Real Estate – Online Auction Process

Preparation
Two to three weeks prior to the auction date is the time for you to get questions answered, attend inspections of the property you are interested in, and determine what you can afford to spend.

Registration
Furrow Auction Company uses reputable and safe platforms for Online Auctions. Real Estate auctions are hosted on the HiBid platform. If you plan to bid, get signed up in advance. Shipping and billing address information is required to create an account. This information helps to validate a bidder’s identity to ensure Marketplace safety. There is no fee to register. Register on hibid.com>

Pre-Bidding
The auction is set up two weeks prior to the end date for pre-bidding purposes. If you plan to bid, it is best that you register during this period. To avoid any internet lags, we suggest you place your maximum bid and allow the computer to bid for you.

Auction Day
On the designated auction date and time, bidding will begin to close. If you are the high bidder, others will have about a minute (time is displayed) to place a higher bid. With each new bid, a minute is added. First-time attendees are usually surprised to learn that the sale they are observing is over within a few minutes. In many cases, if the auction is for a single home with nothing else to be sold, the entire process can last less than 30 minutes. So, log in early and stay tuned in!

Post Auction
Once the auction is complete, the high bidder will receive an email or phone call. The successful bidders will deposit 10% of the purchase price (including Buyers Premium) and is due SALE DAY / immediately at the conclusion of auction in the form of Wire, cashier’s check, personal or company check, Mastercard, and Visa Only up to $1,500 and a 3% surcharge will apply only on credit cards, plus a real estate sales contract must be signed. Balance is due in certified funds at closing within 30 days of court confirmation.