BUYERS

If you’re interested in bidding for a property, you will need to register ahead of the auction date. You can register to bid at any time before the end date of the property’s auction. We’ve detailed how to register in the following question.

To register to bid in an auction, simply complete our registration form on our website.

You will need to provide:

• your personal information
• valid credit card that will be used to pay for the online deposit of $500.00 if you win an auction.

You will receive a confirmation email once you are fully registered.

Yes, we advise everyone to view any property you may have intertest in bidding on. Most properties will have scheduled viewing dates and times, if no specific time is posted, property is open to appointment viewings which can be booked through the link or calling number listed on Auction Information tab on the property you are interested in purchasing.

All applicable real estate documents, including the agreement of purchase and sale are available in the Auction Information tab on the property you are interested in purchasing.

Many of our auctions are simulcast, meaning you can either bid in person or on line. In order to bid in person, you will be required to have the required deposit in hand in the form of a certified cheque payable to Anchor Real Estate Investment Corp. “In Trust”. The amount of deposit required will be in the Auction Information for each property. Please ensure you arrive at least 20 minutes before the on location start time for the auction so you can be registered and receive a bidding number prior to the start of the auction.  You can find information about the location and times in the Auction Information tab of the property you are interest in purchasing.

Once you have registered and are accepted to bid on a property, you simply enter in your bid amount and hit enter. After clicking enter you will be asked to confirm your bid, and once confirmed you have bid and you will receive confirmation email of your bid.  If you are out bid for the property you will receive an email advising you have been outbid, and you will have an opportunity to bid again unless the auction has closed. You may bid as many times as you like until the auction has closed.

You can also set a maximum bid that you are willing to pay for the property.  Your maximum bid will increase by the incremental amount should someone try to outbid you until your maximum bid is reached.  Once someone exceeds your maximum bid you will receive an email that you have been outbid at which time you will have an opportunity to bid again or set a new maximum bid if you wish.

You can bid as often as you like until the auction closes. Once you have placed a bid you will not be able to rescind your bid meaning your bid is binding and you agree to buy the property at that price plus any fees or commission on closing.

All of our online auctions are “soft close” meaning, if a bid is received moments before the end of an auction, the auction will be extended to allow other bidders who may have been outbid time to enter another bid to win the property. The majority of our properties will have a 3 minute extension for each bid after the bid close time until no further bids are received.

If you are the highest bidder at auction close you will receive an email that you have won the property and that a representative from North American Auctioneers will contact you to assist in completing the forms for the purchase. Your credit card we have on file for you will also be debited an initial deposit with the remaining deposit due within 24 hours of completed contract. This online deposit plus the remaining deposit will be held in a trust account and credited towards the purchase price on closing.

Some properties will have a commission amount added the final high bid on the property. The amount of the commission varies by property and can be found on the Auction Information tab of the property you are interested in.

You can bid whatever amount you wish to bid as long as it is higher than the posted current bid indicated on the property page.

Please keep in mind that some properties will have a buyer’s commission so when bidding it is good to keep this in mind so you can enter your bid accordingly. The amount of the commission varies by property and can be found on the Auction Information tab of the property you are interested in.

Example: A winning bid of 500,000.00 on a property with a 5% buyer's commission will result in a final purchase price of 525,000.00.

To keep your purchase at 500,000 you would need to maximize your bid at just slightly over 476,000.00.

Details more specific to the property you are interested in can be found on the Auction Information tab of the property you are interested in.

Any bid to purchase a property is an agreement to purchase at that bid plus any fees that may be listed in the agreement. Under Canadian Law just as an agreement to purchase through a conventional offer, bidding on a property at auction is a binding offer and if you do not close you will lose your deposit plus be liable for any costs incurred with reselling the property, plus and any loses seller may incur if property is sold for less than what you had agreed to.

Yes, you will need a lawyer for the closing of the property. You can also have a lawyer review all documentation provided by us at any time before, during or after the auction. If you do not have a lawyer North American Auctioneers can provide a list of Real Estate lawyers in your area for you to use.

For the majority of the property we auction you will be able to submit an offer up to 7 days prior to auction. After this date you will have to participate in the auction to bid on the property. If you choose to make an offer, the offer will be submitted on a standard agreement of purchase and sale through our affiliated brokerage Anchor Realty and submitted to the sellers for their acceptance. Please keep in mind that if there are any conditions in the offer the conditions must be met no later than 7 days prior to auction day and the sellers are under no obligation to accept or even counter any offer they receive. For more information please contact North American Auctioneers.

If a property is subject to a reserve price the reserve is a minimum amount set by the seller that they would accept to sell the property. If reserve is not met, the offer documents will still be completed by the highest bidder and submitted to the seller. The seller may at that time

• accept the offer as is,
• reject it and your $500 deposit would be returned to you within 24 hours, or
• may “sign back” the offer with changes. If the offer is “signed back” you are under no obligation to accept the changes to the offer and you may offer to the seller with your changes.
• reject the offer that has been signed back. If you reject the offer your deposit will be returned in full within 24 hours of cancellation of sale.

For most of the properties we auction we will post a range where we believe the property will most likely sell in. This does not mean the property must sell within this range it is only to be used as a guide.  You can find this information in the Auction Information tab for the property you are interested in purchasing.

Most of our auctions are sold with no conditions which means if you are the highest bidder and win the property you must take possession of the property unconditional on closing. 

Yes. Although many of our properties will already have inspections available for your review in the documents tab for the property, if no inspection is available you may schedule a time for your inspector to view the property. Please contact the representative for the property from North American Auctioneers to schedule the time for inspection.

To bid with confidence at an auction it really does pay to have finance in place ahead of time. Having an idea of how much you can borrow and the types of properties that you are interested ensure that you are able to close on the properties you win. Please also keep in mind that buying at auction is unconditional and if you win you must buy the property on closing. Should you not be able to close you will lose any deposits and may be sued by the seller of the property for any losses they may incur.

Bid increments are the minimum amount you may increase your bid by. Increments are used to bidders do not simply bid $1 or another small amount to override another bidder’s bid.

When bidding for a property you may enter a bid above the current bid or you may also enter a maximum bid or the highest amount you are willing to pay for the property. Should you set a maximum bid, the amount does not go immediately to your maximum bid, it will only go to a bid increment above someone else's maximum bid, or to the lowest bid increment if no one else has bid. From that point on, during the sale should when someone places a bid below your maximum amount, your bid will only increase by the bid increment above their bid. This will continue until your maximum is exceeded where then you will be notified that your bid is exceeded and you will have the opportunity to enter a new maximum or simply a bid above the posted bid for the property. The price of the property will increase by the incremental amount placing you as high bidder once again.

This message means that someone else has entered a maximum bid for the property which is higher than each of your bids. Once you have entered a bid for the property higher than theirs you be notified that you are winning. 

1. Don't forget about the auction. Often buyers enter a bid for the property and then forget when the auction is closing only time find out when they log in the auction is closed and they have lost the property.

2. Know what you can spend. Knowing how much mortgage you are able to get ensures that you do not over bid and find yourself the winner of a property you cannot afford.

3. Review all auction documents prior to bidding. Make sure you understand all of the auction, offer and other elated documents. If there are any documents you do not understand you can call our offices or consult with your lawyer.

4. Enter a maximum bid. By entering a maximum bid you will not have to keep bidding each time someone else bids for the property. If someone out bids your maximum bid on the property you will be notified and will have the opportunity to enter another maximum or bid. 

In most cases you would not need a survey as you closing lawyer will simply add title insurance to your property covering you if any boundary disputes arise while you own the property. If you would prefer a survey to be conducted prior to bidding on the property please contact the property representative to arrange a time for the surveyor to visit the property.

As with the building and property itself, any items (chattels) included in the sale of the property are included in as is where is condition meaning they are not guaranteed to be working on closing.