Frequently Asked Questions
Personal Property Auctions
What forms of payment are acceptable at personal property auctions?
- We accept cash, local check, Visa and MasterCard
Do you always charge a buyer’s premium?
No. If you hold an auction at your location, the buyer’s premium may NOT apply.
What is a buyer’s premium?
At auction, the buyer’s premium is an expense, added to the Hammer Price, which is the price the auctioneer sells an item for on the sales floor during the auction. For example, if you go to an auction with a buyer’s premium of 10%, buy something on the sales floor for $100, when you go to pay, they will ask for $110 (sometimes sales tax on top of that). The buyer’s premium seems pretty straight forward and is industry standard. Most auction houses charge one and it is a necessary evil for the auction house to stay in business and make ends meet. Auctions can often be very time consuming, far beyond the time put in the day of the sale. Therefore, auctioneers decided to attract sellers with a new approach, charging them little to nothing, and allowing a buyer’s premium to be added to bids in order to make a living.
How do I bid at auction?
It’s simple! At the beginning of the sale, just visit the auction office to obtain your bid number. Identification will be required at your first auction. Then hold your bid number high so that the auctioneer will see you as you are bidding.
Can’t understand how much is asked? Just listen closely to the auctioneer or ask a ring assistant. They will help you with your bid.
Please remember, a bid is a verbal contract between you and the auctioneer. If you are the high bidder and the auctioneer declares the item sold, it is now your responsibility to secure the item and pay for it.
Real Estate Auctions
A real estate auction is an open forum, which allows for oral bidding. After the bidding is exhausted, the property may be declared sold. The buyer and seller will complete a purchase agreement and follow the necessary steps to closing. The property is sold as-is and buyers to pay closing costs.
When I sell my house at auction, may I set a reserve?
Yes! Although a home that is sold absolute, or to the highest bidder, is a great marketing strategy, a reserve may be placed on the home. The reserve is not disclosed to the public and the home will be fully marketed to obtain the highest price.
Are homes sold at auction typically foreclosures or in need of repair?
Absolutely not! Homes sold at auction are typically good homes that need good owners. Sellers may opt to hold a real estate auction verses a typical listing so that they may sell the property faster with less selling costs. Many properties sold in the past were from owners who were downsizing, settling an estate, selling investment homes or just wanted to sell quickly.
What are the advantages to selling my home by auction?
There are many advantages to selling your home at auction! Here’s a list to start:
- Eliminates long term expenses, such as taxes, maintenance and insurance.
- The competition of live bidding will realize the property’s true market value.
- Asking price is eliminated to avoid overpricing property. Overpricing may create little or no interest in the property and will eventually sell for less than the property is worth.
- Fast sale of property versus months or years of waiting to sell through traditional listing.
- Auction forum creates motivated buyers to act quickly, creating a sense of urgency.
- Cash transactions may close within one week after auction.
- Marketing is targeted to seller’s property, not multiple listings.
- Property sells AS-IS, therefore, no negotiations on repairs or inspections.
- Conditions of sale are given prior to the auction allowing no negotiation on terms or no contingencies from potential buyers during auction.
Krueckeberg Auction Terms & Conditions
- EVERYTHING IS SOLD AS IS WHERE IS; WITH NO WARRANTY EXPRESSED OR IMPLIED.
- STATEMENTS MADE DAY OF SALE SUPERSEDE ALL PRINTED MATTER.
- ALL PURCHASES MUST BE PAID FOR ON AUCTION DAY UNLESS DOING AN ABSENTEE BID.
- METHOD OF PAYMENT: CASH: CASHIERS CHECK: LOCAL COMPANY/PERSONAL CHECK APPROVED BY AUCTION COMPANY: OTHER CHECKS WITH BANK LETTER OF GUARANTEE: VISA MASTERCARD AND DISCOVER CARD.
- ABSENTEE BIDS ARE ACCEPTED ON A NO FEE BASIS: AN EMPLOYEE OF THE AUCTION COMPANY WILL REPRESENT THE ABSENTEE BIDDER. ABSENTEE BIDS ARE COMPETITIVELY BID. SUCCESSFUL BIDDERS MUST PICK UP AND PAY FOR ITEMS BOUGHT BY ABSENTEE BIDS WITHIN 48 HR UNLESS PRIOR ARRANGEMENTS ARE MADE DAY OF THE AUCTION.
- PERSONNEL WHO COMMISSION THE AUCTION COMPANY TO AUCTION RESERVE THE RIGHT TO BID ON THEIR OWN MERCHANDISE; HOWEVER THE INDIVIDUAL IS STILL LIABLE TO THE AUCTION COMPANY FOR ALL APPLICABLE FEES AND PENALTIES.
- ALL CONSIGNMENT AUCTIONS, BUSINESS LIQUIDATIONS AND TITLED ITEMS REQUIRE US TO COLLECT SALES TAX. SALES TAX WILL BE COLLECTED UNLESS A VALID RESALE CERTIFICATE IS COMPLETED AND ON FILE WITH US.
- ONCE THE AUCTIONEER INDICATES AN ITEM IS SOLD TO A BIDDER (BY IDENTIFICATION OF THE BIDDER NUMBER); A VERBAL CONTRACT IS CONSUMMATED AND LIABILITY FOR THE ITEM(S) REST WITH THE BIDDER TO INCLUDE PAYMENT THEREOF.
- THE AUCTIONEER AND THE EMPLOYEES OF THE COMPANY RESERVE THE RIGHT TO BID ON ITEMS OFFERED FOR AUCTION FOR THEIR PERSONAL USE.
- IN CASE OF TIE BIDS THE MEANS OF SETTLING THE TIE BID RESTS WITH THE AUCTIONEER.
- THE AUCTIONEER RESERVES THE RIGHT TO MODIFY THE ORDER OF THE SALE; THE SIZE OF THE LOTS; TO COMBINE LOTS OR ELIMINATE LOTS AS REQUIRED.
- BIDDERS ARE RESPONSIBLE FOR THE PROTECTION OF THEIR BIDDER NUMBERS. ALL EFFORTS WILL BE TAKEN TO PROTECT THE BUYER BUT THE BUYER MUST NOT PERMIT OTHERS TO USE THEIR ASSIGNED NUMBER.
- WHILE THE AUCTION COMPANY EMPLOYEES WILL BE GLAD TO WHEN AVAILABLE AFTER THE SALE TO ASSIST YOU IN PACKING AND LOADING YOUR PURCHASE; THE COMPANY WILL NOT ASSUME ANY LIABILITY FOR LOSS OR DAMAGE AS RESULT OF THAT ASSISTANCE.
- ITEMS NOT REMOVED BY THE FIFTH BUSINESS DAY FOLLOWING THE AUCTION WITHOUT PRIOR APPROVAL OF THE AUCTION COMPANY MAY BE RESOLD FOR STORAGE AND HANDLING FEES WITHOUT RECOURSE TO AUCTION COMPANY.