It is very important that bidders become educated about the property and the auction process. The rules are very straightforward and Sdz auctions recommends that every beginning bidder interested in real estate at auction does the following:
Contact Us & Obtain the BIDDER PACKET
Every real estate auction will have a bidder packet with the terms of sale and general property information. In addition to the information at www.SDZauctions.com we welcome your questions by phone at 607.423.3293 or by email at Sdz@sdzauctions.com. Feel free to call us at any point in time.
Understand the SDZ Auctions Real Estate Bidder Packet Auctioneer’s Disclaimer
The following information is provided to you as a matter of convenience only, and no representation or warranty, expressed or implied, is made as to its accuracy or completeness. Prospective purchasers of the auction property are responsible for conducting such due diligence of their own as they consider appropriate, prior to bidding at the auction sale. All information contained within this Property Information Packet was derived from reliable sources and is believed to be correct, but is not guaranteed. Buyers shall rely entirely on their own judgment and inspection. Announcements from the Auction Block will take precedence over any previously printed material or any other oral statements made.
Take some time to understand auction terminology
- Check out our glossary of auction terms.
Auctions Are “As Is”
Inspect the property & do your research
As the disclaimer clearly states, property at auction sells “AS IS WHERE IS” with all faults.
- With this in mind, we recommend that bidders take full advantage of the open houses if they are offered. Personal inspection by everyone involved lets you see first hand what you will be bidding on. Sometimes there are no open houses scheduled. Land can be inspected at the buyer’s convenience.
- Do your homework and find out as much as possible about the property. Request a Property Information Packet (PIP). PIPs vary in size and contain important information about the auction process. They also contain photos, property descriptions, terms of sale, property assessment & tax information, maps, plans, financing contacts, deeds and more documents if needed. The PIPs are designed to efficiently disclose all the information our team knows about the property.
- We have an open book policy to any physical tests that may be required before the auction. The buyer may consult with a Home Inspector and have them perform a series of property condition tests. These tests must be done prior to the auction at the buyer’s expense.
Pre-Qualify for financing if needed
If you plan to use financing to purchase a property, it is important to pre-qualify with a lending institution. It’s not likely that a SDZ Auctions real estate auction terms will include a mortgage contingency. You can pre-qualify before you have a property in mind. Having the proper financing knowledge will help you determine the amount you are able to pay for a property, allowing you to bid with confidence.
Plan your bid strategy, register to bid & bid your price the auction way!
After reviewing all available information, determine the amount you consider your bid limit. Plan to be competitive. On auction day it is best to arrive early so you have plenty of time to register and ask any questions you may need answered. Then the auction will start on time. The terms will be stated and you will get your chance to ask any final questions. Until the auctioneers gavel falls or you reach your bid limit, bid aggressively. You can only buy at your price if you bid your price! The auction day is the day & tomorrow is too late!
