Matthew Price Auctions & Real Estate

Buyer FAQs & Auction Terms

Everything you need to know before bidding at one of our auctions. Have a question about a specific sale? Reach out and we’ll walk you through it.

Common Questions

Buyer FAQs

What kind of property is sold at auction?
Homes, land, farms, commercial buildings, and investment property all sell at auction. Most sellers aren’t in distress — they simply want a faster, more transparent way to sell than the traditional listing process.
Is buying at auction a good way to purchase property?
Yes. Auctions put the timeline in the buyer’s hands — you know exactly when the property will sell, and the process is open and competitive rather than negotiated behind closed doors.
What should I do before bidding?
Walk the property and pull the public records ahead of time. Know exactly what’s included in the sale. Line up financing or proof of funds in advance, since most auction contracts don’t include a financing contingency. Read every document in the auction package, including the purchase agreement, before auction day.
Does the seller guarantee the condition of the property?
No — property sells as-is, where-is. It’s on the buyer to inspect and evaluate the property before bidding. We encourage every prospective buyer to walk the property during a scheduled preview rather than relying on photos alone.
How do I know I’ll get clear title if I’m the winning bidder?
Our purchase contract requires the seller to deliver clear, marketable title along with an owner’s title insurance policy for the full purchase price. Closings are handled through a licensed closing attorney or title company, who runs the title search and prepares the transfer documents.
Where do I find the Terms & Conditions for a specific sale?
Each auction has its own Terms & Conditions covering the earnest money deposit, closing timeline, and any special conditions of sale. These are published as part of that auction’s Property Information Package, usually available in advance of auction day. Announcements made from the podium on auction day override anything published earlier.
How does bidding actually work?
Raise your bidder number, your hand, or call out to get the auctioneer’s attention. Ringmen work the crowd and can relay your bid if you’re not close to the auctioneer. If you’re ever unsure whether you’re the current high bidder, ask — we’d rather confirm than have you miss a chance to bid.
The information above is for general informational purposes only and is not legal, financial, or real estate advice. All auction terms and services are governed by a written agreement specific to that sale. Contact us directly with questions about a particular auction or property.
Definitions

Auction Terminology

Absolute Auction
A sale with no reserve — the property goes to the highest bidder regardless of price. This format tends to draw strong turnout and competitive bidding. All published Terms & Conditions still apply.
Absentee Bid
A bid submitted ahead of time by a pre-qualified buyer who can’t attend in person. Payment arrangements must be made in advance, and availability varies by sale — check with us before auction day.
As-Is
Property sold with no warranties about its condition or suitability for any particular use. Buyers are responsible for their own inspection before bidding. Placing a bid means accepting the property in its current condition.
Auction With Reserve
The seller keeps the right to accept or reject the final bid, and a minimum acceptable price may or may not be disclosed. The seller isn’t obligated to sell unless that reserve is met.
Auction Without Reserve
The seller commits to selling to the highest bidder with no minimum price. Once the first bid is taken, the property can’t be pulled from the sale. Functionally the same as an Absolute Auction.
Buyer’s Premium
A percentage added to the winning bid to determine the total purchase price. Any buyer’s premium will be clearly stated in that auction’s Terms & Conditions before bidding opens.
Due Diligence
The homework a buyer does before bidding — checking the property’s condition, title, zoning, and anything else that could affect value. Since everything sells as-is, this step is entirely on the buyer.
Multi-Parcel Auction
A sale where several tracts are offered individually, in combinations, or as a whole, giving bidders flexibility to assemble the parcels that make sense for them. The exact structure is spelled out in the Terms & Conditions for that sale.
Preview / Inspection
Scheduled times before the auction when buyers can walk the property. Attendance is strongly encouraged — since everything sells as-is, bidding is treated as acknowledgment that you had the chance to inspect.
Property Information Package
A packet we put together on the property being sold — descriptions, available surveys, and the auction terms. It’s for general information only, not a warranty, so buyers should verify anything important on their own.
Registration
The step required to become an eligible bidder — typically valid ID and, in some cases, proof of funds. Requirements vary by sale. Registering doesn’t commit you to bid or buy.
Terms & Conditions
The binding rules for a specific auction — payment method, buyer’s premium if any, possession date, reserve status, and closing requirements. Bidding at the auction means you’ve accepted those terms.
The definitions above are for general informational purposes only and don’t constitute legal advice. Every auction is governed solely by that sale’s published Terms & Conditions. Consult an attorney with any legal questions.
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Where To Go Next

Current Auctions

Browse every property currently up for auction across the area.

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How It Works

See how a property moves from listing to closing, step by step.

See the Process →

Thinking of Selling?

Find out how the auction method works from the seller’s side.

Seller FAQs →

Ready to Bid?

Browse current listings and register to bid online or in person. Have a question first? We’re happy to walk you through it.

Matthew Price Auctions & Real Estate  ·  Fuquay-Varina, NC  ·  919-614-6288  ·  matt.price@Matthew Price, Auctioneer & Real Estate Broker
NC Auctioneer License #8267  ·  NC Real Estate Broker License #303262