Booker Auction Company | wiki:Community Portal
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Contents |
Frequently Asked Questions
COMPANY
What are Booker Auction Company's hours?
REAL ESTATE
Selling Multiple Parcels of Real Estate by the Auction Method
Basics
The subject property will be offered in individual sale tracts and in combinations of sale tracts providing each pre-qualified, potential buyer the opportunity to make their offer on the ‘configuration’ of their choice - not just for large tracts of land. This process is commonly composed of two bidding phases. The most important aspect is that NO registered bidder, having met the pre-qualification requirements, is excluded at any time during the bidding process. Whether a bidder makes the first offer on an individual tract or the final bid raise on a combination, registrants may participate in the entire bidding process until the auctioneer announces the bidding closed.
Phase One:
Sale tracts will first be offered individually, per tract, to establish a beginning base. These bids will be visibly posted at the front of the auditorium on whiteboards and simultaneously entered into computerized software for visual projection to the auction attendees. These bids are posted - they are not ‘winning’ bids at this point in the process.
Phase Two:
At the beginning of the second phase, bids are called for on combinations of tracts, or the entirety. As example, a bidder wishing to make a bid offer on Tracts 1, 2 and 3, at this point would enter a ‘1-2-3’ combination bid. A bidder desiring to purchase more acreage might enter a ‘1 through 13’ combination bid for the entire westerly block of this property. Additionally, any registered bidder, whether active in phase one or not, can enter or re-enter the process. At this point, bids may be entered or raised on any individual tract and/or on any combination of tracts. Again, NO registered bidder is excluded during the bidding process. The process slows during phase two allowing ample time for bidder calculation, consideration or consultation with attending advisors.
All bids placed will be projected to attendees and participants. Those bids in the leading position (with the highest aggregate value) will be indicated by ‘stars’ on the projected image.
All bids remain active until the auctioneer closes the bidding and announces the property sold.
Remember that the Sale Price is your bid plus the 10% Buyer’s Premium.
