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FAQ/Tems

  • Why should I have an auction?
    • There are 10 Good Reasons You Should Consider Having an Auction
      • Competition is stimulated at an auction
      • The highest price can be obtained
      • You sell whenever you wish. You set the time, date, etc.
      • Many articles can be sold and more rapidly than by any other method of barter
      • At AUCTION price is established by more than one person
      • The AUCTION method is fairest because all have an equal chance
      • AUCTION advertising is more effective
      • At AUCTION bidders prepare for AUCTION
      • At AUCTION bidders appreciate using their own judgment
      • The AUCTION method is the most fascinating way to sell – book value is a guessing game – AUCTION sale is a fact of life
  • What is the Buyer’s Premium?
    • A Buyer’s Premium is a surcharge added on the bid to determine to final purchase price. Buyer’s Premium has been common in the auction industry for years.
  • What does it cost to have an auction?
    • That depends on what you have to sell. Most auctions are based on percentage of the sale, while others may be charged a flat fee or advertisement fees. Each auction is dealt in their own unique way.
  • I’M NOT IN FINANCIAL TROUBLE. WHAT WILL PEOPLE THINK IF I AUCTION MY PROPERTY?
    • There are great differences in the marketing and public image of a voluntary auction, such as ours, versus a distressed property auction. Our auctions are positive, enthusiastic events designed to generate competitive bidding to secure the highest possible market price for your property. The vast majority of our sellers are people just like you, who are serious about selling and want to avoid the lengthy sales process of other methods.
  • My property is priced below the market; What happens if I choose Auction?
    • Often we find that price is not the primary reason for a property not selling. Inadequate traffic – resulting in insufficient interest – is the primary cause for property becoming ‘stale’ on the market. The auction process is the best way to revive interest in the property.
  • Absolute vs. Reserve Auction: Which is the best?
    • The surest way to affect a sale is to auction absolute. Absolute auctions are advertised as selling regardless of price, which typically generates a much greater interest among qualified buyers. This results in greater auction attendance and the property, realizing its greatest potential.
    • The alternative is to sell with a reserve, where a confidential reserve price is established and the seller has the right to accept or reject the highest bid if it falls below the reserve. If the reserve method is chosen, it is imperative that the reserve price be realistic. We can help find comparable sales to help you determine the best reserve price.

AUCTION TERMS

  • REGISTRATION – When you first get to the auction, you should ask to register and obtain a bid card. You will be asked to show proper identification to register. You may be required to verify that you have certified funds or cash in your possession.
  • HOW TO BID? – Simply raise your bid card high enough for the auctioneer to see it. Typically, the amount the auctioneer is calling for is the price he is asking you to pay.
  • ALL SALES FINAL – Means just that. No refunds given for any reason. The auctioneers will not resale or re-auction any item that you decide you don’t want after buying it.
  • AS-IS – means that you are purchasing all merchandise as it is. If it is scratched, broken, incomplete, or won’t work, that’s the way you buy it.
  • BID ASSISTANTS – are auction staff members who can relay your bid to the auctioneer’s attention, get a bid assistant to bid for you.
  • BIDDER’S CHOICE – when there are several identical or similar properties or items, the bidder bids the price (s)he is willing to pay for one. With bidder’s choice, the bidder can take as many of the identical or similar lots as (s)he wants by multiplying the bid price by the number of items. (For example, there are 10 identical lots; the bidder bids $1,000.00 for 1 lot, and takes 6 lots for a total of $6,000.00. The remaining 4 lots are offered until all are sold.)
  • BUYER’S PREMIUM – A buyer’s premium is a surcharge added to the bid to determine the actual purchase price. Buyer’s premiums have been common in the auction industry for centuries.
  • COMPLETION OF SALE – A sale by auction is complete when the auctioneer so announces by fall of the hammer or in some other customary manner.
  • PAYMENT – The auction company will accept various types of payment: Cash, Checks with bank letters of credit, and Credit Card (with an administrative fee to be added on C.C. transactions)