The Auction Process
To receive a brochure on properties being offered in any of our upcoming auctions, click "contact us" or call our office at (630) 705-5500. We will mail you a complete color brochure, which features all of the properties available. In addition, the brochure will highlight the Real Estate Auction Terms and Conditions and will specify the scheduled open houses/on-site inspection dates, which are your opportunity to view the properties, speak with an auction company representative and receive a complete Bidder's Package containing detailed information regarding each property and the auction process.
Westar Properties conducts both Open Outcry and Sealed Bid auctions. Open Outcry auctions are typically held at a local hotel ballroom or meeting room. Bidders are seated theater-style with the Auctioneer standing at a podium at the front of the auction room. To bid during the auction, bidders should simply shout out their bid or instruct a Bidder's Assistant to shout out their bid for them. The winning high bidder is then escorted to the front of the room to sign the Real Estate Contract, copies of which are available for review prior to the auction. With Sealed Bid auctions there is no actual "live" auction event. Instead, bidders are invited to submit their bids to our office, located in Oak Brook, Illinois, on or before a specified deadline, where the highest or best offer is determined by the seller to be the winning bid.
With both Open Outcry and Sealed Bid auctions, bidders are required to provide a certified or cashier's check as an earnest money down payment. Closings typically are scheduled between 30 and 45 days from the day of the auction to allow time for purchasers to obtain financing, if so desired.
For further information regarding the specific terms of each property being offered at auction, please refer to the Real Estate Auction Terms and Conditions found in each auction's brochure, and review the Real Estate Contract found in each property's Bidder's Package.