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Notes from the Auctioneer

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Buyer Information

Auction Process

Potential buyers of real estate or personal property through auctions have the opportunity to scoop up a tremendous deal, so it’s not surprising that our auctions are often standing-room only.

To participate in an auction, first we encourage you to inform yourself about your potential purchase. The vast majority of the time, property is sold “as-is,” which means we guarantee only clear title. While we provide a lot of information on our website and in hard copy through Bidder’s Information Packets, it is the buyer’s responsibility to find answers to their questions. Our auctioneers are happy to show you the property in advance of the auction and answer what questions they can, but rely on inspectors and experts so you fully understand what you are buying!

Another crucial part of the process for buyers is the timeline. Once the contract is signed the day of the auction, buyers have 30 days to close. Time is of the essence. The contract obligations are not contingent on the buyer’s ability to receive funding. The contract will be included in the Bidder’s Information Packet. Please read it closely!

Auctions are, in general, held on site. To participate, potential buyers must register in advance of the public, outcry auction. To register, bring your driver’s license as well as a cashier’s check made out to yourself. The terms and conditions of each auction are slightly different; in general, the check will be in the amount of either $2,500, $5,000 or $10,000, depending on the appraisal of the property.

Out-of-town buyers can bid by phone and wire funds into an escrow account. Just ask the auctioneer for details.

 

At the end of the auction, the winning bidder will meet with our auctioneers to sign the contract for the property and submit a 10 percent down payment for the purchase. This down payment will consist of the cashier’s check, signed over to Elliot Paul & Company Auctions, with any remaining funds paid with a personal check. Buyers have 30 days to close on the property, as time is of the essence!

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Terms and Conditions

Terms and conditions vary with each auction, so please refer to the Brochure, Bidder’s Information Packet or website for particulars. The following are general terms:

  1. BIDDER REGISTRATION: The auction is open to the public and your attendance is welcomed. To register for the property, you must display a cashier’s check in a specified amount to bid. Upon being declared the top bidder, the cashier’s check will be applied as a partial deposit and the deposit must be increased to ten percent (10%) of the total contract price of the property due immediately upon signing the contract in the form of a personal check. All cashier’s checks much be made payable to yourself. Please come prepared to participate in the auction.

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  2. PROPERTY INSPECTIONS: All bidders are encouraged to personally inspect the real estate being offered. The property will be sold in “AS-IS” condition.
    The buyer will be responsible for all closing costs including, but not limited to documentary stamps, title insurance and all other closing costs. In most cases, real estate taxes for the current year shall be the responsibility of the buyer. No representation is made with respect to suitability for any intended purpose or use.
    Please inspect the property and records prior to making any bids.

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  3. CONTRACT DEPOSIT, PAYMENT: Bids may not be retracted once accepted by the auctioneer. All deposits shall be paid on the day of sale. The successful bidder agrees to sign the purchase contract immediately following the auction.
    The purchase contract is available for inspection and review. The terms are not negotiable upon being declared the winning bidder.

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  4. FORM OF AUCTION: Please be advised that the auctioneer shall offer the property sold to the highest bidder regardless of price. Neither the seller nor his representatives are allowed to bid.

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  5. BROKER PARTICIPATION INVITED: Any licensed real estate broker is eligible to earn commission equal to twenty percent (20%) of the net commission provided their clients have been registered with the office of the auctioneer.
     

    a) The prospect must be registered in writing with Elliot Paul & Co. and countersigned by the broker/salesperson. The registration must be received 24 hours prior to the auction by US Postal Service, Facsimile at (772) 219-8206 or email at info@elliotpaul.com.

    b) The broker/salesperson MUST attend the auction with their prospect and register at the auction site.

    c) Broker/salesperson acting as principals are excluded from receiving commission.

    d) Broker/salesperson must be procuring cause.

    e) Commission will be paid at the successful closing of each transaction.

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  6. CONDUCT OF AUCTION: The method and order of sale shall be at the sole discretion of the auctioneer. The auctioneer may change or modify the Terms and Conditions of this auction by announcement at the podium. Any such announcement shall take precedence over printed material or oral statements made. Bids may be accepted ONLY from bidders who have duly registered in accordance with the Terms and Conditions of sale. Bidders arriving at the auction site without the required deposit may not be permitted to participate in the auction. The auctioneer’s decision relative to bidding increments, order of sale and any
    disputes between bidders will be final. The auctioneer shall have the right to cancel or withdraw the property at its sole discretion.

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  7. BUYERS PREMIUM: A ten percent (10%) buyer’s premium will be added to the high bid made and taken and included in the contract price.

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  8. CLOSING: The purchase contract provides for payment of the balance of the total purchase price to be made no later than thirty (30) days from the auction date. TIME IS OF THE ESSENCE.

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  9. REAL ESTATE AGENCY DISCLOSURE: As required by Florida Statute 475, which regulates the sale of real estate in Florida, Elliot Paul & Company represents the seller in this transaction.

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  10. MISCELLANEOUS: Please be advised that this auction will be audio recorded to provide a permanent record of this auction event.

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  11. AUCTION BROCHURE: All information contained in the auction brochure, newspaper advertising, bidder information or supplied either in writing or verbally by staff members was derived from sources believed to be reliable, but not guaranteed. Buyers shall rely on their own information, judgment and inspection of the property and records.

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  12. PREVIEWS: Bidders are encouraged to preview the property. Contact our office for details.

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  13. BIDDER INFORMATION: Due diligence and additional information is available to bidders upon request. Please contact the auction company.

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    Buyer/Broker/Agent Program

    Elliot Paul & Company Auctions welcomes broker participation! Any licensed real estate broker is eligible to earn commission equal to twenty percent (20%) of the net commission provided their clients have been registered with the office of the auctioneer. The prospect must be registered in writing with Elliot Paul & Company Auctions and countersigned by the broker/salesperson. The registration must be received 24 hours prior to the auction by US Postal Service, Facsimilie at (772) 219-8206 or email at info@elliotpaul.com. The broker/salesperson MUST attend the auction with their prospect and register at the auction site, and broker/salesperson acting as principals are excluded from receiving commission. Broker/salesperson must be procuring cause. Commission will be paid at the successful closing of each transaction. If you are a broker and have any questions, please feel free to call the auctioneer overseeing the auction your client is interested in at (772) 219-8448.

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    Online Bidding Process

    On occasion, prospective buyers can bid online in advance of the auction. To learn more, contact the auctioneer overseeing the auction of interest.