The Multi-Tract Method
In the Multi-Tract Method of auction, most properties are offered in individual tracts, any combination of tracts and as a total property. There will be open bidding on the individual tracts, tract combinations and the whole property as determined by the Auctioneer. Bids on the tracts and the total property may compete. If you have never purchased real estate at auction, simply follow some brief guidelines we have prepared to help you get ready.
Our representatives will hold inspection days and open houses on the property during the marketing period. This will give you the opportunity to get questions answered, and determine what tract or tract combinations best fit your needs and desires. The actual auction is simply the time to offer the price you are willing to pay for those properties.
In most cases, a 10% down payment will be required on the day of auction for individual tracts or the total property. The down payment may be made in the form of cashier’s check, personal check, or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.
On auction day, prospective buyers register for a bidder number by showing a valid driver’s license and filling out some simple information. The registration period usually begins from 30 minutes to 2 hours before the scheduled auction time. There is no fee to register at the auction. You can also get all last minute questions answered by our helpful staff of bid assistants.
The auction begins promptly at the appointed time with opening remarks summarizing, for the record, the terms of sale, the methods of bidding and any last minute changes or disclosures. These comments usually take only a few minutes, then the bidding is ready to begin!
Assisting the auctioneer will be trained bid assistants, to make sure anyone trying to bid is recognized and that all bids are recorded with the Auctioneer. Ring staff may also assist with questions during the auction. If you intend to bid, simply raise your hand or inform one of the ring staff or the auctioneer. Any tie bids or other issues regarding who has the high bid are always resolved by the auctioneer, who has complete and final authority.
All successful bidders will be required to sign Purchase Agreements at the auction site immediately following the close of the auction. The balance of the purchase price is due at closing, which normally take place within 30 days of the marketable title.