Buying at Auction:
What Is An Auction?
•An auction is a sale of personal or real property conducted by a sales and marketing professional called an auctioneer. Auctions are usually open to the general public and are generally characterized by the auctioneer asking for bids until he obtains an opening price. Once the bottom price has been established, the auctioneer will keep increasing the price until a final hammer price is obtained. Auction prices, due to the competitive bidding by potential buyers, are considered by many authorities to be the true measure of fair market value.
What Happens At An Auction?
• Most auctions throughout the country contain the same general elements. The first and perhaps most important part of the auction is the preview period. This is a time period that is set aside for potential bidders to inspect the items that will be offered. Since most auctions offer no guarantees or warranties on purchased items, it is imperative that auction attendees use this time wisely to determine what items they want to bid on and how much they are willing to spend.
The next major event of the auction sale is the actual start of the auction. At this time, the auctioneer will introduce himself and his staff and provide several important announcements concerning the auction process. The opening statements will most likely reiterate the fact that no items offered for auction have warranties or any guarantees. Other important statements may include, but is not limited to discussing what forms of payment will be accepted, the order in which the merchandise will be sold, whether there are any auction day deviations that are in effect which contradict earlier printed matter, reminders that only registered bidders can participate in the sale, and sales taxes are in effect.
At this point, the auction is now in full progress! The ring men and salespersons will bring lots across the auctioneer’s block for their eventual sale. All attendees will now be focused on the item currently up for auction. Now the auctioneer will successively ask for bids until he obtains an opening price. Once the bottom price has been established, the auctioneer will keep increasing the price until a final hammer price is obtained. At that point in time, the item is officially knocked down to the last bidder. The details of the transaction (bidder, amount, hammer price) are recorded by the clerk and this entire process is repeated until all lots in the auction are sold.
When the lots you are interested in are all sold, the settlement process begins. At this stage all buyers take their bidder cards to the cashier so that they can be presented with an itemized bill that records the details of all of their purchases. Only after a buyer’s account has been paid can he then remove his purchased items from the auction site. In nearly all cases, unless prior arrangements have been made, all items must be removed from the premises within a specified amount of time.
Why Attend An Auction?
• Auctions are a lot of fun! Only at an auction event can you receive clean and wholesome family entertainment, such as witnessing the drama of an unfolding bidding war for a treasured item and acquiring an opportunistic chance to buy items and services at significant discounts.
Furthermore, the variety of items available for auction are unequaled by regular retail establishments. You just never know what interesting, rare, or unusual items will be sold.
So if you are looking for wholesome fun, an opportunity to save money, or need to locate an unusual antique to complete the decor of your living room, plan to attend an auction today!
What about “AS IS, WHERE IS” and the “all sales final” stuff.
• AS-IS means selling the merchandise without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as “As Is, Where Is”
Why do you sell things “as is” anyway?
• Because, we do not own the goods we sell. They are consigned by companies or individuals or from Estates. We cannot afford to provide warranties for the small commission we charge our clients. We do try to call whatever problem there may be with an item, if we know ourselves.
If I buy something, can I return it …
• No. You buy it, it is yours. By registering at an auction, you agree to the terms of the auction company. The auction company freely discusses any known problems about an item, before it is sold. If you feel terribly mistreated, talk to us. We want your continued business and will try to treat you fairly.
How Much Does It Cost To Attend An Auction?
• Our auctions do not have admission fees. Whenever you come down with an acute case of auction fever, feel free to attend the closest auction (hopefully it will be ours) and buy something! All you need is a valid driver’s license to register at our Auction Center.
What happens if I bid, and do not pay for my purchases?
• There will be legal action. Buying at auction is a contractual obligation, and you should be aware of the terms and conditions before you buy.
Hash Auctions now offers our auctions online. Bidding takes place on your computer from the comfort of your home or office. More details available here.