Our auctions are timed online events. You register, get approved, and place bids from your computer or phone until the auction closes. Each auction page lists the closing time, terms, documents, and a contact person for questions.
Each auction has a scheduled closing time. If a bid comes in during the last five minutes, the clock resets to five minutes, and that repeats until no one bids for five minutes. When several items are in one auction, they may close in a staggered order or as a linked group. The terms for each auction spell out exactly how it closes.
A buyer's premium is a percentage added to the winning bid to set the final price. For example, a $100,000 high bid with a 10% buyer's premium makes a $110,000 contract price. The premium is listed in the terms for every auction, and it can differ between real estate and personal property.
Yes, and we encourage it. Many auctions include scheduled open houses or previews, and you can contact the auction coordinator listed on the auction page to set up a time. All property sells as-is, so do your homework before you bid.
We email a contract package to the high bidder when the auction closes. You sign and return it with the earnest money deposit within 24 hours. The deposit amount is listed in the auction terms. If the auction is subject to owner confirmation, the seller then has a set period to accept. Closing happens by the date in the terms, usually 30 to 45 days after the auction.
Our real estate auctions are typically cash sales with no financing or appraisal contingency. You can use a loan, but have it lined up before you bid, because you'll be expected to close on time either way.
You'll receive an invoice by email after the auction closes. Invoices under $2,500 are charged to the card on file. For larger invoices, pay by cash, certified funds or bank wire. Payment is due within two business days, and items are released at pickup only with a paid invoice.
Georgia sales tax applies to many personal property purchases picked up at the auction. If you're a dealer buying for resale, provide your resale number and exemption paperwork before you pay. Real estate is not subject to sales tax.
Some sellers require a deposit to bid. If so, the amount is listed on the auction page. Deposits from bidders who don't win are refunded after the auction.
Still have a question? Call (229) 985-8388 or send us a message.