Frequently Asked Questions
A number of questions are often asked about using our website and purchasing
real estate at auction with AuctionWorld USA. The following are some of the
most common.
What is a “Corporate Auction”?
What is a “Bank Ordered Auction”?
Are these “Absolute Auctions” or do they have “reserves”?
Will the auctioneer talk so fast that I can’t understand them?
Do you know at what price the bidding will start?
What about liens, judgments or back taxes?
Can I view the property prior to the auction?
Can I make an offer before the auction?
Is there any “Buyer Premium” charged above the actual auction price?
What does "Buyer Premium" mean?
When I clicked on an address for property information, nothing happened...why?
I saw a sign on a property, but I can’t find it on your list. Am I missing something?
How do I access the listing, if I don’t have Adobe?
We hope this guide provides you with adequate information. For further questions please contact us directly. A representative will respond to assist you.
Frequently Asked Questions
What is a “Corporate Auction”?
A corporate auction means the subject property was acquired by a corporation when they relocated their
employee, (the former owner). A corporation is always a very motivated seller. They do not want to own
property, nor do they want to manage property. Their primary goal is simply to facilitate the relocation of
their employee.
What is a “Bank Ordered Auction”?
A bank ordered auction typically means the subject property, is owned by a lender, often acquired
through a foreclosure. A bank is always a very motivated seller. They do not want to own property, nor
do they want to manage property. Their primary function is lending money, not owning houses.
Are these “Absolute Auctions” or do they have “reserves”?
Since the high bid for each property is subject to the seller's confirmation, these are not what are
commonly known as "absolute" auctions. However, in addition to private sellers, many of our auction
properties are acquired by government agencies, corporations, and lending institutions through
foreclosure proceedings or to facilitate relocating employees.
Regardless of the source, every seller meets or exceeds our stringent criteria. They are extremely motivated, and do not want to own or manage properties. Further, the sellers that we accept understand that people attending an auction are looking for a bargain. In addition, they have the ability to deliver a bargain, and as a result, the buys at our auctions are truly exceptional.
Do you know at what price the bidding will start?
The auctioneer will suggest an opening bid and then work his way down until he has an opening bid
from the crowd. There is no established opening bid. You can start the bidding wherever you'd like to
start. We are actually more interested in where the bidding finishes than where the
bidding starts.
How do I bid on a property?
On auction day, listen carefully to the auctioneer’s opening announcements. When you
wish to bid, simply raise your hand or nod your head and the auctioneer will acknowledge your
bid. If you are the winning bidder, one of the auction team will ask you to sign a purchase
agreement and give them a down payment. The rest is handled the same as any other real
estate transaction.
Will the auctioneer talk so fast that I can’t understand them?
It’s our goal that you understand, clearly, both the current bid and the increase that is being
asked. However, if you need help, motion for one of the auction team members. Their job is to
make sure that you understand the process completely.
What about liens, judgments or back taxes?
Check the terms of the auction. Most of our real estate auctions guarantee that you receive good, insurable
title to the property or you’re simply not obligated to buy.
Can I view the property prior to the auction?
Yes. The property will be open for inspection prior to the advertised auction time. See the individual auction
brochure for the open inspection day and time. Viewing the property prior to auction day may also be arranged
(with reasonable notice) by calling 1-800-262-3050.
Can I make an offer before the auction?
You do have the option make an offer now or simply wait for the auction. Do what's best for you, but please
know that the auction is subject to prior sale, which means if an offer is made and accepted prior to the
auction, the auction will be postponed. For additional details, please contact us at 1-800-459-3050.
Is there any “Buyer Premium” charged above the actual auction price?
In some instances, a Buyer's Premium will apply. In other cases, depending upon arrangements with the client, it may not be a factor.
In either situation, you are always in control of how much you actually bid. Simply determine if the Buyer's Premium applies by
carefully reviewing the terms for each auction property before you bid.
What does "Buyer Premium" mean?
The buyer’s premium is a percentage amount that is added to the winning bid in order to establish
the final contract price. It helps cover expenses, applies equally to all bidders and can make the auction
alternative more appealing to the seller. Many times, without it you would not even have the opportunity
to bid on a property.
When I clicked on an address for property information, nothing happened …why?
We post each auction location to our list and erect a sign on the property immediately upon adding it to
our auction inventory. In many cases the date will display as “Date and Time to be Announced”
until a brochure has been produced. Once the brochure is available for distribution, the property address
will become an active hyperlink.
I saw a sign on a property, but I can’t find it on your list. Am I missing something?
Occasionally, due to timing and schedules, an auction sign may be erected on a property shortly in
advance of the property appearing on our website. When this occurs, the property will likely be
added to our upcoming auctions during the next website update (approximately 24-48 hours).
How do I access the auction brochure, if I don’t have Adobe Reader?
Most computers come equipped with Adobe Reader pre-installed. If you currently do not have Adobe Reader installed,
you may download a free copy of the latest version here.
Auction World USA, Inc., PA License # AY000059L
