Buying real estate or personal property also called chattel (any personal possession that isn't real estate), at auction is easy and fun. The information below is provided to help educate you before your
first auction or before your first time bidding at an auction.
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. KIKO auctioneers will do their best to disclose any information known about the properties or items being sold. All pertinent information regarding properties will be on display the
day of the auction. 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. They will do their best to answer all of your questions.
Preview & Open Houses
Both real estate and chattels will be available before the auction for inspection and preview.
Real estate auctions often have showings, just like traditional "For Sale" properties. These are generally listed on our website or dates and times can 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.
Prior to the start of the auction KIKO clerks or associate will be available to help you register for the auction and obtain your bidding number. Driver's License or State Identification will be required.
Please take the time to familiarize yourself with specific terms or conditions specific to the auction that you are attending that day. This will ensure that your registration the day of the auction
will go smoothly.
Additional requirements may be in place for online bidding and are available specific to each online auction. These details will be outlined on the internet.
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 the bidding will begin.
During the Auction
Auctions move quickly! First time attendees may be surprised to see how quickly the flow of an auction is on individual times. Items sell in a matter of a minute, with real estate taking several
minutes to sell. Being prepared with your maximum bid price in mind and being prepared to bid can take some of the intimidation out of this quick process for you.
During the auction KIKO auction staff members, will be available to assist the auctioneer, spot bids, and help you with information regarding real estate being auctioned. Don't hesitate to ask
them questions during the actual bidding.
To bid simply raise your bidder card and either the auctioneer or one of the KIKO staff 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. The winning bidder on a real estate property will then meet with a KIKO agent to finalize
the purchase agreement and make the required deposit. The winning bidder on personal property will be able to continue to bid on other items, watch the auction or proceed back to
the KIKO clerk to check out and pay for their purchases. It is advisable to secure all individual items immediately after the auctioneer declares you the high bidder since you are the new owner of the item
at that time.
Closing on properties typically takes place in approximately 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 or property
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.
Our staff is always happy to help with your questions on bidding and buying at auction. Contact our professional auction staff at (330) 455-9357 for further information on an available real estate, items
or general questions!