Buying at Auction

The traditional buying process can be exhausting and stressful. Poor communication, the lack of transparency and difficulty in dealing with sellers that aren’t motivated are all reasons that deals become convoluted and may fall-through.

Buying at auction prevents such hassle and frustration. At auction, you participate in an open and transparent bidding process. We are proud to see so many buyers research the property before bidding, they come prepared and ready to close. Although Matt Gutta Auction and Realty Service represents sellers exclusively, you can rest assured that your interaction with our team will be extremely professional. Let’s take a look at some more advantages to 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 buyers for amounts they won’t disclose to you? Those games don’t exist during the auction process.
  7. 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.

INSPECTIONS AND FINANCING

Many potential buyers believe that they are not permitted to inspect or finance the property after they submit a winning bid. While the deal is not contingent upon inspections or financing, buyers are permitted to inspect the property and obtain a loan to purchase it, so long as they close by the specified closing date.

HOW TO BID ONLINE

STEP 1: Registration

You will need to submit your information and complete a form agreeing to the terms and conditions of the auction. Once you have finished your registration, you are ready to bid!

STEP 2: Bidding

Online auctions have beginning and end times with a countdown. When the auction concludes, bidding will automatically extend for five minutes after each bid. If five minutes elapses without any bids, the auction will close. If there is a reserve price on the auction, the highest bidder will have won the property is the bid is equal to or greater than the reserve price. If the auction was an absolute auction, meaning that there is no reserve price, the highest bidder has won.

STEP 3: I AM THE WINNING BIDDER, NOW WHAT?

Congratulations! Our closing department will contact you shortly after the end of the auction to coordinate the closing process.