How to Bid
Three ways to bid at the real estate auction
- Attend the auction in person at the Minneapolis Convention Center or,
- Bid online using the rbauctionBid-Live service. You’ll be able to bid in real time over the internet, while you are watching the live auction take place on your computer. When bidding online, depending on your history with Ritchie Bros., refundable deposits of up to 25% of your desired bidding limit may need to be paid ahead of time.
- Place a proxy bid. Ritchie Bros. Auctioneers will bid during the auction on your behalf, up to and including the maximum bid you have given. Please give ample notice if you are wishing to place a proxy bid. Depending on your history with Ritchie Bros., refundable deposits of up to 25% of your desired bidding limit may required ahead of time.
How to buy real estate at a Ritchie Bros. auction
- Find out about the homes being sold
Information about our upcoming auctions, including details and photos of listed properties, can be found on the current auction calendar on our web site. We publish documents pertaining to the property, information about the surrounding area and even maps for your convenience. - Register to bid
Before bidding at a Ritchie Bros. auction you need to register and receive an auction catalog. Our registration process is simple and free of charge: just present your government-issued photo identification at the auction site. Registration typically begins a few days before the auction and continues right up until the start of the auction.
Can’t make it to the auction site on auction day? Register to bid over the internet, live and in real time, using our online bidding service, rbauctionBid-Live. You will need to register a few days in advance of the auction if this is your first time bidding online. - Bid on the properties of your choice
Once you’ve registered, bidding is easy. If you are bidding in person, just listen to the auctioneer: he will announce which lot is being sold and begin accepting bids from any interested buyers. If no bids are offered, the auctioneer drops the ask price until someone starts the bidding. - Pay for your real estate purchase
If you are the highest bidder, you will be required to make a non-refundable deposit immediately following the auction, which goes into escrow. The remainder of the purchase price is due before Closing – typically within 30 days of the auction.
See full terms and conditions. - Enjoy your new real estate investment!
A 2% real estate administration fee will be added to the final winning bid price and included on the Agreement of Purchase and Sale.
