Buying at Auction
Live real estate auctions are exciting and fast paced events, but they can be intimidating if you don’t know what to expect or haven’t done your homework before the auction. There are a few things you can do before the auction that will ensure a smooth experience.
Our auction calendar lists upcoming scheduled real estate auctions. If there is an area of particular interest that you do not see on the calendar, please contact our office at 866.539.4173 or email@example.com.
View the Property
Each property sold during a Hudson & Marshall real estate auction is sold “as-is” which means viewing the property before the auction is very important. All Hudson & Marshall properties are available for viewing before the auction either by making an appointment with the agent or during the auction's scheduled open house. The open house typically takes place a few days before the live auction; check the auction schedule for details about a specific open house. You may also use any licensed real estate agent to help you through this process.
While at the property, remember the house is being offered "as is, where is," which means what you see is what you get. Ask the property agent for any additional information on the property, look around the neighborhood, talk to adjacent property owners and local businesses. Determine the short and long term potential of the property and decide what the property is worth to you. Having a price range in mind when you attend the auction will help you know when and what to bid.
Research the Auction Requirements
Read the terms and conditions of the auction you will be attending carefully. This information can be found in the auction brochure and along with the detailed information about each auction on the website. There are details in the terms and conditions that can affect your purchase, so make sure you know the requirements especially with regard to bidder eligibility, financing, bid deposits, closing deadlines, purchase and sale agreement provisions, and funds required to bid at the auction. If you have any questions, don't hesitate to ask a Hudson & Marshall representative.
While there is no requirement that you secure financing before attending an auction, it will help you to know in advance what you can afford to bid. It will also ensure financing trouble doesn’t force your deal to fall thru. If you can not secure financing on the property and close escrow within 30 - 45 days of the auction your down payment will be lost.
Register at the Auction
Registration for Hudson & Marshall live auctions is available at the door, just make sure you arrive in plenty of time to register before the auction begins.
If you are a consistent, nationwide investor who purchases substantial amounts of property you may desire to be pre-approved for a streamlined processing program. To find out if you qualify contact Hudson & Marshall at 1-800-441-9401.
What to Bring
- Your short list of homes and their Hudson & Marshall property numbers
- Picture I.D. (valid, government issued)
- Certified Funds required (see auction terms and conditions)
- Proof of Funds to close
- If using cash, your bank statement
- If obtaining financing, a loan commitment document
- Articles of incorporation, trust documentation, or other proof of signing authority (for those taking title in a company name or trust only)
If you are bidding on behalf of someone else, you will additionally need his or her full name, address, and a notarized power of attorney specifically authorizing you to bid and execute documents on behalf of the actual purchaser for their specified properties of interest. If you have any questions, please contact our office.
At the Auction
- Check the website before you go, properties can be sold prior to the auction so make sure the property you are interested in is still available
- Arrive early to ensure you get a seat
- Pick up your registration packet at the registration table
- Review Auction Updates; i.e. Removals or Late Additions
- Introduce yourself to the bid assistant working in the section where you are sitting - their job is to assist you during the auction.
What to Expect
During the registration process you will be given a bidder card with your registration number printed on it. This card identifies you as an eligible buyer - so don't lose it! Before the auction the auctioneer will make announcements. This is how the auctioneer corrects, updates, adds, or deletes properties from the brochure before the bidding starts or relays any important information, so listen carefully.
The action moves fast at a live auction but don’t worry, the bid assistant who is working in the section where you sit is there to help. These men and women work for Hudson & Marshall and are there to help relay your bids to the auctioneer, and answer your questions. Before the auction let your bid assistant know which property(s) you're interested in. When that property comes up for auction, the assistant will look to you for bids. Each time a bid is recognized from another person you must decide whether or not to continue bidding. If your answer is yes, hold your bidder card or your hand in the air. Do not hesitate to call out to the bid assistant or to the auctioneer if you don't think they have noticed you. Make your decisions obvious.
If you have further questions about how the process works visit our FAQ’s.