What Happens When I Win an Auction?

Are you looking at an auction and asking yourself “What happens when I win an auction?” Have no fear, America’s Auctioneer is here to answer all of your questions about the auction process. Once your bid is accepted, a contract will be written, payments will be made, and closing will begin. Much like a traditional transaction, you’ll find yourself signing paperwork, and making your payments.

Who Pays What When I Win an Auction

You’ll want to read the terms and conditions of the sale. You may have some wiggle room with the seller, but at the end of the day, the seller creates the terms of the sale. They will have the final say. Who pays for the survey? You’ll want to look back on the terms and conditions. Again, you always have the option of negotiating with the seller, but they will decide what terms they want to agree to.

Winning the Auction

You will be bidding and making your offer on a competitive basis. Everyone is bidding on the same terms. With that being said, you’ll want to make sure you are ready to accept the terms or discuss contingencies up front. Make sure you’re ready to buy when you make that offer. When the auctioneer hits their gavel, they’re expecting payment.

Timelines for the Winning Bid

At a personal property auction, payment is typically expected right away. Of course, with land and real estate this process takes a little longer. However, it is expected that you are ready to pay the same day as the auction, even if you aren’t asked to pay right away. With land/real estate auctions, there is a longer process as closing and surveys take time.