THIS IS MY FIRST AUCTION AND I’M NOT SURE HOW TO BID….
Step 1: Register to bid by filling out a bidder card at the registration table.
Step 2: Determine how much you are willing to pay for a piece of property. Since your needs and desire are unique, your evaluation of the property will be different from anyone else’s.
Step 3: As the auctioneer progresses in his call for bids, simply raise your hand when you want to bid.
Step 4: If you have any questions, motion for one of the J. L. Todd Auction Company representatives. These ring men are here to help you understand the process completely.
WHAT DOES THE TERM “SUBJECT TO CONFIRMATION OF THE SELLER” MEAN?
Under this method, the auctioneer will submit the highest and best bid to the seller. The seller has the right to accept or reject that bid.
WHAT DOES THE TERM “ABSOLUTE” MEAN?
In an absolute auction, the property will be sold to the last and highest bidder regardless of price.
DO I NEED TO PRE-QUALIFY?
No. We normally do not require any pre-qualification to bid; however, if you intend to obtain bank financing, the bank will require you to qualify for their loan. The deposit you make on auction day is not contingent upon financing.
WHAT IS A BUYER’S PREMIUM?
A buyer’s premium is a percentage that is added to the bid price to determine the total purchase price. In this auction there will be a 10% buyer’s premium added to the successful bid amount to create the total purchase price. The Earnest Money (pursuant to the Contract of Sale), will be non-refundable (except as otherwise provided in the Contract of Sale) and due on the date of auction in the form of a personal or business check. The balance of the contract purchase price shall be due at closing.
Bid Amount $500,000.00 + Buyer’s Premium 50,000.00 = Contract Purchase Price $550,000.00
Contract Purchase Price $550,000.00 – Earnest Money 110,000.00 = Balance Due At Closing $440,000.00
WHAT IF I AM A BROKER?
We offer a Broker Participation Fee based on the high bid amount to any licensed Real Estate Broker who properly registers a client. Registration forms must be completed at least 24 hours prior to the scheduled auction by calling 800-241-7591 to request a Broker Participation Form or by downloading the form from our website.
The most important thing to do at an auction is relax and have fun. If you have a question, ask it. We strive to insure that all of our customers are fully informed and educated. And remember, you’re only going to pay one bid more than someone else was willing to pay.