Lessons Learned at a Real Estate Auction

I’ve been attending many flea markets, antique shops, and yard sales to find new project materials. Aside from mud sales, today was the first time I’ve ever attended and participated in a real estate auction.

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I did learn quite a few lessons today.. Here are a few tips.

  1. Arrive Early
    The auction started at 10:00 and we arrived at 9:15. This was plenty of time to get a number,  to look at all of the things being auctioned, and do some research, which brings me to my next point.
  2. Use your smart phone to look up prices.
    Esty and Ebay are just a click away. This will help you avoid paying too much for objects like many of the people at the auction. Of course I looked like I wasn’t paying attention (on my phone the whole time) but at least I didn’t over pay.
  3. Bring a chair
    It would have been nice to have a chair. Some people didn’t, but we did end up standing for a few hours.
  4. On October days, wear thick socks, bring gloves, and wear a hat.
    I didn’t dress warm enough. It didn’t really feel that cold, but when you are standing outside for hours it gets a bit chilly.
  5. Choose a spot wisely
    All of the auctioneer helpers were in our way. It was difficult to get a good look at the items being sold.
  6. It’s okay to ask questions, even while the auction is happening. 
    Many people were doing this and I was confused. Auctions are so fast-paced, but surprisingly they did stop for questions.
  7. Have thick skin 
    I talk to everyone, but I was a little surprised when people ignored me.  Don’t be surprised if no one wants to talk to you until AFTER the auction. Many people kept their poker faces on the entire time. Then the auction ended and it was like we were all friends. This caught me off guard. Auctions are VERY important to some people. I just didn’t know.
  8. Even if things aren’t being auctioned, if you see something you’d pay for, ask!
    We ended up getting an entire truckload of old wood for $5.00. Oh, the possibilities!
  9. If real estate is being auctioned, know everything you can about the house.
    Why? Because you just never know. You should know taxes, property lines, and house features. It’s important to talk to the attorney and the homeowner if you can. I’m glad we didn’t skip this step because… well read the next tip.
  10. Don’t bring your husband when there is a house for sale and you have money in the bank. 
    I almost went to an auction to spend a few bucks on craft materials and walked away with a $100,00 house. Thank goodness for a recess!

Let me explain #10 a little more. We are not looking for a house, but when an old farm house is about to go for $65,000 and there is only one other bidder… you have to bid. Well, I didn’t bid, my husband did. I was shocked, but he kept bidding. My husband and I always talked about owning an old farm house with a barn. I just love the character, so although shocked, I wasn’t mad. Finally, we had it at $100,000 and instead of saying “SOLD!” they said “Recess!” They had to talk to the seller because that price didn’t meet the reserve. We waited about 30-40 minutes. In the meantime two other interested bidders showed up and bid the house up to $186,000.

The auctioneer apologized (yeah right.. what’s commission on another $86,000?) We did not buy a house today, but certainly I will think twice before making my husband go to a real estate auction with me!

Those are just a few things that I learned today. I wish someone would have shared those tips with me. 🙂 If you have any other tips, feel free to share!

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3 thoughts on “Lessons Learned at a Real Estate Auction

  1. Pingback: First Blog Post: An Auction Today | Reclaimed Rescues

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