Some of our most FAQ revolve around auction terminology. Check out the terms and descriptions below.
An “Absolute” or “No Reserve” auction means that the property for sale will be sold regardless of price, which in Auctioneer/Broker opinion is the most profitable and successful outlet. From the sellers’ perspective, advertising an auction as having no reserve price can be desirable because it potentially attracts a greater number of bidders due to the chance they get a bargain. If more bidders attend the auction, the belief is a higher price may ultimately be achieved because of heightened competitive bidding.
A Buyers Premium is essentially a sales commission as an obligation to the buyer after the bid. For example, if the bid is $100 and the buyer’s premium is 10%, the invoice to the buyer would be $110.
All property/items to be sold “As Is/Where Is” with “all faults” condition. The seller nor Hartstack Auction Group make any warranties as to the condition of the property, suitability for a particular use, or accuracy of any information. This sale is “Caveat Emptor” or “Buyer Beware”. The only warranty made is marketable title free and clear of all liens and encumbrances. The property is sold “As-Is”, no contingencies.
An attractive feature to sellers is that auction contracts have no contingencies, and closing dates are normally 30-45 days following the auction. The property is sold in “As-Is” condition with the buyer having full responsibility for any inspections. Financing conditions are rarely part of a real estate auction.
Cash or good check with state issued ID. Must register for a buyer’s number to bid. No items can be removed until settled for. Everything sells in as-is condition, no warranties. 5% Buyers Premium will be added to final sale price of all items. Statements made at time of auction take precedence over any previous print advertising, oral statements or social media. No guarantees, expressed or implied, not responsible for accidents or theft. All auctioneers and auction staff are acting as exclusive agents of the seller (or) sellers and all bidders will be considered customers, not clients.
