The following is a list steps to follow when preparing to participate in an auction. We hope they are helpful tips that make your attendance and participation in a jjManning.com auction successful and easy. See the auction glossary at the bottom of the page for a list of useful auction terms.
The Real Estate Professionals at JJManning.com are prepared to supply you with information, over the telephone (800.521.0111) or email (Info@JJManning.com), about concerning specific properties as well as the auction in general.
Do your "Homework"
Do your "Homework" Find out as much as you can about the property. Download the Property Information Package (PIP). Our PIPs contain photos, property descriptions, terms of the sale and financing information, sample Purchase & Sale Agreement, property taxes & assessments, maps, plans and many other pertinent documents. Our PIPs are available online in Adobe Acrobat (.pdf) format. Just click on the Adobe Acrobat icon for the free software.
Inspect the property
Inspect the property Take full advantage of any Open Houses hosted by JJManning. Remember, at auction, you are buying "as is, with all faults". Attendance at an "open house" inspection will allow you or your representative to see first hand what you are bidding on and help determine value and desirability. This will help you to bid with confidence.
Prequalify yourself for financing There is seldom a mortgage contingency in a real estate auction. Increase your comfort level by knowing your mortgage financing qualifications. Even before you decide on a property to buy, you can pre qualify yourself with a lender. Feel free to use our Mortgage Calculator link to calculate your mortgage payment based on any purchase price. It is best to know what you can afford to pay for the property before the auction, so you will be able to bid with confidence!
Attend an auction
Check the local newspapers or join our mailing list for auctions in your area. Attend and observe one or more auctions and familiarize yourself with the process before you attend an auction as a bidder. Auction companies differ in the amount of "due diligence" information they provide and how they conduct an auction. The auction process happens quickly so when you decide to buy, it’s important to know what to expect. If you have questions about what you saw, email or call us.
Plan your bid strategy
Determine your bid limit after examination of the property and all available information. Plan to compete. Most bidders will be thinking in the same price range. The one who bids that number first, wins the day.
Register to bid
On auction day, it is to your advantage to arrive site 1 hour before the auction. By doing so, you will have more time to consult with on-site staff who are prepared to assist you with your last minute questions regarding the property and the auction process. Upon completion of
registration you will receive a Bid Packet containing your bid number and a copy of the
Property Information Package (PIP), including Terms of Sale, Purchase and Sale
Agreement and other important documents.
Write out your questions
Prior to the start of bidding, JJManning Auctioneers will conduct a Question and Answer (Q&A) session. This is your opportunity to ask any last minute questions before the auction begins. You should come to the auction prepared to ask your questions. If you arrive early enough, you can question JJManning.com staffers at that time. The auctioneer may ask you to repeat your question during the Q&A, if he believes it to be of interest to all bidders. Our job is to raise comfort levels of all bidders with the auction process, the property we are selling and the auction company. The Q&A is important to the success of these goals.
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!
CLICK HERE FOR A GLOSSARY OF "AUCTION" TERMS