Avoid Foreclosure!

How to Buy at Auction…

Placing Bids

There are two ways to place a bid. First, if you cannot make it to the Auction you can place a “Left Bid” in person or through our website with the Division of Finance, Room 800, 112 State Street. No bids will be taken by phone. Certified funds to cover the deposit will be required before the Auction to start bidding at that amount.

Secondly, you can come to the Auction and bid on any parcel. The highest bid offered at the Auction site takes precedence over “Left Bids.”

Conditional Bids

From time to time Albany County will list properties that have not completed transfer to county ownership due to extenuating circumstances such as suspected environmental contamination or structural problems in the building. Bids will be recorded on those parcels and funds for closing will be collected prior to the final judgment being filed. Those properties are noted as “conditional bids” in the print brochure and on our website.

Be Prepared

All interested parties are urged to attend the Auction Informational Meetings before each auction. Here you can learn about the Auction process, ask questions, and view detailed property information packages.

Please also review the brochure of the properties being offered. Read the terms and conditions of the Auction carefully. If you don't already know how much you can afford to invest, find out. Ask a mortgage company or your banker to pre-qualify you for financing. You don't need to actually apply for a loan before the Auction, just determine a ballpark figure which you could comfortably borrow on your income and expenses. Keep in mind that there is NO contingency in the Terms & Conditions and the contract for your inability to obtain financing.

If one or more of the properties listed interests you, come to the scheduled closings listed on-line and in the printed brochure. All auctioned real estate is offered "as is and where is." If you're seriously interested, have an inspector or contractor look over the property with you. Determine what the property is worth to you "as is" -- if this amount is within your price range, then this is your working bid.

At the Auction

Registration

Auction registration usually begins two hours before the Auction. There may be a line, but don't worry. Albany County wants all the bidders to participate -- the registration staff will efficiently move you through the process and assign you a bidder number. You will be required to provide positive identification (e.g., photo drivers license), your social security number, and if you are purchasing for a business you will have to provide a Certificate of Incorporation and a Federal ID number, at the time of bidder registration. If you are bidding on behalf of someone else, you will additionally need their full name, address and social security number, and a signed letter authorizing you to bid on their behalf at time of bidder registration. Like a credit card, your bidder registration number identifies you as an eligible buyer -- don't lose it!

Seating

Seating is on a first come, first serve basis. Choose a seat with a clear view of the podium and display screen. You must be seated to bid on the properties.

Listen carefully to announcements made before the Auction. All of the announcements take precedence over written materials. This is how the County corrects, updates, adds or deletes information before the bidding starts.

Bidding

Several people may be bidding at first, but as the price increases, most will drop out. Each time a bid is recognized somewhere else, you must decide whether or not to continue bidding. If your answer is yes, hold your bid number card in the air. Do not hesitate to call out to the bid assistant or to the auctioneer if you don't think they've noticed you. Make your decisions obvious. Scratching your nose or pulling your ear only works in the movies. The County does not want you to "accidentally buy something.”

When you have reached your limit simply tell the bid assistant or auctioneer "No" the next time you're asked to raise the bid. If you say no, they may say "Sold" to someone else, and then it's too late for you to change your mind. If you say "No," mean it.

Sold!

Backup bidders will be recorded at the Auction. Once the successful bidder is recorded, the previous bid will also be recorded as the backup bid. In the event that the successful bidder does not close, the parcel will be offered to the backup bidder. In the event that only one bid is recorded on a parcel, any registered bidder can request to be the backup bidder. Decisions of the auctioneer will be final in designating the backup bidder.

Before You Leave

If you are declared the successful bidder, you will be asked for your bidding number. When you have completed your bidding for the day, please proceed to the cashier to place your deposit and sign the contract paperwork. Remember, most Auction sales are not contingent on financing. If you cannot pay for your purchase, you may lose your deposit(s).