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FOR
BUYERS
Helpful
Facts | Absolute vs. Reserve
How to Buy At Auction: Pre-Auction | At
the Auction | After the Auction
Pre-Auction Steps
for Buyers
To prepare to bid at an auction or make an offer to purchase a property prior to an auction, read the following:
Learn About the Property
- Read about the property on our web page under Auctions (see photos, directions, and terms).
- Drive by the property to see the location. Only a licensed real estate agent associated with our company may show you the inside of the property and answer any questions. The sellers will not permit any individuals inside without a Hockman representative present.
- Call
or e-mail our office
to request a complimentary bidder's package, which includes:
- a full color brochure or postcard with photos
- copy of the deed, plat, covenants and restrictions (if any)
- sample purchase contract
- additional property details
- auction requirements, etc. - Call our office to schedule a "showing" or an appointment to accommodate your inspector or appraiser. These are optional activities that we welcome you to do at your own discretion.
Financial Arrangements
- For confidence in making an offer or bidding at the auction, know your financial capabilities/limits first. While not required, we suggest you get pre-qualified by your lender.
- Each auction property has a specific required deposit amount stated in the auction terms. These terms are found in be bidder's package and on the web site for that property. You must have this deposit with you on the day of the auction when you register to bid. Deposits can be either cash or a cashier’s check made payable to yourself or Hockman Auctions, LLC.
- If you purchase the real estate and are unable to settle in accordance with the auction terms of the property (usually including a 30-day settlement period), you will lose your deposit.
Make an Offer or Bid
- To purchase a property prior to an auction, make a "pre-auction offer." Whether it is weeks or minutes before the auction, a pre-auction offer can be made by contacting our office, and we will notify you whether or not your offer has been accepted or rejected.
- If the seller accepts your offer, the property is then sold and the auction event is canceled.
- If
the seller rejects the pre-auction offer, the auction will be conducted
as scheduled.
Important: Once a pre-auction offer is rejected, it is considered null and void, and will not be considered an active bid at the auction.
Next> (At the Auction)