How to Prepare for a Property Auction

So you’re planning to go to a property auction? What should you expect and what should you do to get ready for one?

When property is auctioned off, people can typically evaluate and inspect the property before the actual auction takes place, and they’ll also need to prepare their financing beforehand as well.

Prepare for the Venue

It’s important to know where and when the actual auction takes place. If you can, research the venue ahead of time. It’s important to know the address and how to get there on time. You might want to download or print a map with directions, and even visit ahead of time just to be sure you know exactly where you’re going and how far it is from your home or office. If possible, ask questions beforehand, such as “Will it be held outside (so I should wear a warm coat)?” or “Is there a parking fee?”

Check for Postponements

Figure out whether or not the property you’re interested in will actually be auctioned off at the time and place you plan to attend… Check for postponements and/or cancellations, “just in case.”

Get There Early to Make Arrangements

If and when the auction is going to take place, for sure, arrive at least 30 minutes before it starts and register to bid. You’ll need to “check in” and show proof of funds and/or get your bidder card, if applicable. Bring your driver’s license and/or a passport or government form of identification. You’ll also want to bring cash or cashier’s checks. You might be asked to pay in full following the auction, or to at least put down a deposit.

A Final Inspection

If you get to the auction early, you should be able to do a final inspection of the property, as well as ask questions and review materials. You don’t have to bid at an auction, but you do need to register. If you do want to bid, you’ll need to get the auctioneer’s attention by waving, shouting “Yes,” or holding up your bidder card. For those who “win” property, the closing period typically takes about a month after the auction.

Do you have any questions? Call Wilson Auctions at 866-870-5500. Wilson Auctions, of Bryan, Ohio, handles residential, commercial, industrial and agricultural real estate property auctions in Ohio, Michigan and Indiana.