- What is a simulcast auction?
A simulcast auction is an auction which is being conducted live, in-person–either at the property location or at an off-site meeting venue–but which also offers bidders the option to participate remotely either online or on the Tranzon mobile app. Many simulcast auctions include a live audio/video broadcast feed so that bidders can see and hear the live auction. However, some may offer remote bidding only without the broadcast. This still allows the online bidder to participate fully in the auction in real time.
- How do I register for a simulcast auction?
The registration process can vary from one auction to another depending on verification and deposit requirements, and upon whether you are participating remotely or in person. You can find registration instructions on the auction’s property listing page.
The contact person for the auctionis listed on the property listing page as well and is available to assist you with the registration processor any other questions you may have.
- When should I register?
We recommend that you register as early as possible before the scheduled opening of the auction, to allow time for your registration to be verified.
- Am I obligated to bid once I register?
No. You must register to be able to bid, but registration does not in any way obligate you to bid.
- What is a bidding deposit? How is it different from an earnest money deposit?
Auction participants make a financial commitment to performin order to be approved to bid, sometimes in the form of a credit card hold (see below) and sometimes in the form of certified or wired funds (also known as a bidding deposit) which are refunded after the close of the auction if you are not the winning bidder. Deposit terms and amounts for each auction can vary and are found in the Terms and Conditions.
The earnest money deposit is due upon notification that you are the winning bidder.This deposit acts as a payment toward the total purchase price and security against default. The amount of the depositcan be a percentage of your purchase price or a set amount. If certified or wired funds were required to bid, they will go toward any earnest money deposit amount due.
- If you ask for my credit card information during the registration process, do you actually charge my card?
Your card will not be charged at the time of registration. However, a temporary hold will be placed on your card in lieu of a bidding deposit. The hold amount varies for different auctions (read the specific Terms and Conditions for your auction on the www.tranzon.com listing page or in the auction’s Property Information Package). If you are not the successful bidder, any hold will be removed after the auction, generally within 24 hours. If you are the high bidder, the hold will remain in place until your obligations under the Terms and Conditions are met. Credit card holds are only processed as a penalty in the event that the high bidder defaults on his or her obligations under the Terms and Conditions.
- Is the credit card hold a part of my earnest money deposit if I am the high bidder?
No. If a hold was placed on your credit card, you will need to comply separately with any earnest money deposit requirements. Once receipt of your earnest money deposit is confirmed, the hold on your card will be released. You will want to consult the Terms and Conditions for the auction to make sure you understand these requirements.
- When will the bidding start and end?
In some cases, pre-bids may be placed by registered bidders prior to the posted start time of the simulcast auction. The approximate start time of the simulcast auction will be posted on the property listing page, but live bidding will not officially begin until the on-site auctioneer opens the floor and asks for bids. Be sure to note that all times on www.tranzon.com are expressed in Eastern Time (ET).
You will know when bidding has officially begun or is under way when the bidding buttons are active, allowing you to enter and confirm your bids. The end time of a simulcast auction, just like any live auction, is unpredictable and at the discretion of the auctioneer. Simulcast auctions can be fast-paced; a property is sometimes sold in only a few minutes.
- How should I prepare to participate in a simulcast auction?
Here’s a check list you’ll want to make sure to cover before auction day:
- Download and thoroughly read the Property Information Package (PIP), found in the “Documents” list on the property listing page, to make sure you understand what you’re bidding on and the terms of the sale.
- Carefully read and accept the auction’s Terms and Conditions.
- You’re strongly encouraged to attend one of the available property previews or speak to the listed auction contact about scheduling a preview. Auction properties are sold without contingency, so you should see the property for yourself before bidding to ensure that it meets your needs as-is.
- Register for remote bidding on the property listing page for your auction, and make sure you’ve received notification that your registration has been approved well in advance of the scheduled live portion of the auction. Or if registering to bid in person, make sure you understand what you will need so that you will have all items required.
- How is bidding in a simulcast auction different from bidding in an online auction?
When you participate in a simulcast auction, you are in essence taking part in a live in-person auction from a remote location. What this means is that–unlike an online-only auction –your bid is not automatically accepted when you enter it. Rather, your bidmust be accepted by the auctioneer, just as if you were anyone else in the room during the auction. If a “floor bidder” (a bidder who is present at the auction) enters the same bid as you, it is at the auctioneer’s sole discretion which bid to accept –and is usually determined by which bid he or she saw first.
- What is the Maximum Bid feature?
By entering a Maximum Bid in a simulcast auction, you are giving the bidding clerk permission to bid on your behalf up to the Maximum Bid amount you specify. The clerk will only bid on your behalf in the bidding increments requested by the auctioneer and will stop attempting to bid on your behalf when your Maximum Bid amount is reached, unless you increase it or resume bidding in increments.
- What if someone enters the same bid as me?
This is a common occurrence in live/simulcast auctions and is the key reason why the auctioneer has the final say over whose bid is accepted among two or more bidders offering the same bid. This is part of the fun of the auction experience, whether you’re attending in person or via your computer or mobile device.
- I was the high bidder. What happens next?
A Tranzon agent will usually contact you immediatelyafter the auctioncloses.
- If the auction did not have a reserve and did not require seller confirmation, you will be provided with information about your deposit, closing, and other post-auction details.
- If the auction was subject to a reserve or required seller confirmation, you will be advised whether your high bid has been accepted. If your high bid was accepted, you will be given post-auction details. If your high bid was not accepted, you will be advised as to next steps. In most cases where the high bid is not accepted by the seller, post-auction offers will be considered and should be submitted through the Tranzon agent.
- What if I have other questions?
Call or e-mail the contact listed on the auction’s property listing page or contact the Tranzon main office at 866-872-6966 (toll-free). Our auction professionals are always happy to help with any questions you might have.