On Site Auctions for Buyers

Land, Commercial Property and Houses for Sale by Auction

There are many different reasons why purchasing land, commercial property and houses for sale by auction makes sense. Purchasing property at auction is a great way to avoid long negotiation periods. ListaBid makes the process even more desirable by attracting a large number of quality residential and commercial properties and tracts of land from which to choose.

Before Auction Day

Register in advance! It's easy and saves time on auction day since your bidder card will be ready for you when you arrive. It is also vital you view all documents pertaining to the sale in advance, such as a sample Purchase and Sale Agreement, Disclosure Statement, and all documents pertaining to the property if available.

Pre-qualification for financing is also a good idea since it will give you a better idea of how much you can afford to bid on property. Bidding representatives will also be available onsite on auction day to assist you or you can contact one of our preferred vendors directly.

Bidder Registration Form (DOC)

Open Houses

If you're going to bid on property, we recommend you visit every property you're considering prior to auction day. Thoroughly inspect all properties and houses for sale by auction, including the related legal and disclosure documents. Most homes will have up to two open house dates or you may schedule an appointment in advance. Information about each open house can be found on the property's details page.

On Auction Day

You must bring:

• Photo ID (driver's license, passport, etc.)
• $2,500 cashier's check made payable to yourself; $5,000 cashier's check per additional property
• Personal check to cover the balance of the required 5% Earnest Money Deposit if single property purchase; two or more properties require 10% Earnest Money Deposit

We also recommend you bring the following documents to expedite the financing process*:

• Lasts 2 years of tax returns
• Last 2 years of W-2s
• Last 30 days of pay stubs

*auctions are handled as an all cash process and winning bids are not contingent upon financing.

Auction Day Process

When you check-in on auction day, you will be required to present your $2,500 ($5,000 for each additional property) cashier's check, and a checkbook to verify you are able to deposit the required Earnest Money Deposit due. You will then be given your numbered auction bidder card that will allow us to identify you during bidding. If you have any last minute questions there will be representatives on hand to assist you.

For your first auction, we recommend you arrive 30 minutes prior to start time to attend the practice auction. It will familiarize you with the process and pace of an auction. Also, many of your questions can be answered at the information desk on the day of the auction. Please remember to review all documentation, such as Terms and Conditions of the Sale, Disclosures, etc. before attending.

Broker/Agent Participation

Buyer's are welcome to have their broker or agent accompany them to the auction. All brokers must register at least 24 hours prior to the auction and bring with them the completed registration form. Brokers can receive up to a 1% commission of the sales price or the commission as advertised in the local MLS.

Broker Registration Form (PDF)

Understanding the Final Price

To calculate the Total Purchase Price, you must include the Buyer's Premium.

For example: Your Winning Bid $200,000
5% Buyer's Premium +$10,000
Total Purchase Price $210,000

Financing

It's important to remember that properties and houses for sale by auction are handled as an all cash process and winning bids are not contingent upon financing. However, independent financing can be arranged ahead of auction day or at the Homestar Financial financing booth set up onsite on the day of auction.