What is an auction?

An auction is defined as a public sale of goods or property which prospective purchasers bid until the highest price is reached.

What type of merchandise is sold at auctions?

Almost every product that is for sale in the United States will at one time or another is available at Auctions. Some of the most common items are: Automobiles, boats, airplanes, real estate, liquidations, art, collectables, livestock, farm equipment and much more.

Why do sellers choose auction?

Sellers decided upon the Auction Method in order to sell the properties for a number of reasons. One of their reasons might be to defray the enormous amount of holding costs to maintain the properties (i.e., real estate taxes, insurance, lost opportunities, etc.). Another reason is because the client needs to know when their property will sell. Sellers enjoy setting the date on which their property will sell. Most properties are not foreclosures, nor are the owners in bankruptcy, but instead highly motivated sellers looking to take advantage of the benefits of an auction sale. The buyer will also greatly benefit from their decision.

What is an auctioneer?

The auctioneer is the person whom the seller contracts to conduct a sale by auction. He/she directs the auction and accepts live bidding from the audience.

What is a bid assistant?

A bid assistant is someone who assists the bidder by answering any questions and by relaying bids to the auctioneer. If you can't get the auctioneer's attention, get a bid assistant to bid for you.

What is a bid?

A bid is an offer of a price.

How do i bid?

Before you can bid, you must register for a buyer's number that will be printed on a 'bid card'. Then, as the auctioneer progresses in his call for bids, simply raise your bid card high enough for the auctioneer to see it. Again, the bid assistants will be at your service.

What are 'TERMS AND CONDITIONS'?

Terms and conditions are the rules of the auction and certain aspects of the Purchase and Sale Agreement that are read and/or distributed to potential bidders prior to an auction sale.

What is a buyers premium?

A buyer's premium is an amount of money, usually an advertised percentage of the high bid, added to the high bid to determine the total price to be paid by the buyer.

Example: assume the buyer's premium is 10% and the high bid is $1000, then $100 a premium will be added to the high bid to arrive at the total purchase price of $1100.

What dose it mean to buy in "AS IS" condition?

In regards to the condition of the item, buyers purchase the item with no guarantees. Buying the item 'as is' simply means that you are purchasing exactly as it is. Buyers must rely entirely on their own information and their own inspection of the item. In almost every case auctions are sold “as is”.

Can I inspect the merchandise before I bid?

All Auctions have an inspection period. It can range from a few hours before the Auction to a day or two.

If I buy something when can I take it home?

All items must be paid for in full before they can be removed from the Auction site. In the case of motor vehicles, title will be transferred to you when they are paid for in full.

What forms of payment can I make?

Cash is always accepted. Cashier's Checks, and Post Office money orders, are the preferred forms of payment. Some Auctions if run by a private company will take Visa, and Master Card. always check with the Auction to be safe.

What is an auction "WITHOUT RESERVE"?

An auction 'without reserve', also known as an 'Absolute' auction, means that the property is sold to the highest bidder, no minimums, no reserves! The property is sold to the highest bidder, regardless of price!

What is a "MINIMUM BID"?

A "minimum bid is the lowest acceptable price at which the seller will agree to. The minimum bid is always stated in the brochure and advertisements, and is announced at the auction. Once the minimum bid is achieved in the live bidding, buyers can be completely confident that the property will sell.

What happens if the high bidder fails to close?

The auction company will immediately notify the backup bidder to secure a new purchase agreement. If this is not successful then the property is made available to the other registered bidders and then the open public.