Buyer’s Guide to Auctions

Attending an auction can be a really exciting experience!  Delozier Realty & Auction specializes in a variety of auction types including: real estate, business liquidations, and estate sales in the Blount County and Knoxville Area.

Below is a brief guide explaining how our auctions work for buyers.

  1. The winning bidder pays a buyers premium based on the final sales price.  A deposit based on the overall sale amount (sale price + premium) is due at the conclusion of the auction in regards to real estate.  Money owed for personal property purchases are due in full at the end of sale.
  2. Remaining funds (for real estate) are to be paid at closing.
  3. For real estate auctions, pre-arrange finance through your preferred bank or mortgage broker so you are in a position to bid on a cash unconditional basis. Be able to pay at least 10% deposit (by cash, personal or bank check) and sign a contract as soon as the auction is over.
  4. If you are interested in a property, be sure to formally register your interest with the auction firm.  That way, you can be contacted if a property does not close and given the opportunity to submit your best offer.
  5. All sales are final and sold in as-is condition.

Advantages to Buying a Property at Auction

  • Set your own purchase price
  • Eliminate the potential of long drawn-out negotiations
  • Reduces time to purchase property
  • Eliminate the need for contingencies – purchasing & closing dates are already known
  • Deal with sellers who you know are motivated to sell

Please don’t hesitate to contact us at 865-681-7797 if you have any questions!