- When should I register for an online auction?
We recommend that you register as soon as possible. This allows you to become familiar with the online process and makes things easier when the auction opens.
- Am I obligated to bid once I register?
You are under no obligation to bid once you register. Registering for the auction gives you the option to bid, but nothing else.
- If you ask for my credit card number during the registration process, do you actually charge my card?
Your credit card will be used as part of the authorization process. We will not charge your credit card.
- Where do I register?
You can register for an online auction through the Tranzon website. Simply go to www.tranzon.com and click 'Online Auctions' in the Search area. Find the auction you are interested in and click the green button that says 'Login & Register to Bid' and then the green button that says 'Register to Bid.' Then, simply follow the instructions to register.
After your registration has been approved, you will be notified of your approval either immediately on the registration site, or by email notification, or both. After you have received that notification, you can return to the auction at any time when bidding is open, login, and click 'Bid Now' to bid.
- When will the auction start? When will bidding end?
Bidding on any Tranzon online auction will begin and end at the times clearly shown on the listing page on the Tranzon website and in the Property Information Package for the particular auction.
Please be careful to note that all times are expressed in Eastern Time (ET, meaning either Eastern Standard Time or Eastern Daylight Saving Time, depending on the season), so be sure to convert to local time for auctions in the Central, Mountain, or Pacific Time Zones.
- Where can I find additional information on a property?
In our Property Information Package (PIP), which you can download from the Tranzon website. Actually, we require that you download a PIP and assure us that you have done so when you accept the terms and conditions for your auction. To download a PIP for the auction of your choice, start on the listing page for that auction, look under the yellow box for 'Documents to download' and click the link for the Property Information Package.
You may also download any other documents thatmight be available for the auction in which you are interested.
- Should I wait until the last minute to bid?
You can certainly bid whenever you choose during the time that bidding is open. We recommend, however, that you not wait until the last minute to bid, in order to make sure that you do not miss an opportunity to bid because of technical or other issues that might arise.
There is no particular advantage to waiting until the very last moment, as all Tranzon auctions feature an anti-sniping extension called auto-extend (see below) that limits a bidder's ability to be the winning bidder by submitting a bid at the very last moment.
- What is the auto-extend feature?
If someone bids within the last few minutes of the auction, the timer for the auction will automatically extend. Typically, the time periods are: any bid within the last 4 minutes of the auction will extend the bidding for an additional 4 minutes. These 'auto-extend' time periods may change for particular auctions, however, so be sure to check the auto-extend times for your particular auction, which will be clearly noted in the 'Additional Terms and Conditions' for the auction. The extension process will continue happening until no further bids are taken before the closing time, as extended.
For example in an auction with a 4 minute auto-extend provision, if bidding is scheduled to close at 11:00 AM and you bid at 10:59 AM, the bidding will automatically be extended for an additional 4 minutes, until 11:04 AM. If someone then bids at 11:02 AM, the bidding will extend again, for 4 additional minutes, until 11:08 AM … and so forth until no bids have been taken before the closing time for bidding, as extended.
- What is the maximum bid feature?
The maximum bid feature allows you to put into the system your highest bid. The system will then bid on your behalf in the next increment up to but not exceeding that number. If no one bids against you the system will not further raise your bid. Max bidding is kind of a 'set it and forget it' bid, but you will want to stay tuned to see if other bidders have exceeded your maximum.
- What happens if two people enter the same maximum bid?
If two bidders enter the same number as a max bid, the bidder who entered the max bid first will be considered the current high bidder at the full max bid amount (tie goes to the runner, in this case to the max bidder who was first-in-time to enter the max bid at that amount). For this reason if you plan to enter a maximum bid we recommend you enter it as soon as possible once the bidding starts.
- After I have entered a maximum bid, what happens when someone enters a manual bid that is less than my max bid, or at the same level as my max bid?
After you have entered a max bid, if another bidder enters a specific (manual) bid at an amount less than your max bid, your bid will be advanced to the next increment higher than the other bidder's manual bid, subject always to not exceeding your max bid amount. If the other bidder enters a manual bid in the same amount as your previously-registered max bid, your max bid will match the manual bid and your max bid will be considered the high bid at that amount because it was entered earlier than the later manual bid at that same amount (again, tie goes to the runner, in this case the max bidder who had previously entered a max bid at that amount instead of the bidder who entered a manual bid at the same amount).
- I won, what happens next?
An agent from our office will either call or email you soon after the auction bidding closes, typically, within 24 hours.
- If the auction did not have a reserve and did not require seller confirmation, our agent will provide you with instructions on increasing your deposit, scheduling the closing, and other postauction details
- If the auction was subject to a reserve or required seller confirmation, our agent will advise whether your high bid has been accepted. If your high bid is accepted, we will provide you with instructions on increasing your deposit, scheduling the closing, and other postauction details. If your high bid has not been accepted, we will advise you as to the next steps. Any bidder may make post auction offers on the property through Tranzon agents.
- What if I have further questions?
Call the Tranzon company conducting the auction in which you are interested. Telephone and email contact information can be found on the Tranzon website at www.tranzon.com. Our auction professionals will be always happy to help with any questions that you might have.