Auction Facts

What could be better than finding something you want and naming your own price?  That’s exactly the way it is at AUCTION!!

Types of Auctions:  Almost everything is sold at Auction.  Real Estate, Vehicles, Furniture, Inventory, Antiques, Animals, Equipment and the list goes on and on and on

Taylor Auction & Realty, Inc. holds auctions for both real estate and tangible property.  Although merchandise may be different most auctions are conducted in much the same way.

ABSOLUTE vs. RESERVE

If you see an auction advertised as ’absolute’, it means that there is no minimum bid.  The property will sell to the highest bidder without regard to price.  

If an auction is with ’reserve’, this simply means the seller reserves the right to accept or reject any bid.

DOING YOUR HOMEWORK

Before you attend an auction, obtain the auction brochure.  This information is available upon request or on our website.  Review it closely so you will understand the terms of the auction.  Be sure to carefully inspect the property before the auction.  Unless stated otherwise, all property sold at auction, real estate or personal property is sold ’AS IS, WHERE IS. 

In the case of a real estate auction, the brochure will generally inform you about how much earnest money you will need at the time of the auction and any other pertinent information about the auction.

Terms for merchandise auctions usually specify payment in full at the time of sale.  Additionally, you are always responsible for the removal and safety of your merchandise once the hammer falls and you are the designated high bidder.

Buyer Premium

The buyer premium is an amount (usually a percentage) that is added to the winning bid to determine the contract selling price the buyer pays for the property sold.

Bidding

Almost always, bidding will be fast.  If you wish to bid, quickly raise your hand and establish eye contact with the auctioneer or one of his assistants (ring men) who will relay your bid to him.  Do not hesitate to bid.  If you do, you may miss an opportunity.  Once the auctioneer says ’SOLD’, it is too late.

YOUR CHOICE

The auctioneer may sell a group of items by ’your choice’  This means you bid a price you would like to pay for a single item and if you are the high bidder, you may choose which specific item(s) within the group and the quantity you want (from one to the entire group or lot).  Your cost will be the individual price you bid multiplied by the quantity you select. 

BIDDING FOR OTHERS

Bidding for others is perfectly acceptable and quite common.  However, you must have full authority to do so from the party you are representing.  In addition, the principal you are representing is obligated to fulfill those obligations you create on his or her behalf.  If they do not, you will be the responsible party in the transaction.

INCREMENTS OF BIDDING

The auctioneer determines the increments of bidding.  On occasion, he will ask someone to ’open’ with a bid, or he will  indicate that he may entertain ’any’ bid.  This means you can offer any amount higher than any previous bid. 

BIDDING OPPORTUNITIES

TAYLOR AUCTION & REALTY, INC. offers several convenient ways to bid at auction.  You may submit a sealed bid prior to the auction by contacting the auctioneer or one of his associates or utilize our absentee bid form.

Attendance at the auction, however, is always the preferred method of bidding.

QUESTIONS

We encourage you to ask questions.  We are glad you are interested and want you to feel comfortable in participating  at an auction.  

Thank you always for your interest.