How to Bid at an Auction:
Never attended an auction? No need to worry; Reeds Auction Co. has made it all very easy and comfortable. Just follow the 5 simple steps listed below and hopefully you will be the last bidder standing.
Step 1: Registration – Any and all individuals desiring to actively participate in the bidding process must first register. The head cashier will record your name, address, and phone number. YOUR DRIVERS LICENSE IS REQUIRED FOR A PROPER IDENTIFICATION. If you wish to attend the sale but not bid on anything, there is no need to register.
Step 2: Bid Card – Once an individual has registered with a Reed Auction representative, a bid card with a number inscribed on it is issued to them. The card is for the purpose of identifying the highest bidder and officially awarding him or her the sale of the property. You are only permitted to bid if you have a bid card.
Step 3: Bidding – When you hear the auctioneer “cry out” a price that is acceptable to you, all that’s required is raising your bid card high in the air. Don’t worry about having to scratch that itch on your nose or motioning to someone. Our trained personal, responsible for accepting bids will know when you are actually bidding.
Step 4: Highest Bidder – If you are the fortunate enough to be the highest bidder on a particular item, your buyer number and item information is recorded and organized until you are prepared to check out. If you purchase a piece of property, you will be instructed to sign an “Agreement of Sale” which is a document that describes the property purchased and the amount paid for it.
Step 5: Purchase Contract – On real estate or high value items a predetermined and advertised down payment is accepted from you at the time of sale. For real-estate all closing procedures are handled between you and the seller’s attorney. You will be notified by the attorney the date of the closing so that you have your financing or cash available. This process is complete within 30 days. These are standard closing procedures as in any real estate transaction.