #2

VISIT THE PROPERTY

Make sure the property is right for you. Get to know it. Drive through the neighborhood at different times of day. Your Brady & Co. agent will hold open houses throughout the campaign. These are perfect opportunities for you to visit and receive all the information you need.

STEP #3

DO YOUR RESEARCH

Standard auction Terms of Sale are not subject to any contingencies, and are sold on an “as is” basis. Brady & Co. will make comprehensive property information and disclosures available; however, you’re required to complete your own due diligence and be able to close escrow within 30 days after the auction.

STEP #4

ARRANGE THE DEPOSIT

Deposit terms vary from property to property; therefore, see the auction terms and conditions, as the deposit will often be required to be paid on the day of the auction or before.

STEP #5

REGISTER TO BID

Most importantly, don’t forget to register. You can obtain all paperwork from the listing agent prior to auction. You can even register someone else to bid on your behalf if you aren’t able to make it to auction day. Normally registration must be completed and submitted before close of business, the business day prior to auction day.

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HOW TO BID

AUCTION DAY

Upon arrival and confirmation of your registration, you’ll be handed a bidding paddle. This helps the auctioneer clearly identify you in the crowd. Before the auction starts, the auctioneer will give everyone plenty of warning and clearly explain where the auction will take place. Make sure you stand in a clear area where you feel comfortable and can sufficiently hear the auctioneer. Don’t forget to stand where the auctioneer can see you.

When you’re ready to make a bid, remember to hold your bidder paddle number high and call out your bid in a loud and clear voice. You can call out an exact amount. For example, you can call out “$570,000” or indicate the amount you want to increase the previous bid by. For example, you can say. “Another $20,000.” If the auctioneer calls the incorrect amount or misinterprets your bid, call out immediately. Correct the auctioneer and clarify your bid. The auctioneer can reject any bid or suggest another amount. Don’t be disheartened by this. The auctioneer is present to facilitate the sale of the property. It is their responsibility to maintain structure and momentum and achieve the best outcome.

POST AUCTION 

The three stage process to auction means there is always a chance of a ‘post – auction’ purchase. Post Auction will arise if the property has not sold prior to or on auction day. If none of the submitted offers or bids meet the sellers reserve price the seller has a couple of options. The Seller can either competitively price the property on review of buyer feedback throughout the campaign or extend the auction date. These options will arise depending upon a number of reasons including the sellers circumstance and level of buyer interest.

Post Auction, regardless of the seller’s decision will still allow the buyer an opportunity to purchase in a transparent manner including review of all disclosures and reports. Keep in mind although it may be your strategy to hold off until after auction day, this could leave you disappointed. Often post auction will mean a lot more competition for buyers. The best strategy is to make your interest known early.

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