It’s important to do your due diligence and be prepared to bid before you ever show up at the auction. Other than this, it’s really very similar to any other real estate transaction – except you will be bidding on the property against other individuals, instead of haggling price with the seller. Make sure you do things like inspect the property during a preview date to ensure you are completely comfortable with buying the property.

You MUST register on or prior to auction day in order to bid. At registration, you must show us certified funds, made payable to yourself in the amount listed in auction terms. If you are the high bidder, then you will sign endorse the certified funds over to the Escrow Attorney.

Nearly all auctions we handle are held via an open bidding process. As a bidder, all you need to do is hold up your bidder card and call out your bid, or tell one of the Bidder Assistants what amount you want to bid. The Bidder Assistants are available to help you and will be roaming the floors during the auction.

Yes. You must increase your initial deposit to a total of 10% of the purchase price. You may pay this additional amount by personal or company check.

You give your certified funds to your Bidder Assistant. You then move to the contract table where you endorse your check and complete the Contract for Sale and Purchase. Once you have completed all the paperwork, you then set a date for a closing appointment with the title company. Don’t worry, we’ll help you through every step.

Closings generally occur from within 30 to 60 days after an auction.

A Buyer’s Premium is a percentage amount paid by the buyer and added to the highest successful bid to determine the final contract price. If a bid is being utilized, it will be detailed in the auction terms. If you sign our Bidder’s Agreement prior to the auction, you are required to pay the Buyer’s Premium if you are the winning bidder.

Auction buyers must be educated and informed regarding the auction process. Make sure all your questions and concerns are answered before you attend an auction. Ask us and we’ll discuss the entire auction process and answer any questions. Our contract is available for your review. Just give us a call, or feel free to have your legal advisor review the contract prior to the sale.

If a buyer does not close for any reason on or before the closing date, the initial deposit may be forfeited. For this reason, it is very important for you to do all of your due diligence before ever bidding at the auction.

Title Holders  make a wise business decision to sell property in a one-day sale rather than continuing to incur carrying costs and negotiating in a manner associated with conventional marketing. Sellers are motivated to sell and offer you an opportunity to purchase desirable property. Over 90% of properties offered are sold at auction.

An auction where the property is being sold with a reserve means that the property is being sold subject to seller confirmation. When a property is being sold absolute it will be sold to the highest bidder regardless of price.

No. But we have no issues with you being represented by a buyer-broker. Just   realize it is not a requirement.

We encourage our buyers to do their due diligence prior to sale day for their own protection. All of our sales are on an “as-is” basis. There are no warrants as to the condition and/or the fitness of the property for particular use.

For our public auctions the property is generally available for viewing by appointment and 1 hour prior to the auction. 

Our service contract states that the seller must be able to deliver free and clear  title to the property without any liens or judgments. In the case that free and clear title cannot be delivered by the seller, the buyer will be refunded his/her deposit. 

The buyer is responsible for all closing costs, as stipulated in our contracts.  Closing costs can include, but are not limited to title fee and recording costs.

Yes. Many times a buyer who wants the property but is uncomfortable with the auction process will make an offer after the auction date. In other instances offers to buy the property prior to the auction date are made and accepted. Gramercy will aggressively market the property until we put it to contract in the event that the auction wasn’t successful. 

The real fair price is the actual market price and the market price is what someone else is willing to pay for it. The real measure of value of real estate, at any given time, is what it will bring under competitive bidding from informed and motivated buyers.

When a seller signs our service contract there is a predetermined retainer fee. All other cost are on us. No commissions, no advertising costs.

If an agent brings a buyer to an auction, and that buyer purchases property, the agent will receive a commission. To ascertain the amount and structure of any commissions to be offered, refer to the particular terms and conditions of the auction contract. Please note, you must register as a buyer’s broker at least 24 hours in advance. There is a form to do so and it must be completed and send to our office via e-mail or fax. Verbal agreements are not acceptable

Often a broker and seller become impatient because the property they are attempting to sell is not moving. The auction process increases exposure, pumps up the temperature, and exposes buyers who have not been visible previously. It is our policy to share all new customers generated from the property with the cooperating broker, you will get a list of real new customers with financing capabilities who have proven themselves to be real buyers with certified checks in their hands, (where with some of your customers you’re not sure of their financing strength or how real they are).

Only real buyers. browsers and time wasters are eliminated. Anyone can benefit from buying at a real estate auction. Many people who buy are first-time homebuyers. For them, the auction is a realization of a dream. Empty nesters and investors also comprise a large segment of the auction buying public.

The various forms of advertising are: signs, postcards, mass e-mails, brochures mailed directly to prospective purchasers and posted in public places, newspaper advertising in local and possibly regional or national papers, ads in trade journals and magazines, internet, and phone solicitations. Gramercy is an experienced auction company who knows which form of advertising are best for a particular type of auction and its location and will facilitate everything from preparing the advertisements to placing them in the desired forms. The aggressive advertising hits large group of buyers that will come and competitively bid on property thereby yielding true fair market value for a seller’s holdings. 

Yes. Real estate auctions tell the true market value of a property since auctions are conducted in an open forum where all bids are known, and participants are given immediate feedback on the property’s value. At auction, true market value is revealed.