In the Schrader M3 method, most properties are offered in individual tracts, in any combination of tracts, and as a whole. Bidding is open on all of them at once, so you compete only for what you want. If you have never bought real estate at auction, these steps will get you ready.
Schrader representatives hold inspection days and open houses on the property during the marketing period. Use them to get your questions answered and to decide which tract or combination of tracts fits your needs. The auction itself is simply the time to offer the price you are willing to pay.
In most cases a 10% down payment is required on auction day for individual tracts or the whole property, by cashier's check, personal check or corporate check. Your bidding is not conditional on financing, so arrange it ahead of time if you need it and be able to pay cash at closing. Our financing partners know rural land.
Prospective buyers register for a bidder number by showing a valid driver's license and filling out some simple information. Registration usually opens 30 minutes to 2 hours before the scheduled start. There is no fee to register, and our bid assistants can answer any last-minute questions. For online auctions, create a profile and request to bid ahead of time.
The auction begins promptly at the appointed time with opening remarks summarizing, for the record, the terms of sale, the methods of bidding and any last-minute changes or disclosures. These usually take only a few minutes, then the bidding is ready to begin.
Trained bid assistants make sure anyone trying to bid is recognized and that every bid reaches the auctioneer, and the ring staff can help with questions during the auction. To bid, raise your hand or tell a member of the ring staff or the auctioneer. Ties or questions about who holds the high bid are resolved by the auctioneer, who has complete and final authority. The Graphical Bidding Viewer on the big screen shows you at every moment whether your tracts are in a winning position.
Successful bidders sign purchase agreements at the auction site immediately after the close of the auction. The balance of the purchase price is due at closing, which normally takes place within 15 days of marketable title.
Browse the calendar, save the auctions you are interested in, and get notices by mail or email for your region and property type.
