Does the auctioneer call out bids? How will I know when and how much to bid?
Our auctioneer will conduct a public, oral auction on the scheduled date. Once an opening bid is received or called out, the auction begins and bidding will advance above the opening bid in increments established by the auctioneer. At all times, our auctioneers will let the audience know the amount that has been bid, and the amount of the next acceptable bid. If you question the amount of the bid, you may ask the auctioneer for clarification during the auction.
How can I participate in a Garth’s Real Estate Auction?
To be eligible to bid, a potential buyer must register with our office either prior to the auction or the day of the auction. All bidders must review and agree to the terms of sale and post a pre-determined amount of money in the form of a certified or cashier's check in order to register. (Contact our office for a specific auction, as the amount of the deposit is different for each property.) If you are not the successful bidder, you get your deposit back immediately. If you are the high bidder, the check will be deposited and credited toward the purchase price at closing.
Does the seller have to take the highest bid on the day of the auction?
Most real estate auctions have a "reserve" (or minimum) bid price, below which, the property will not sell. The minimum bid is published prior to the auction, unless the property is sold “subject to owner confirmation”. Minimum (reserve) bids protect sellers from unusual circumstances, and help to bring quality properties to auction. We encourage our sellers to set minimum bids at an attractive, but reasonable level.
When a property is sold “subject to owner confirmation”, we will take the highest bid to the seller. The seller decides that day whether or not to accept the bid. Garth’s is committed to selling property at auction, not conducting auction events that fail to consummate a sale. We work with sellers who share this philosophy and are motivated to work with strong, interested buyers.
If I am the high bidder, is my bid contingent upon me obtaining a mortgage?
Real estate auctions are not usually contingent upon the buyer obtaining financing. Our terms of sale require that bidders at Garth’s Real Estate Auctions are pre-qualified by a mortgage broker or bank. Should the buyer fail to obtain financing and close on the property, the deposit is forfeited. If you need a referral for mortgage financing, feel free to give us a call.
If I am the high bidder, is my bid contingent upon any inspections?
Most real estate auctions are "as is, where is". Potential buyers should have inspections done before the auction. Garth’s staff will make the property available for any type of inspection in advance of auction day.
Can I purchase an auction property prior to the auction?
If a property is offered “subject to prior sale”, a buyer can make an offer prior to the auction date. The seller can decide to sign an agreement of sale and the auction will be canceled, or to proceed with the auction. If you are interested in buying a property prior to the auction, give us a call.
What is a "buyer's premium?"
A Buyer's Premium is an amount added to the high bid and used to calculate the total selling price. The amount of the buyer's premium is published and announced prior to each auction sale. Buyer’s premiums can be a great tool for motivating sellers to send quality properties to auction. Buyer’s premiums work for the buyer and seller.
What if a property does not sell at auction?
Most properties that are carefully selected, will sell successfully using the auction method. However, in the rare case that a property does not sell at the auction, we will work with interested bidders to identify an equitable selling price and terms.
Garth’s has auction expertise, solid real estate experience and progressive leadership; in short, we are poised to make our mark on the real estate industry. Since 1954 Garth’s has been conducting dynamic and successful auctions marked by personalized customer service and unparalleled integrity. Over the past five decades, our business has evolved to become one of the nation’s leading auctioneers of art, antiques and decorative objects.
Garth’s is well-known for cutting edge, first-class marketing; and for achieving top sales prices for client merchandise, translating into quality auction opportunities for our buyers. We have years of experience in educating buyers, sellers and fiduciary agents on the benefits of the auction method. We are confident that you will find our expertise invaluable.
How do I find out more?
Give us a call. Drop us an e-mail. We would be happy to talk with you about bidding at auction.
Amelia Jeffers | (740) 362.4771