The Auction Process- Buying Advantages
Thinking of buying property at auction? That’s great! You’ll find that an auction conducted by Lippard Auctioneers offers you several advantages as a buyer:
- COMMITMENT TO SELL – When you attend a Lippard auction, you’ll know that the seller is committed to selling the property on auction day. In the past 5 years 98% of all properties listed at Auction have sold and closed.
- NO RISK OF OVERPAYING – With traditional real estate sales, many buyers of luxury homes, ranches, condominiums and other properties worry that they will pay too much. However, with an auction, the visible market value is established. So if you’re the successful bidder, you’ll know that your price is a fair market value.
- SERVICE – Lippard Auctioneers will work closely with you in the days leading up to the sale, by providing you the information you need to evaluate the property and are prepared to make sound decisions on the sale day.
- NEED FINANCING – Even though our auctions are not contingent on buyer obtaining financing we are aware that over 80% of buyers are getting financing of some source. Check out Home Mortgage Options: – Get Pre-approved – Or use our Land Finance Division
- AUCTION DAY – We provide a large staff of professional auctioneers and bid assistants to assist you in any way throughout the bidding and buying process.
- STREAMLINE CONTINGENT CLOSING – Lippard Auctioneers offers a more streamline contingent closing normally within 30 days.
As a Buyer, it is important for you to know that at an auction conducted by Lippard Auctioneers, the Seller is committed to selling the property on auction day. Some auction companies have engaged in deceptive marketing practices, advertising an auction as ‘absolute or without reserve’, when in reality it is subject to the opening bids received by the auction company prior to the auction beginning. In these cases, if the opening bids are not acceptable, the auction is cancelled. This practice is illegal in many states and has been deemed unethical by the National Auctioneers Association (NAA).
As leaders in the auction industry and members of the NAA, we recognize and adhere to the their Code of Ethics, which spells out the auction company’s obligation to properly inform the buyers during the marketing campaign whether the auction is absolute or with reserve. Therefore, we are committed to providing you with a clear and concise understanding of the property being sold, the terms of the auction, and the auction process as it relates to that specific auction.
Lippard Auctioneers has been successfully marketing real estate by auction for nearly a three decades. We understand that for us to continue successfully marketing real estate by auction, we must continue to market properties of sellers who are truly committed to sell. When you make the decision to attend a Lippard auction, you will know the seller is truly committed to selling the property on auction day.
As with any other real estate purchase, it’s important to do your homework. Here are some steps we suggest:
- Study the information available on the property. Start with the color brochure available to you free of charge.
- Obtain a Property Information Packet. This packet contains many more helpful details, such as maps, demographics, zoning information and floor plans.
- Visit the property. Ultimately, there’s no substitute for viewing the property. Our professional site directors will show you the property and assist you in obtaining answers to all your questions.
- Arrange financing, if needed. Our properties are sold without contingencies, so you’ll want to have any needed financing arranged before the auction day.
- Decide whether you wish to be represented by a real estate broker. If you do, be sure to have the broker register by the broker registration deadline for the auction.
On auction day, plan to get to the sale site for the auction at least 30 minutes early to allow time to take a last look at the property (if the auction is held at the property site), and ask any remaining questions.
The professional auction staff will be on hand to help you understand the process, answer questions about the property, and help get you comfortable with the bidding process.
Bid assistants will be close at hand to relay your bid to the auctioneer and answer questions that come up during the auction.
Sold! What's Next?
You’re the successful bidder – congratulations! You’ll meet with the seller and Lippard representatives immediately after the auction to complete all necessary documents. In most cases, your closing will be scheduled within 30 days.