Real Estate Bidding Help | Frewsburg | Mike Peterson Auction & Realty Service

Welcome To Peterson Auction

Real Estate Bidding Information Page

BIDDING AND BUYING REAL ESTATE AT AUCTION

If you have interest in bidding on and potentially buying Real Estate at a Peterson Auction & Realty LLC public auction here are some frequently asked questions. If you would like further information, please contact us and we will be happy to help.

Can the property be viewed prior to the auction?

Yes: And we highly recommend that you take the time to view, walk and research details about the property prior to bidding. This can be done by attending the open house / preview time posted on web site or contacting Auction company for private showing.

I am currently working with an agent from a different agency can I have them represent me?

Yes: You can be represented by your own agent at one of our auctions. Have your agent contact us prior to the auction and let us know they are representing you and we will co-broke with them and as a real estate professional they will be able to give you guidance as a buyer’s agent through the buying process.

What do I need to register for the auction when I get to the site?

You will need to be 18 years of age or have a legal guardian with you and a form of ID with your current address. Upon being registered you will be required to sign an Agency Disclosure, this is not a contract and has no bearing on whether you bid or not, but is required by the state and discloses that you understand that the auction service is working as an agent for the seller.

What happens and how does the auction work?

At the posted auction time the auctioneer will review the terms and conditions of the auction (note that any announcements made from the auction block at the time of the sale take precedence over all printed materials.) If you have any questions about the property, procedures, or anything else, do not hesitate to ask the auctioneer or auction staff. The auctioneer will open the bidding call for bids and accept them as they are offered by the audience. Once the bidding has reached its maximum and all bidders are satisfied they have entered their highest bid the auctioneer will close the bidding. (remember this is fast pace action so determine your maximum prior to the bidding and be prepared to participate)

How do I bid I have never attended an auction before?

The auctioneer will be asking in his chant for a dollar amount, if you are willing to give this amount you bid by indicating to the auctioneer that you are willing to pay what he is asking. You can enter a bid by

Raising your bid card in the air
Shouting your bid out to the auctioneer verbally
Having one of the auction staff place your bid for you

If I am the successful bidder what type of payment is accepted as deposit?

We accept Cash, Cashier Check, Personal Check or MC, Visa, Discover, AmEx w/ 3% convenience fee applied to amount charged.

POST AUCTION:

Upon completion of the auction, the auctioneer will request the party making the highest bid to immediately sign the Contract of Sale and post the proper deposit. Signed offer documents will be delivered by the auctioneer to the Seller for his review and his acceptance or non-acceptance of the offer to purchase.