How To Buy At Auction
First Time Auction Attendees: The open
public auction method is where parties who are interested in bidding
on the property gather as an audience and bid in an open public
forum. You will be asked to register at the time of the auction (see
requirements below) and must be prepared to show proof of and/or
display your minimum deposit of fifteen percent (15%) of the
purchase price payable by cash or with a personal or business check
which must be accompanied by a bank letter of irrevocable guarantee.
Checks are to be made payable to: Wiederseim Associates, Inc. You
need not be represented by a Real Estate Broker to bid and buy at
auctions. Before the bidding begins, the auctioneer will review the
procedures of the auction and explain how the bidding will occur.
Most people bid by raising their bidder number cards. The auctioneer
will call out the increments in a clear understandable cadence. Our
intention is to make you feel comfortable with the process.
Pre-qualify Yourself: We suggest that
you contact a bank or mortgage company prior to attending the
auction for the purpose of determining how much of a mortgage you
will qualify for. If you are the winning bidder and cannot obtain a
mortgage or for some other reason are unable to complete settlement,
the total amount of your deposit will be forfeited.
Do Your Homework: Find out as much about
the property as you can through attending the open house, through
local Township, Borough or Municipality and the County Tax Assessors
Office. We will supply you with any and all information that we
have. The agreement of sale is posted on this web page and a title
report may be obtained through our office.
Inspect The Property: Take full
advantage of any inspections conducted – remember at auction, you
are buying “As Is, With All Faults”. Attending an open house will
allow you and/or your representative to see first hand what you are
bidding on, help determine value and allow you to bid with
Register To Bid: You will be required to
provide two (2) forms of identification, on e being a valid driver’s
license with photo and current address. You must show proof of your
deposit in order to register. Deposit is to be payable by cash or
with a personal or business check which must be accompanied by a
bank letter of irrevocable guarantee. Checks are to be made payable
to: Wiederseim Associates, Inc.
Bid Aggressively: Until the "hammer
falls" or you have reached your limit you should compete
aggressively. There can be only one winning bidder for the property.
You cannot buy at your price unless you BID your price. GOOD LUCK
WITH YOUR BIDS!
Property information may change daily and
this is your notice that it may contain certain errors and
omissions. Neither Wiederseim Associates, Inc. nor Seller will be
held liable or responsible for errors or omissions. If you do see an
error or omission, please notify us immediately. Thank You.
Theodore E. Wiederseim, Auctioneer