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National Auctioneers Assoc. Questions part 2...www.auctioneer.org

Can I inspect the property I am interested in bidding on before the auction?
We encourage you to view the property before auction day. Due diligence on the part of the bidder is important with auctions. Contact the auction company managing the auction and inquire about times when open houses will take place, as well as any paperwork available on the property. Auctioneers want you to feel comfortable on auction day. Always feel free to call and ask questions.

What is a ‘buyer’s premium’?
A ‘buyer’s premium’ is commonly used in auctions today as a form of payment for the auction company conducting the auction. The ‘buyer’s premium’ is an advertised percentage of the high bid or flat fee added on to the high bid to determine the total contract price to be paid by the buyer.

“If I scratch my nose or wave at a friend, will the auctioneer think I’m bidding?”
We hear this misconception a lot! In fact, to bid at an auction or for your bid to be received by the auctioneer, you typically need a bid paddle or bid card. You will receive this bid paddle or card at registration and it will have a number on it. This number allows the auction company to know who is bidding from their list of registered bidders. If you mistakenly bid or the auctioneer misinterprets your movement as a bid, immediately notify either the auctioneer or their staff.

Can I attend an auction and participate as a spectator and not bid?
Absolutely! We encourage people to explore auctions by attending one as a spectator. There is no better way to learn about auctions then to watch one firsthand.

Who’s the person yelling in the audience at an auction?
The person you see and hear working amongst the crowd of bidders is known as a ‘ringman’. This individual is part of the auction team and is an extension of the auctioneer. The job of the ‘ringman’ is to convey bids back to the auctioneer from the crowd. When bids are received in the crowd the ‘ringman’ will yelp to signal the auctioneer that they have received a bid and to increase the bid amount. These individuals are also there to help answer questions you may have while the auction is being conducted.

Aren’t auctioned properties sold at a discount?
This is one of the biggest misconceptions with auctions. The competitive bidding of an auction and the bidding of prospective bidders sets the price and market value of an asset. The item will not sell for more than the highest bid and will not sell for less than the high bid. You, the consumer, and other bidders determine the market value of an item when you buy at auction.

What does “As Is, Where Is” mean? One of the most common statements made at auction, “as is, where is” simply means the property is being sold without warranty and that there are no contingencies based on the status of the asset being sold. It is important that you inspect all auction properties before you bid, both real estate and personal property. Photos may not show all the details or potential faults with the asset and it is your job as a well informed bidder to thoroughly inspect and know what you are bidding on BEFORE the start of the auction. Once you bid and buy an asset at auction, you are the new owner.

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