The following will explain the process for a majority of the real estate auctions. Please feel free to contact us if you have any questions.
Prior to the auction:
For all real estate auctions (homes & land) Vaughn Auctions will host 2 open houses. We advise any potential buyers to attend an open house or schedule a tour so you can gather additional facts and obtain answers to your questions. At the open houses we strongly encourage you to inspect the property since all real estate auctions are sold AS-IS/WHERE IS. Therefore, the property will be sold as it sits in the current condition. Seller will not be responsible for fixing any issues. So please make sure you do your research and take the time to get all questions answered. In addition, make sure you have the required proof of funds for the amount of earnest money if you are the winning bidder
Day of auction:
Vaughn Auctions will be at the auction site and fully setup 45 minutes prior to the start of the auction. When you arrive you will need to present your drivers license to register for a bid number. By registering for a bid number you acknowledge that immediately following the auction, you are prepared to sign a purchase agreement and pay the required earnest money in a form that has previously been deemed acceptable. Once you have your bid number feel free to wander the property, ask question and review any documentation that is available.
The auction will start promptly at the scheduled time with a presentation pertaining to the auction. Once the presentation is complete the bidding will start. Depending on the property there may be multiple parcels available. You will need to pay attention for the bidding process may move quickly due to the amount of bidders. As things slow down, the auctioneer will recap the leading bidder(s) and then continue the process. At some point the auctioneer will take a break and meet with the seller(s) to discuss the status of the auction and determine if the property will be sold. If a property has a reserve the seller has a right to reject the sale if the reserve is not met. After the break the auctioneer will open the bidding back up until the property is sold. Please be conscious of your bid amount since you will be held responsible if you are deemed the winning bid.
If you are the winning bidder for the property you will need to meet with a Vaughn Auction associate immediately after the auction to sign the required documents. At this time you will be required to pay the earnest money. The earnest money is a non-refundable deposit that will be applied to the purchase price at closing. At the end of the process you will receive copies of all signed documents.
If you have any questions please don’t hesitate to ask Vaughn Auctions associates at anytime throughout the process.