Unified Jones Auction & Realty LLC
Unified Jones Auction & Realty LLC
(920) 261-6820
(920) 261-6820   |   Contact Us Today!
Buying Real Estate At Auction
Whether this is your first time buying a home, or you have bought and sold a number of properties, Unified Jones Auction & Realty can help you understand the process of buying through the traditional method or through an auction.

Contrary to popular belief, real estate that is being sold at auction is not always property that is in foreclosure or being sold ‘on the cheap'. Real estate sold at auction is simply another option for selling property and has many benefits for both the seller and the buyer. Buying real estate at auction is a simple, transparent process that allows the buyer to bid based on exactly what they want to pay. Below are some of the benefits auction buyers enjoy.
BENEFITS TO THE AUCTION BUYER:
  • Smart investments are made as properties are usually purchased at fair market value through competitive bidding.
  • Auctions reduce the time required to purchase property.
  • Auction sellers generally do not hold out for unrealistic list prices
  • In multi-property auctions the buyer sees many offerings in the same place, at the same time
  • Buyers determine the purchase price
  • Auctions eliminate long negotiation and waiting periods
  • Purchasing and closing dates are known in advance
  • Online bidding offers buyers the ultimate convenience in purchasing real estate through an online bidding process. See more on that process below in the "BUYER'S FAQ's"
  • Buyers know they are competing fairly and on the same terms as all other buyers
  • Buyers receive comprehensive information and disclosures on properties via the "Property Information Package" before they begin the bidding process.
  • Buyers make wise decisions. They do the leg work in advance of the auction date and they are pre-approved through the bidding registration for a certain dollar amount.
BUYERS FREQUENTLY ASKED QUESTIONS (FAQ's)
Q: Why can't this property just be on sold like normal traditional real estate?
A: In some ways, the property is up for sale. Having a date for an auction is just one way to create urgency and a sale date. If you as a buyer find a property that you want to own, most sellers will entertain offers to purchase ahead of the auction date.
Q: Can I bid low and get the property super cheap?
A: Generally, no. The usual practice is that real estate is not sold as an ‘absolute' sale. That means that the property does not absolutely have to sell for the highest bid. The seller is able to accept, reject or counter the highest auction price. Likewise, if the buyer doesn't like the counter offer, they may also say no and walk away.
Q: Is this a foreclosure property or are the sellers desperate for the cash?
A: In some cases, the answer would be yes. Generally, Unified Jones Auction & Realty deals with highly desirable properties and have sellers that have chosen the auction method to expedite the sale of their home.
Q: Why must I buy it with no contingencies or inspections? Is there something wrong with the property?
A: A seller must abide by all applicable state and federal laws and disclose any known faults with a property. However, just as you would not buy a used car without paying your mechanic to look it over, we would encourage buyers to do their due diligence and determine what issues should be addressed prior to making an offer or bidding in the auction. If there is some issue that needs to be addressed, the buyer may reflect that cost in the amount of their written offer or in their highest bid placed.
Q: Is my highest bid the price I will pay?
A: Be sure to read over the Terms and Conditions that can be found in the property description or catalog. As a general rule the purchase price is the highest bid plus the buyer premium. The buyer's premium can vary from property to property, so read over the Terms and Conditions. As always, we are available in the office to help with the buying process and to answer any and all questions you may have.
Q: How do I bid on a property?
A: First you will register to get permission to bid in the auction. Once you have found a property you wish to bid on, go to the property catalog within our site at www.jonesauctionservice.com and click on the Bid Now box. You will be taken to our bidding software platform. Click on "Register to Bid". You will pick a user name and password and register there. An email then comes to our office that you are requesting bidding permission. Once we have your Bank Letter of Confirmation of Funds in our file, bidding permission will be granted for the dollar amount your financial institution verified is available to you.
Q: What is the Bank Letter of Confirmation of Funds and why do I need that?
A: Think of the Bank Letter of Confirmation of Funds letter as your pre-approval letter. It is a simple form that your financial institution will complete that states you are a customer in good standing and gives a dollar amount that you have available to purchase the property. That amount becomes the highest amount you may bid on the property. Please note that we do not need account numbers, or how the funds will be obtained, just that you have the funds available should you be the successful high bidder.
Q: I am successfully registered and have my Bank Letter on file in your office. Now what?
A: You may place your bid. We recommend and encourage buyers to enter their highest bid at the beginning and let the bidding software take care of bidding in the predetermined bid increments. This is the safest way to bid so that computer glitches and other unforeseeable events do not hinder you from bidding. Other people like to take the chance, watch and enter the amount they want to bid during the last hours, or in some cases minutes, leading up to the close of the auction. Either way, generally real estate will have a soft close which means that once a bid is placed, it will wait one minute to allow another bid to come in. If no other bids come in, the auction will close. If another bid is place, the software will wait another minute. Some highly desired auctions will not close for several minutes after the stated time.
Q: Wait! I don't have access to a computer or reliable internet. Can I still bid?
A: Yes! Simply call our office and we will help you become registered and help you place your bid(s).
Q: I am the successful high bidder. Now what happens?
A: Read through the Terms & Conditions of the property. Generally, our office will draw up the legal documents and email them to you to sign within a few hours of the close of the auction. Both buyer and seller agree to and sign the offer to purchase paperwork and it becomes a legal, binding document, the earnest money is collected and closing can happen. Typically, a property will close with in just a few weeks after the close of the auction.
Q: What if I have a property that I want to sell?
A: You are welcome to call our office to discuss with Unified Jones Auction & Realty how to go about selling your property. You may also want to read the FAQ's and other information under the Sellers tab within this web site. And then simply complete the form "FREE PROPERTY ANALYSIS" form and we will contact you with a free, no obligation consultation to provide our expert recommendation of selling by auction or the more traditional listing method.
Q: How do I find out about real estate auctions in the area?
A: Sign up on our mailing list to be notified when new auctions and property are available
Or Call (920) 261-6820
Home  |  Auctions  |  Appraisals  |  Properties  |  About Us  |  Contact Us

© Copyright 2018 - Jones Auction Service - All Rights Reserved    /     A KD Interactive Website