Buying At Auction
One of the most exciting parts of any auction is the bidding! We want you to have some information on buying at auction before you get there.
Compass Auctions and Real Estate is dedicated to being fair, honest and totally transparent in every aspect of our business. We have 38 years of combined experience in the auction world. Compass Auctions and Real Estate is licensed and bonded in many states. We are members of National Auctioneers Association and Tennessee Auctioneers Association, along with The National Association of Realtors and the Greater Chattanooga Association of Realtors. Additionally, Compass Auctions & Real Estate is the only auction and real estate company in the greater Chattanooga area to become members of the National Association of Senior Move Managers.
Here are some things you should be aware of prior to coming to auction.
- Be sure to come about an hour before the auction starts and register. This gives you a chance to register in plenty of time to review the property and be ready to bid.
- Make sure you bring your driver’s license in order to register for a bidder’s card.
- Read the back of your bidder’s card and understand the terms and conditions. Bidding is a contract. All announcements made prior to the start of the auction supersede all previous information, printed or otherwise.
- Bring a Bank Letter of Credit if you plan on spending more than $10,000.
- Have your financing prearranged. Auctions are not subject to financial approval.
- Inspect the items you are bidding on; start it if that is applicable. Mechanical items may be inspected by your mechanic at your expense if you wish.
- You are bidding on the description not the photograph. Read the description prior to bidding. The photograph might show many items, but only one item in the picture may be up for bid.
- All items are sold “as is, where is”. This means everything is sold with no contingencies, financial or otherwise and without representation of any warranty. All announcements from the auction block take precedence over any statements or printed material given previously.
Listen closely for any updates or changes.
- We require a 10% deposit of the winning bid for Real Estate at the fall of the hammer.
- Set a price in your mind before you bid. Be sure you include the Buyer’s Premium, sales tax, repairs, fees and delivery charges if those are applicable.
- Feel free to stop our auctioneers at any time if you have a question.
- We want you to feel confident and prepared when you attend our auctions, so come ready to have a great time!!!!