You will be buying with confidence, without the hassle of drawn out negotiations, knowing that you named your price for the property.

A few other key advantages for buyers are:

• NO direct buyer/seller negotiations
• Time for due diligence prior to bidding
• All buyers compete under the same auction terms
• Purchase terms are known in advance
• Buyers can remain anonymous throughout the entire purchase process by utilizing one of Blackstone Auction Group’s remote bidding processes

Traditional real estate brokerage simply does not offer the aforementioned benefits, as these benefits are unique to auctions.

There are three main types of real estate auctions, each offering unique benefits to buyers.

Blackstone Auction Group offers the following types of auctions: 

• Minimum Bid Auction - The Auctioneer will only accept bids equal to or above the minimum price, which is pre-determined by the Seller. The minimum bid amount should be published in the promotional auction materials and announced at the beginning of the auction.
• Reserve Auction - The Auctioneer will encourage all bids, however, the Seller is obligated to sell the property only upon the auctioneer receiving a bid that is equal to or greater than the unpublished reserve amount.  The Seller does not guarantee that the property will be sold unless the undisclosed minimum bid amount is reached.  In the event that bidding does not reach the unpublished reserve amount, the Seller still retains the right to accept or reject the highest bid.
• Absolute Auction – The Auctioneer will accept all bids, and the property will be sold on auction day, regardless of the price, providing an unparalleled purchasing opportunity for bidders.

Bidder Information Package

For each auction, a Bidder Information Package is available to potential buyers, and along with a buyer’s own due diligence, assists a prospective buyer to become knowledgeable about the property for sale and ready to purchase on auction day.

Blackstone Auction Group’s Bidder Information Package is individualized to each property, but will likely include the following:

• Purchase and Sale Agreement
• Seller’s Real Property Disclosure Statement
• Property Brochure
• Title Insurance Commitment
• Appraisal Report
• Home Inspection & Survey
• Community Documents & Area Information

A buyer at a Blackstone Auction Group auction will be provided with the opportunity to independently have the property inspected because all auction properties are sold “As-Is, Where-Is”, so a buyer’s own due diligence prior to the auction is necessary.  The information and documents provided by Blackstone Auction Group are deemed to be accurate, but are not guaranteed, and buyers are encouraged not to act in reliance upon the same, but to perform their own research and due diligence.

Registration and Financing

All bidders must register prior to the beginning of the auction. There is NO registration fee; however, the winning bidder will be required to place 10% of the purchase price in escrow at the conclusion of the auction, which must be paid with certified funds or a personal or business check. Financing should be arranged prior to the auction date, as all auction properties are sold with no contingencies (financing or otherwise).

Buyer’s Premium

The Buyer’s Premium will be added to the winning bid price to arrive at the purchase price.  For example, if the high bid was $1,000,000, and the Buyer’s Premium was 10%, then the purchase price on the contract would be $1,100,000.  For further information, please refer to the property’s Auction Terms & Conditions regarding the applicable Buyer’s Premium or contact a Blackstone Auction Group representative with any questions.

Auction Day

Registered bidders or their representative should arrive to the auction one hour before the published auction time, providing bidders with an opportunity to check-in and conduct any final inspections of the property or ask a Blackstone Auction Group representative any questions.