Read This If You’re Preparing to Make an Auction Bid

Wilson Auction & Realty is known for commercial, industrial and residential real estate auctions. People from Ohio, Michigan, and Indiana often employ Wilson’s services. Wilson also auctions agricultural equipment, among other things.

What are some things to think about before making a bid at an auction?

Before Making a Bid

Since an auction involves competitive bidding, you should have in mind the highest amount you’d be willing and able to pay for what you’d like/want. Make sure you have enough money in the bank (or with you) to pay for what you buy.

With that in mind, do your research beforehand. Find out what similar items/properties have “gone for” recently. For instance, you can check the records of properties sold in an area. If you find something comparable to the place you have in mind to buy, seeing what the other place went for can give you an idea what you “should” pay for the place you’d like to buy. If a house on 2 acres down the street went for $100,000 and you’re interested in a similar house and amount of land, then you have a general idea of the “top dollar” you’d pay for the property you’re interested in.

Next, don’t be afraid to ask questions and see what kind of answers you get. Sometimes the auction process goes so quickly, so it’s best to ask questions long before it begins. See what people are saying about the items/properties up for bid. Perhaps ask a real estate agent for their advice. Have a lawyer “on hand” to examine anything you’re asked to sign. If possible, have a place/item professionally inspected, too, so you know what you’re buying– you might pay to have this done or the seller might pay to have it done. The more well-informed you are as a buyer, the better off you’ll be.

Also, it’s a good idea to register with the auction company prior to auction day so they know you’re attending and they can keep you informed about the auction leading up to the day it happens. Phone calls, texts, and emails are good ways to communicate with people these days.

Finally, when you’re ready to bid, do so with confidence and have your checkbook or other “way to pay” ready in case you win!