What is an Auction?
Auctions are a time-honored method of bringing buyers and sellers together. In no other type of selling situation can actual fair market value be realized on any given day. Everyone attending the auction has an equal opportunity to make a purchase. They are an excellent marketplace for "shopping".
Buyers actually determine the final price and value of the items purchased. They get exactly what they want, at a cost of only one bid higher than someone else was willing to pay. An auction can be the best place TO BUY what you're looking for - or TO SELL what you have - for a fair market value.
Auctions come in all categories, all sizes and types. They can be all online or casual country auctions or something like Barrett-Jackson. They range from household liquidations to large estate settlements. The reason is simple--with an auction, time-consuming private negotiations are eliminated, and the Auctioneer's focused marketing skills bring in the maximum number of interested and qualified buyers. The competitive bidding process is being used to sell everything from real estate to personal property.
Auction marketing has long been recognized as the most fair and quickest method of sale in many areas of the free economy. The New York Stoc Exchange is an example of a long-standing auction. The auction method of marketing has proved an effective price-setting mechanism that considers current market variables. This holds true for whatever commodity is being sold. The pricing of such raw materials as grain, wool, tobacco, and livestock are directly tied to the auction block, yet the Auctioneer's gavel also helps establish the value of more glamorous commodities such as fine art and antiques.
While the auction method has long been associated with rural America, now auctions are being used more and more in major metropolitan areas. Today's Auctioneer is equally skilled in Real Estate, classic cars, equipment, antiques, rare and specialized collectibles, firearms, art, jewelry, and much, much more! Auctions are playing an increasingly important role in today's economy. Buyers determine the final price and value of the items they purchase at the very moment they are ready to buy, and not at someone else's predetermined selling price! They are becoming the first choice of many buyers looking for real estate or a variety of items.
What should I do if I have never been to an auction before?
ONLINE AUCTIONS; This may be much easier for you! You have the luxury of bidding at any time of the day from any place you have internet access. And as always, if you have any questions please don’t hesitate to call us! First you will need to read and understand the term and conditions and be aware of any buyer premiums that may be added to your bid. There will be pictures as well as descriptions on every item. If you see something that interests you, be sure you know if it is a single item selling or if the lot is being sold in multiples (times the money or all for one money.) Also be aware of the inspection and pick-up times. (VERY important) as well as payment options. Make sure you do your diligence and inspections. Usually there is an inspection time offered so you’ll have the opportunity to go to the auction site and actually see the items being sold.
Real Estate will have photos and video and possibly more features to show what is being offered and is always available for private showings as well as open houses. Real Estate is always sold “AS IS”, however you are free to hire a home inspector if you desire. You will need to register for the auction and be aware of the auction ending time. Each item will have a “soft close” which means if anyone bids within the last 3 minutes of the closing time the clock will automatically extend for 3 more minutes and will continue to extend every time someone bids. You will need to know the location and pickup times for checkout and know what kind of payment options there are.
Live Auctions; You should plan on getting to the auction well before the announced starting time to register and look around to see what is being offered. This would also be the time to ask questions, such as payment methods accepted, pick up times, etc. Also be sure you have read and understand the terms and conditions. You might even want to tell the auction personnel that you are new to auctions, as they will be glad to assist you and answer any questions you might have. They will explain the order of sale to you, direct you to any particular items, and even explain the bidding process if you feel unsure of yourself. They can also introduce you to the Auctioneers and Ring Men, who can then take care to be considerate of your inexperience during bidding.
What is bidder registration?
This is a standard auction procedure that records an individual's personal information and assigns a unique "Buyer Number" to that person. It is required whether you intend to pay by cash or check. This information is kept strictly confidential as part of the auction company's records and is not to be disclosed or distributed. Most auction companies require that potential buyers provide photo identification, their physical address (PO Boxes are not acceptable), phone number and driver's license information. This registration process is necessary to insure protection for both buyers and sellers at auction in collection of funds and assurance that those who bid at auction may be contacted if necessary.
Auction companies do not give out information as to who purchased an item or what they paid for it. Registration at an auction signifies the potential buyer's agreement to abide by all terms and conditions as state by the auction company. Purchases made on the registered number are a binding contract. Under certain circumstances a deposit may be required or have payment secured ahead of time as financial protection for the seller and the auction company in collection of funds. This is the usual procedure when the auction company accepts absentee bids.
The MAIN THING; Just have a good time! Be sure to call to ask any questions or visit with the Auction Personnel -- any of us will be happy to help!
