Frequently Asked
Auction Questions

Aren't auctions just for selling of personal items and distressed properties?
NO! Although auctions are used to liquidate property, they are becoming the fastest growing segment in the real estate market.  The increasing popularity  of real estate auctions can be attributed to one simple fact--they work.  Auctions are being used to kick off large residential development projects.  In more and more cases, real estate will yield a higher net selling price in a shorter period of time than traditional brokerage. 

Who sets the price at the sale?
You do! The auctioneer may start with an asking price, but ultimately its the bidders that determine the price.  The seller has the right to no-sale the item, unless the sale was advertised as an absolute auction.

Does the item come with a warranty?
No! All items are sold as is, where is, and all sales are final.  Buyers have the sole responsibility of examining and judging each item for their own protection.

When do I have to pay for the item I bought?
The item must be paid for on the day of the auction before you leave the premises of the sale.  At real estate sales, the buyer will need to make a down payment based on the conditions announced prior to that sale.

Who is responsible for any damage to the item I purchased?  Merchandise becomes full responsibility of the buyer at time of purchase and the buyer assumes all risk of loss or damage.

What happens if I bid, and don't pay for my purchases?
Buying at auction is a contractual obligation, and you should be aware of the terms and conditions before you buy.  Legal action will ensue unless the invoice is paid in full.

Auction Terms

Absolute Sale   all items will sell to the highest bidder, unless so stated all sales sell with-reserve (seller is allowed to decline the price)
As Is, Where Is   the property is sold in the condition it is in and where it is located, no warranty applies
Bid   a prospective buyer's indication of a price willing to pay to purchase an item 
Buyer's Fee   an additional charge usually expressed in the form of a percentage of the high bid to the buyer, must be stated in the terms of the sale
Commission   a sale fee assessed the seller, may be used in combination with a buyer's fee or a buyer's fee may replace commission
Consignment Sale   a sale made-up of property from multiple owners
True Market Value   price someone is willing to pay
With Reserve   option of the seller to reject the high bid; all sales are with reserve unless otherwise stated