Buyers FAQs

Why is the property being sold at auction instead of using the traditional listing method?

Some owners require an Accelerated sale for various reasons including: foreclosure, divorce, bankruptcy, estate settlement, transfer, surplus disposal or corporate liquidation. Our clients need to know when their property will be sold.

What is a Buyer’s Premium?

The Buyer’s Premium is added to the winning bid price to arrive at the final contract price. Typically, it helps with sale expenses such as advertising and commissions. Helpful hint: bid ten percent less than you had planned.

What about the title? Will I buy a property with unpaid back taxes or liens?

All Gilmore Auction properties are sold with good, insurable title and no liens, judgments, mortgages, or back taxes. If the title cannot be cleared, the deposit is refunded to the Buyer.

If I can’t be present at the auction can someone bid for me? Can I bid by telephone?

Yes. You may appoint a representative to bid on your behalf or Gilmore Auction & Realty Co. offers live remote bidding by telephone and on the Internet.

How do I inspect auction properties?

Most of our improved properties (homes, commercial buildings and vacant apartment units) are usually held open the weekend prior to the auction date and one hour prior to the scheduled auction time. Please feel free to bring your contractor or home inspector to the preview.

Can I come to the auction just to watch?

Certainly, we encourage anyone to attend and watch the bidding. You will be entertained and amazed at the process.

What happens if the high bidder fails to close?

Gilmore Auction & Realty Co. immediately notifies the backup bidder in order to secure a new Purchase Agreement. If not, the property is made available to other registered bidders and the open market.

Can I make an offer before the auction?

Absolutely. We will write the offer and present it to the owner for acceptance. Of course, the Terms and Conditions of the auction should be followed. We recommend that you make your best offer at this time.

Will the Seller be bidding up the price?

No. The property owner and Gilmore Auction & Realty Co. are prohibited from bidding.

What does “by the acre” mean?

Land parcels are usually offered “by the acre”. The winning bid price is multiplied by the number of acres to arrive at the price. Example: 150 acres at $500 per acre =$75,000.

What is “high bidder’s choice”?

Properties that are similar (such as residential lots) may be sold using the high bidder’s choice method. The high bidder or winning bidder may select from all of the lots in the group, and choose more than one. Of course, if the bidder chooses three lots the bid is multiplied by three. In order to have the opportunity to choose your lot, you must compete and become the winner.

Is there additional information on auction properties?

We distribute property information in several ways including direct mail brochures, Internet advertising (www.gilmoreauction.com), broadcast fax and E-mail. Any last minute property updates will be on the web page or announced at the auction site.

This is my first auction, what should I do?

First, we recommend that you can call your lender and pre-qualify. Then check out the values in the neighborhood and inspect the property. Set a range of value or limit for you’re bidding and be prepared to bid up to that limit. Arrive early at the auction site to register and get to know the auction staff. Get comfortable and relax. Listen closely to the Auctioneer. Raise your bid card to signal a bid. The Auctioneer will use his rhythmic “chant” to call the bids. Bid assistants will help you if you so choose. Don’t be bashful or you may miss a great opportunity

3316 Florida Ave. Suite 201 • Kenner, Louisiana 70065 USA
Phone (504) 468-6800 •Fax (504) 468-6811

Broker: David E. Gilmore
Licensed in Louisiana, Mississippi, Arkansas and Oklahoma
A Division of Gilmore-Braud Companies

Auctioneer: David E. Gilmore
Licensed in: Alabama #1832 • Arkansas #1979 • Louisiana #0447
Mississippi #378/641F • S. Carolina #3815 • Texas #11136


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