Thinking About Buying at Auction?

Auctions create value for BOTH sellers and buyers because the open and competitive bidding process is fair and transparent for everyone involved. We know that auctions are highly regarded in society simply because they have stood the test of time.

In fact, the history of the auction spans back thousands of years when free trade was in its infancy. What this tells us is that through history, sellers and buyers alike have embraced the value of the open and competitive bidding process. When you participate in an auction today you are sharing in an experience that our predecessors cherished as a highly valued tool of commerce.

The word “auction” derives from the Latin word “auctus” which means “to increase”. During the Roman empire, auctions were held in a place called an atrium auctionarium where samples of goods were displayed for viewing prior to the auction event. At that time, the auctioneer had to be licensed and drove a spear into the ground to signal the beginning of the auction. In the United States during the Civil War, it was commonplace for battalion commanders, usually colonels, to auction property seized after successful battles. After the end of the war, professional auctioneers frequently dawned Civil War era calvary hats in an attempt to emulate the colonels that became synonymous with auctioneering. Many auctioneers today respect this tradition and dawn such a hat. Thus, auctioning isn’t merely a method. It’s a culture thousands of years old that has transcended the test of time. Its historical significance only lends credibility to the fact that the method works successfully for BOTH Sellers and Buyers.

Advantages to Buyers:

1. Sellers are ready to sell. No games.
2. You may win the property through a true buyer-determined selling price.
3. As a buyer, you will likely research the property prior to bidding. Thus, you will likely come prepared.
4. Buyers will have an opportunity to personally inspect the property prior to the auction.
5. The price a buyer is willing to pay is a fair market price. Buyers are reassured by the economic signal sent by other bidders. You are in an environment whereby you can see in real time that another buyer, at that exact time, is   willing to pay a certain price for the property.
6. The bidding process is fair and transparent for everyone involved. You know those games during traditional sales when sellers tell you that you should accept their price because they are receiving other offers from unknown 7. buyers for amounts they won’t disclose to you? Those games don’t exist during the auction process.
8. Sellers value auctions for their efficiency just the same way buyers do. Sellers are exhausted with average sales transactions where buyers may play games and waste their time. Auction sellers share your goals in that they      desire a timely and efficient transaction.