Buyers

BENEFITS TO THE BUYER:

• Smart investments are made as properties are usually purchased at fair market value through competitive bidding
• The buyer knows the seller is committed to sell
• 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 periods
• Auctions reduce time to purchase property
• Purchasing and closing dates are known
• Buyers know they are competing fairly and on the same terms as all other buyers
• Buyers receive comprehensive information on property via due diligence packet
• 1031 Buyes and Investors loves Auctions because of legal deadlines

Buying real estate shouldn't be complicated…

When you buy at a Laird Real Estate Auction, you eliminate the games… In my years as a REALTOR® in the 1960s, 70s and into the ‘80s, I found that many people were frustrated with the long, drawn out process and the games that had to ultimately be played to buy a property. You have an agent. The seller has an agent. The seller's agent wants to get the highest possible price. The buyer's agent just wants to get a sale. So, they encourage you to submit an offer. Then there's a counter offer. Then, you look at other properties. Offer. Counter offer. More properties. Please!

I offer a better way; Since 1984, I've concentrated on helping my clients, the sellers, find the right buyer and complete the transaction in minimal time, with minimal hassle. The buyer enjoys the same benefits; buying happens fast with minimal hassle.

There are no dueling agents, long delays or fruitless negotiation games at a Laird Real Estate Auction. You, and all other interested buyers will come together and place competitive bids face to face for one individual property. Everyone knows who they're bidding against and what bid is on the table at all times. And when the winning bid is determined, the property is sold right then and there.

By the way, this is not an opportunity to try to “steal” a property. You should not assume that properties listed here are distressed, or that the seller is desperate. We strive to present fine properties whose owners are eager to complete the sale fast, whether to close an estate, free up their equity quickly, or just to avoid the waiting and hassle involved with listing with a real estate agent. We attract serious buyers who will quickly leave you behind if you're only there to buy at a low-ball price.

If you're here to look at a specific property you saw advertised in local or national media, go to our Auction Calendar for detailed information on the property, terms, dates and times. You'll find a variety of upscale properties for sale available here throughout the year. If you're just checking us out, please come back often. We are constantly listing…and selling properties. The one you're looking for could show up on this site any day.

If you would like to receive email notification when new properties are listed, please join our mailing list , and we'll keep you informed.

When you see an auction date and time listed, understand; That is when the property will be sold. Be there early to register and inspect the property if I you wish to bid. Have your financing in place and a cash deposit with you according to the terms listed. You don't want to miss the opportunity by showing up late or unprepared.

Auctions have been a preferred method of buying and selling property worldwide for hundreds of years. We've made it work for scores of buyers since 1984. It will work for you, too.

Frequently Asked Questions
about Buying Real Estate at a Laird Real Estate Auction

Q.) How does buying real estate at auction differ from more conventional methods?

A.) Actually, our process is the “conventional” method. Property was exchanged at auctions for hundreds of years before there was ever such a thing as a real estate agent or multiple listing service. An auction is still the fastest, cleanest way to bring buyers and sellers together and complete the sale.

Q.) I've never been to an auction. Is there any danger of showing up and making a “rookie mistake?”

A.) We recommend that you come to one of our other auctions first, just to observe. You're welcome to join us, and please; Feel free to ask us questions. We want you to enjoy the experience.

Q.) If only a few bidders show up, I might own the property with a low-ball bid, right?

A.) Maybe, maybe not. There are three types of auctions that we conduct;

1.) Subject to Confirmation - The seller has the final say in whether they want to accept the final bid or not.

2.) Absolute Auction - The property is sold to the highest and best bidder without reserve or restriction as to the price.

3.) Minimum Bid - There is a minimum opening bid made known to all involved.

You will know before the auction which type you are bidding at. By the way, it's not a good idea to come to an auction in hopes of stealing a property. If you're not a serious bidder you'll soon be left behind by the qualified investors we typically attract.

Q.) Can I “accidentally” make a winning bid beyond my means?

A.) When the bidding reaches a level where you are no longer comfortable, or goes beyond your available financing, you can simply stop bidding. As soon as you are outbid, you are no longer obligated unless you bid again.

Q.) Isn't an auction kind of a “last resort,” used to sell distressed properties?

A.) Absolutely not! In fact, if you look at the real estate we present, you'll see some magnificent upscale properties. People choose our method because it's fast and clean. There are many reasons why people are in a hurry to get their real estate sold; They may be settling an estate and want to distribute the proceeds to the heirs quickly. They may be relocating to a new city and need their equity to finance the move. They may have tried other methods and failed to find a buyer. Heck, they may just want to avoid having dozens of people traipsing through their home and then presenting low-ball offers.

Q.) Where does the auction take place?

A.) Usually, the auction is held at the property so you can see first-hand what you're bidding on. If that's not practical for any reason, we can hold the auction in a nearby hotel ballroom. In either case, you will have every opportunity to carefully inspect the property before bidding.

Q.) Is there any kind of guarantee or warranty on an auction property?

A.) Although we sell all properties in “As-Is, Where Is” condition, you will receive all protections as in any other real estate transaction because the buyer receives the title policy and warranty deed. This protects the buyer from back taxes and back liens on the property. And, of course, you will be given every opportunity to conduct a detailed inspection of the property in advance if you wish to.

Q.) When will I know if my bid is accepted?

A.) One of the great things about buying at a Laird Real Estate Auction is that all bidders are in the same place. You know who you're bidding against and exactly what the last offer was. All cards on the table, no phantom offers…what you see is what you get. If you place the winning bid, you will know it the second you hear the word “sold” from the auctioneer. You'll exercise your cash deposit and make plans for the closing. It's that clean and simple.

Q.) How soon will I have to come up with the balance?

A.) You will be asked to exercise a substantial cash deposit down on the day of the auction. The balance is usually due within 30 days. You should have your financing in place before the auction so you can bid comfortably.

Q.) Do I have to pay some premium or commission above my bid amount.

A.) This is referred to as a "BUYER’S PREMIUM" and you should read the "Terms and Conditions" of an Auction to see the Premium that is in effect for that Auction.

The Buyer’s Premium shall be in effect for the Auction and added to each winning bid to arrive at the total contract price for the Property purchased by the Buyer. The Buyers Premium helps pay for the cost of holding the Auction.

SO WHY SHOULD I CONSIDER BUYING AT AUCTION?

BENEFITS TO THE BUYER:

• Smart investments are made as properties are usually purchased at fair market value through competitive bidding
• The buyer knows the seller is committed to sell
• 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 periods
• Auctions reduce time to purchase property
• Purchasing and closing dates are known
• Buyers know they are competing fairly and on the same terms as all other buyers
• Buyers receive comprehensive information on property via due diligence packet
• 1031 Buyes and Investors loves Auctions because of legal deadlines

Q: What do you suggest about inspecting items?

A: Make time to view items before you buy them, even if only on the morning of the auction. If bidding online, remember that photos may be for representation only. Read descriptions carefully and try to attend the inspection if you are local to the sale.

ALWAYS INSPECT BEFORE YOU BUY. Many auctions sell on an as-is, where-is' basis. This means no guarantees. Auction companies do this not because all items are faulty. Rather, they may not have the time or facilities to check everything included in a sale.

Therefore, do not assume `as-is' means `no good'. Look before you buy and occasionally take a chance if uncertain as to quality... you may be pleasantly surprised.

Q: How do I pay for items at an auction of business assets or a liquidation sale?

A: Many auction companies will not take checks and/or credit cards; this means cash or cashiers check only...be prepared! Deposits may be required to obtain a bidder's paddle, or simply upon the award of a bid. Either way, you will most likely be responsible to leave a deposit for your purchases on the day of the auction. Full payment is always required before purchases can be picked-up. Occasionally, an auction company will require that full payment is made within 24 hours of the auction, even if you do not intend on picking up your purchases for several days.

Q: How is the auction sale organized?

A: Some sales (typically art, antiques or collectible auctions) take place in a theater style format - bidders sit and bid based on a catalog of items. Other sales (typically business equipment) are conducted using a walk through format - bidders follow the order of the sale throughout the auction facility, walking from lot to lot. As walk through sales can be more exhausting than theater style sales, it's always nice to be prepared.

Q: Do I need to register before bidding?

A: Some companies require you to register upon entering the auction site. Others permit you to inspect before you register. In either case, the registration process will usually require you show some form of identification and may require you to leave a cash refundable deposit. If asked to sign something, make certain you understand the terms of sale before you sign as you will be held to them. Providing a business card may speed up the registration process.

Upon registering, you will be provided with a bidders' number and, often, a sale catalog.

Q: How are items sold in a business asset or liquidation sale?

A: Items will be identified by 'lot' numbers. These numbers indicate the order of the sale, beginning with lot number 1 and continuing in sequential order through the last lot of the auction.

Lots may consist of one or several items. In the event a lot consists of more than one item, be aware at the time of sale whether the lot will be sold 'by the piece' or as one 'lot.' Items sold by the piece usually indicate the piece count on the lot tag or in the catalog. If, for instance, one lot number indicates a quantity of 3 widgets, and the auctioneer says sold at $5.00, this will be charged at 3 times $5.00 or $15.00 total. If, however, the lot tag, the catalog or the auctioneer indicates the lot will be sold 'for one money' or 'as a lot', a $5.00 hammer price will be charged at $5.00 total.

Keep in mind that an auctioneer has the right to change an item, when offered up, to a piece count or a lot at their discretion. A good auctioneer will make clear announcements to ensure the audience is aware of any such changes.

Q: How much assistance should I expect from the auction company on auction day?

A: Auction companies, like any business, vary greatly. Some auction sales have plenty of staff available to answer questions and provide assistance. Some do not. Many auctioneers conduct sales throughout the country, traveling with a small staff. These personnel may be too busy on auction day to answer questions. If you want to leave an auction satisfied, expect as little help from the auction company as possible. If you are unfamiliar with what you are interested in buying, invite a friend or associate to join you at the auction.

Q: Any advice on bidding at a business asset or liquidation auction sale?

A: Know your top price before you begin bidding. Don't, however, be stuck on the notion that you should only buy something if it's dirt-cheap. Auctions can save you money -- sometimes allowing you to buy at 10¢ on the dollar. Often, though, competition doesn't allow such savings.

Therefore, consider what something would cost you if you purchased outside of the auction format. Also consider if you will be able to find the item elsewhere. Then set your price at what you can afford. Remember, if you need something, a 20% savings is a 20% savings. There are many philosophies on how to bid successfully at an auction, but the bottom line is if you are willing to pay more than anyone else, you will win the bid.

The auctioneer may start the bidding by asking for a specific price or may take a bid from the audience. If a bid is requested, you may want to throw out a bid below what you are willing to pay. While you can try bidding any amount, you will only slow down the auction or be ignored if you attempt a ridiculous bid.

Once the bidding is under way, the auctioneer will request incremental increases. These can be accepted with the wave of a hand, by holding up your bidders' number or with a verbal acknowledgment. If, however, you wish to offer an amount lesser than the raise the auctioneer is requesting, you may yell out such a price or make a hand gesture which indicates a half bid (usually done by holding out your hand flat with your palm facing the ground). Keep in mind that the auctioneer may or may not accept a bid less than the increment requested for several reasons. The bidding may be too active or the increment too small (i.e. a $10 raise on an automobile).

Don't be concerned if during active bidding the auctioneer does not see you; remember...it's the last bid that counts. As a matter of fact, you may want to wait until the bidding begins to slow before you get involved. However, don't wait too long or you may loose out. As you attend auctions, you will develop your own strategy. Perhaps you find that shouting out an aggressive bid intimidates your competition, or maybe you find it worth the risk to try and get your bid in 'just under the hammer.'

Q: What does it mean when the auction offers “choice” on items?

A: Occasionally, an auctioneer will offer 'choice' on several lots. This means that several lots will be offered at once -- for instance lot #s 110 through 115. When the auctioneer says sold, the high bidder will have the option to purchase one or more of the lots. The remaining lots may then be offered at the same price to others who participated in the bidding and then to the floor, or the auctioneer may choose to offer the remaining lots, requiring the successful bidder to take all.

When items are offered as choice, keep the following in mind. If you are interested in a single item or a small quantity, don't hold back hoping the balance is offered to the floor. Many times, dealers or retailers will win a choice bid and take the entire quantity. Choice bidding requires end-users to out bid dealers. Considering that dealers usually turn around and sell their purchases for as much as twice what they pay or more, you're by no means paying more than you should.

Q: What do I do if I am the high bidder for an item?

A: When the auctioneer says sold, be certain you hold up your bidder number so that the sale can be properly recorded. Listen to the auctioneer repeat the sale price and your bidder number to be sure it's correct. After you have been awarded the bid, you may be required to pay a deposit to the cashier. If you are done bidding, you may be able to pay and pickup immediately. Some auctions, however, will require items to be picked up during a checkout period which is typically announced before the auction

Once you are awarded a bid, by law you are obligated to the sale. It is very important that you are aware of this before you bid, as most auctioneers will not let you back out of a purchase. Even if you have not yet left a deposit, an auctioneer can still choose to take you to court over a reneged bid.

Q: If I am the successful bidder, when and how can I pick up the goods I have purchased?

A: You may have a limited time in which to pick-up your purchases. You may also be responsible for carting out your own purchases. While this doesn't apply to real estate, and may not apply to art, antiques and collectibles, this is common at any business closure type of sale. Know these terms before you bid as they may affect how much you're willing to pay, especially if you must hire someone to assist you. If bidding online, remember that the same pickup requirements will likely apply to you. This means making your own arrangements to have your purchases removed with several days of the auction.