What are some things to know about commercial real estate auctions?
A Chance for Bargains
First of all, most people think of auctions for things like cars or foreclosed homes. They don’t even realize that auctions can be used to find and buy commercial real estate at low prices. So if you’ve never even thought about commercial property auctions, expand your mind to the possibilities. Wilson Auction & Realty Co. does them and would be happy to fill you in on how the process works and what’s going to be up for auction soon.
Live or Online
Next, consider that auctions can be “live and in-person” or they can go the modern, digital route: online. With live auctions, you, the potential buyer, have to physically be at a certain venue in order to place a bid for the property in person. You’ll be up against other people bidding in “real time,” and the auction typically lasts a couple minutes before the highest bidder “wins” the property. Today, though, we live in an increasingly “online” world where computers allow people from all over the world to find things far from home and learn about them… and perhaps buy them. So, even though someone living in Alabama, for example, has never been to Ohio but wants to buy property there, they can do so rather easily thanks to online auctions. Typically, with online auctions, they’re set up to last a certain amount of time (generally about a week) with bidders placing their bids up until bidding closes. In this way, it’s kind of like how eBay works.
A Different Buying Experience
Interestingly, with online auctions, people bidding on commercial property might never actually set foot in the building or on the land they actually buy! Bidders are usually provided with all the essential information they’d need via computer. That said, property owners might set aside some time for anyone interested to tour the property ahead of the auction– and then someone local can “check it out” on behalf of someone far away, or a person can drive/fly there to inspect what they’d like to bid on..
Quick Payment s
One final thing to know about commercial real estate property auctions: if you “win” the auction, payment is typically required within 30 days.
For more info about this process and to find properties available at auction, please contact Wilson Auction & Realty Co. at 419-636-5500.