Buying at Auction
The first step in the process to purchase a property through a Blackstone Auction is to visit the property. The showing period for the property typically commences two weeks prior to the published auction sale date. During this time, our experienced staff will ensure that you and other prospective bidders enjoy ample opportunities to tour and appreciate the property, and to conduct your due diligence. Property tours are available during the published open house times, or if necessary, prospective bidders can contact us to schedule a private showing outside of the open house hours.
After viewing the property, the next step is to register to bid at the auction. Only registered bidders will be permitted to place bids on auction day. Please refer to the property specific auction registration requirements for each individual property. Blackstone conducts auctions live or online. The auction format will be specified in the property details.
Bidders will begin checking in one hour prior to the designated auction time. Blackstone representatives will circulate among the bidders to answer questions before the auctioneer explains the terms of auction. Before the auction begins, the auctioneer will provide an example of the bidding process to familiarize you and the rest of the audience with bid calling. Once the auction takes place and the winning bidder is recognized, Blackstone will meet with the seller and the successful bidder to sign a contingency-free purchase and sales contract. The closing will typically take place within thirty days of the auction date, on the published date and time set for closing.
Auctions that are conducted online are handled in a similar manner as live auctions, with the exception that all of the bidding will take place over a specified period of time via the Internet. At the conclusion of the bidding period, the winning bidder will notified and presented with the final documents to execute. An additional binder deposit may also be required pursuant to that auction property’s terms and conditions.
We are committed to exceeding your expectations, so please contact us to discuss any questions you have about the property or the auction process.