Auction FAQs
An auction is a public sale where real estate property or goods (known in the industry as chattel) are sold to the highest bidder. Auctions offer a competitive environment where buyers can bid openly on items. They have distinct rules and processes that differ from traditional sales.
Whether you’re new to auctions or looking to learn more, this FAQ page answers common questions about how auctions work, what to expect, and how to participate confidently.
What services do you offer?
At KIKO Realtors, Auctioneers, Advisors we offer industry-leading auction services, traditional property listings, selling options and advice. We listen to your needs and work together to build a plan that’s right for you.
What types of properties can I buy at an auction?
A variety of real estate properties are available at auctions, including residential homes, farms, commercial buildings, land, and multi-unit investment properties. Personal property like farm equipment, vehicles, coins, antiques and more are also sold at auction. KIKO conducts over 1,000 auctions every year.
How does the bidding process work?
Bidding starts with an opening bid from attendees. Interested buyers then place higher bids, competing until no one offers more. The highest bid wins. Auctions create a transparent and competitive market for buyers and sellers.
Can I set a reserve price?
Since it’s founding in 1945, KIKO has conducted absolute auctions where the final sale price is determined by competitive bidding.
What happens if I win an auction?
Winning bidders sign a contract and pay a deposit, as outlined in the terms of the auction. The remaining balance is due by a specified closing date. Our team guides buyers through all required steps.
Are auctions only for quick sales?
No. While auctions accelerate the sale process, they also support careful planning. Sellers use auctions to attract motivated buyers and establish market value, while buyers benefit from clear timelines and transparent bidding.
Can I inspect the property before bidding?
Yes. Buyers should always inspect properties before bidding. We recommend scheduling visits or professional inspections. Properties at auction sell as-is, so due diligence is important.
Can I finance a property bought at auction?
Financing is possible, but buyers should arrange it before bidding. Many auctions require closing within 30 to 45 days. Pre-approval helps buyers act quickly after winning. A KIKO auctioneer can answer financing questions ahead of the auction.
Are there fees for participating in an auction?
Auctions can include a buyers premium, which is added to the final bids to establish the purchase price. Buyers premiums may vary based on the auction. Review the terms and conditions of the auction before bidding.
What if I change my mind after winning?
Winning an auction creates a legally binding contract. Backing out can lead to financial penalties or loss of deposits. Buyers should fully understand the terms before bidding.
How do auctions benefit sellers?
Auctions offer sellers a fast, transparent selling method to reach interested buyers. They create competitive bidding, which can increase sale prices.
Can I buy at auction without attending in person?
Absolutely. Many auctions provide options for online bidding. Our team is here to assist remote buyers with clear guidance and support throughout the process.
Why choose KIKO Realtors, Auctioneers & Advisors?
With over 80 years of auction experience, we deliver personalized service tailored to your needs. As a family-owned company for five generations, we take the time to understand your goals, walk you through every step, and offer a straightforward process grounded in trust.
If you have more questions, contact us today to speak with an auction specialist.