Premier Auction Buyer Information
Buying luxury real estate at auction has never been easier than with KIKO Premier Auctions. Purchasing at auction means:
The information below is provided to help educate you before your first auction or before your first time bidding at a premier auction.
- Set your own price.
- No games.
- No negotiating.
- Highest bidder will own the property.
- Ownership can transfer in as little as 10 days for cash buyers.
- Gain confidence in the purchase price as you compete directly with other bidders and buyers to exercise your judgment of value.
- Easiest and most fun way to purchase your next property.
Preview & Open Houses
Real estate will be available before the auction for inspection and preview. If antiques, collectibles, or fine furnishings are offered at the auction these will also be on display the day of the auction for preview.
Premier real estate auctions often have showings, just like traditional "For Sale" properties. These are generally listed on our website or dates and times can be obtained by contacting the sales manager. Properties will always be open several hours prior to the start of the auction for viewing and inspection as well.
Buyers are responsible for examining and inspecting items and property. KIKO auctioneers will do their best to disclose any information known about the properties or items being sold. Displayed items may include: disclosures, surveys, zoning and other reports. All information is provided to give you confidence in the purchasing process. If you have additional questions ask the specific sale auctioneer/Realtor. They will do their best to answer all your questions.
Prior to the start of the auction KIKO clerks or associate will be available to help you register for the auction and obtain your bidding number. Driver's License or State Identification will be required. Please take the time to familiarize yourself with specific terms or conditions specific to the auction that you are attending that day. This will ensure that your registration the day of the auction will go smoothly.
Additional requirements may be in place for online bidding. These details will be outlined on the internet.
Start of the Auction
The auction will begin promptly at the advertised time with announcements and terms of the sale. Any last minute changes or disclosures will be made at this time. These announcements usually take just a few minutes and then the bidding will begin.
During the Auction
Auctions move quickly! First time attendees may be surprised to see how quickly the flow of an auction is on individual items. Items sell in a matter of a minute, with real estate at a much slower pace and easily understood. Being prepared with your maximum bid price in mind and being prepared can take some of the intimidation out of this quick process for you.
During the auction KIKO auction staff members, will be available to assist the auctioneer and help you with information regarding real estate being auctioned. Don't hesitate to ask them questions during the actual bidding.
To bid simply raise your bidder card and either the auctioneer or one of the KIKO staff will catch your bid. Any tie bids or other issues regarding who has the high bid are always resolved by the auctioneer, who has the complete and final authority of the sale of items.
After the auctioneer has determined the final bid the property or personal property is declared sold. If the sold property is real estate the high bidder will then meet with a KIKO agent to finalize the purchase agreement and make the required deposit. If the sold item is personal property the winning bidder will be able to continue to bid on items or watch the auction or proceed to the KIKO clerk to check out and pay for their purchases. Please secure all individual items you purchased, once the auctioneer declares it sold you are the new owner.
Real Estate Closing
Closing on properties typically takes place in approximately 30-45 days from the date of the auction. Closing are not contingent on financing, appraisals, or inspections. By bidding and buying at a real estate auction you have agreed to purchase the property.
As always our staff is happy to help with questions on bidding and buying at auction. For further information on an available property or item or general questions feel free to contact our professional auction staff at 330-453-9187.