NYC Real Estate Public Auction - How the Auction Works

The auction is open to the public, and no pre-registration is required. Plan to arrive early to pass through security. You will be required to pass through a magnetometer when entering the auction venue and your bags and packages may be checked.

An information table with auction representatives will be located close to the entrance, should you have any questions on auction day. Once inside, please take a seat. You do not need to sign in or complete any forms. This is an open, public auction.

In front of the auction venue, you will see a lectern which is where the auctioneer will stand. Auction staff will be seated at tables in front of the auction venue. The auctioneer will start the auction with parcel #1 and will ask for bids from the floor at the minimum upset price. The auctioneer cannot accept bids lower than that price. If you are interested in bidding, raise your hand and shout out your bid price to the auctioneer. Once you begin bidding, a member of the auctioneer’s staff will come to assist you. The auctioneer will let you know what increments of the bid price he will accept. The bidding will continue as the auctioneer acknowledges higher and higher bids until there is only one bidder remaining. The auctioneer will then stop the bidding and declare that the property has been sold at the price of the last bid received. If you are the Purchaser, you will be immediately escorted to the designated table and asked to produce the Auction Deposit and identification. If you do not have the Auction Deposit requirement in the required form immediately after the bid, your bid will be rejected and the property will be re-offered. It is very important that you are prepared to provide the Auction Deposit at the auction immediately after the bid. To complete the transaction, you will need to pay the Auction Deposit and complete a Memorandum of Sale.

If you bid on a property but were not the winning bidder, you should not leave the auction venue until the auctioneer announces that the sale has been verified. If the Purchaser does not have the proper payment or identification, the parcel will be re-offered and you will have another chance to bid.

Purchasers must have the two forms of identification, at least one of which must be a government issued photo I.D. Purchasers must have the Auction Deposit payment on the Date of Sale.

After the Auction Deposit has been verified at the designated table in the auction venue, you will be escorted by the auction staff to an area where you will make your payment and sign the Memorandum of Sale. This Auction Deposit can be in the form of cash, official bank check, certified check, bank money order or postal money order.

After you have made the payment, you will sign a Memorandum of Sale and be informed of the post auction process. In addition, you will be required to pay an auctioneer fee. The fee schedule is detailed in the brochure.