Frequently Asked Questions for Sellers
What is "Subject to Owner Confirmation"?
Many times, we will attempt to sell the real estate that is associated with the auction. The owner has the right to accept or reject the high bid. This is called “Subject to Owner Confirmation.” If the property sells, the auctioneer receives the buyer's premium. If the property does not sell, there is no obligation to the auctioneer.
Does the owner have any obligations?
The owner should provide clear title to the assets being sold, access to the property (usually for a period of 60 to 90 days), and provide all utilities until the building/property is vacated.
What are the auctioneer's responsibilities?
To properly clean, set up and organize the equipment, advertise the auction, conduct the auction and supervise the removal of goods after the auction.
Once an agreement is reached, how long will the whole process take?
It usually takes 6 to 8 weeks to do everything necessary to conduct a good auction. This is from the time we start until the building is broom clean. There are always exceptions. We have been able to conduct auctions in as little as 10 days; however, this can sometimes affect the outcome.
What if there’s bad weather on the day of the auction?
Auctions take place when scheduled. Keep this in mind when you are trying to decide what type of auction to have. Weather and competing auctions can have a negative effect on auction results. You can take none of the risk, some of the risk or all of the risk.
What happens at an auction?
All auctions are advertised extensively by direct mail, newspaper ads, trade publications and email. Our e-mail list includes thousands of potential buyers from all over the world. Many people download information from our web site. This results in excellent on-site and online auction attendance.
As buyers enter the auction site, they register and are given a bidder's paddle with a number on it. They use this number to bid. All bidder information is recorded in our computers. Each bidder is given a catalog. This lists everything by number that is to be sold, and the order in which it is to be sold. As each item is sold, a clerk notes the lot number, the buyer's number and the selling price. The numbers are entered into our computers on a continual basis.
Buyers are free to settle their account anytime during the auction. They simply return to the registration desk, give the clerk their bidder paddle and receive a computer-generated invoice. Payment is arranged, with most bidders settling on the spot and others leaving a deposit.
Removal of items generally begins as soon as the auction ends, and continues as long as necessary (typically one to two weeks), but 30 days is generally allotted.
Anyone using a powered vehicle to move items, whether they are a rigger or a buyer, must have a certificate of insurance on file in the amount of $1,000,000.
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