How To Buy At Auction
Auctions are an easy and exciting way to buy real estate and personal property that you can enjoy for years. Personal property, also know as chattel, is any personal possession that isn’t real estate, such as equipment, vehicles, antiques, firearms, jewelry and tools.
All purchases at auction are sold “As-Is,” meaning the properties and items are selling without warranties as to condition. Buyers are solely responsible for examining and inspecting items and property prior to purchase.
KIKO Auctioneers 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 of an "As-Is" property. If you have additional questions, ask the Auctioneer or Realtor conducting the sale. Our experienced team can explain how auctions work or a specific property we have for sale.
Here is some additional information about buying at auction. Please call 330-453-9187
with any questions.
Before the Auction
Real estate and chattel auctions can have open houses before the auction for preview and inspection. These are on a per-sale basis, so please review the details for each auction.
Real estate auctions often have showings, just like traditional "For Sale" properties, which are generally listed on our website for each auction. Dates and times can also be obtained by contacting the auctioneer at our office. Properties will always be open several hours prior to the start of the auction for viewing and inspection as well. Chattels will be available several hours before the beginning of the auction for inspection. All vehicles being sold at auction have titles provided or will be otherwise noted.
To buy at auction, you must first register for a bidder’s number. You’ll be given a card with your number on it. Auction day, KIKO clerks and associates will be available to help you register. A Driver's License or State Identification is required.
Please review the terms and conditions for the specific auction that you are attending that day. This will ensure your registration goes smoothly. 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 bidding will begin.
Many KIKO Auctions offer online bidding. If available, the specific auction on our website will include a link to the online registration page. Please read the online bidding instructions carefully for each sale.
During The Auction
Auctions are fast paced and exciting! Items sell quickly, with real estate often selling in a matter of minutes. Be prepared with your maximum bid price in mind so you’re ready to participate.
To bid, simply raise your bidder card and a KIKO team member 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. The auctioneer will drop the gavel and declare the item sold when it is determined the final bid has been placed.
After The Auction
The winning bidder on real estate will meet with a KIKO agent to finalize the purchase agreement and make the required deposit.
Real estate closings typically occur 30-45 days from the date of the auction. Bidding on a real estate auction is a legally binding agreement to purchase the real estate for the bid amount. Closings are not contingent on financing, appraisals, inspections, or any other factors. Please be sure of your decision before you place a bid as it cannot be retracted.
The winning bidder on chattel/personal property will be able to continue to bid on other items, watch the auction or proceed to the KIKO clerk to check out and pay for their purchases. We recommend securing all individual items immediately after the auctioneer declares you the high bidder since you are the new owner of the item at that time.
Learn how to sell at auction here.