A Buyer’s Guide to Real Estate Auctions

We know what you might be thinking about real estate auctions … aren’t those just foreclosures and dilapidated, distressed houses? How do I even bid on a house up for auction? What does the buying process look like? There are numerous misconceptions about why a property would be sold at auction and how you, as a buyer, can participate. Let’s try to clear some of those up.

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Shortages? Waiting for equipment? Auctioneers may have an answer. | GRS Auctions & Liquidation Strat

Are you waiting for equipment that is on a slow boat from China?  With the shortages beginning to reach into our business productivity, Owners need resources.  The online auction industry is on the rise, and Auctioneers have access to companies with surplus and used equipment that might fill the gap.

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Did you accidentally bid on an item in an online auction and want to retract it?

Auctioneers hear many excuses when buyers want to retract their bid at an online auction. These can include:

The buyer didn’t realize the terms and conditions said “no shipping” and they live 500 miles away
The pick-up time conflicts with a funeral the buyer must attend
The buyer typed too many zeros, and $10.00 became $10,000

Regardless of the reason, if you find that you have made a bid in error in an online auction, call or email the auction company immediately. Do not wait until the auction is over. In some instances, a bid can be retracted, or alternative arrangements can be made.

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What’s the most unusual item you have sold at auction?

As Auctioneers, we get asked this question frequently, and it is a fun question to contemplate.  In the news now is an item that “takes the cake”.  The London (AP) is reporting today that a piece of five-layer cake from Charles and Di’s royal wedding 40-years earlier is up for auction.  Although it is an opulent slice, it ranks with one of the world’s most unusual auction items.

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