what do you need to bring to an auction

Along with doing your research and knowing what you can or can’t handle in terms of repairs, there are a variety of items you’ll want to bring with you to a car auction:

• Cash to buy: In order to bid at an auction, you’ll need either cash or an approved loan secured from a bank.
• Cash for other fees: You’ll need more than just the purchase price of a vehicle, as well.

Full Answer

What are the best auction items?

Regarding this, what do I need to bring to an auction? Arrive Early / Register to Bid Check in, register, show Proof of Funds (if applicable) and get your Auction Bidder Card (if applicable). Be sure to bring a driver's license, passport or another government form of identification. The order of sale may be random.

How many items should be included in a live auction?

Dec 20, 2016 · Along with doing your research and knowing what you can or can’t handle in terms of repairs, there are a variety of items you’ll want to bring with you to a car auction: Cash to buy: In order to bid at an auction, you’ll need either cash or an approved loan secured from a bank. Cash for other fees: ...

Can I sell an item before auction is over?

Jun 28, 2018 · You’ll have to bring identification (like your driver’s license), and sometimes you’ll also have to provide a credit card to pay for any items you choose to buy. You’ll get a bidder number when you register.

How to sell your items at auction?

They are unconditional. 2. … Bring your cheque book. The vendor sets a reserve price. Auctions are often “passed-in” The auctioneer may make “dummy bids” Watch out for “trial closes” Know the rules about pre-auction offers.

How much money should you bring to an auction?

How do you prepare for an auction?

What should you not do at an auction?

What should I wear to an auction house?

How do you pay deposit at auction?

What should I ask an agent before auction?

What happens if there is only one bidder at auction?

What items sell best at auction?

What is the best way to bid at an auction?

How do you learn to talk like an auctioneer?

What do you wear to an evening auction?

How to bid at first auction?

How to Bid at Your First Auction. When you see an item you want to purchase, you’ll have to hold up your bidder number so the auctioneer knows you want to bid. Auctions move very quickly – some items sell within 30 seconds – so you’ll have to act fast.

How to bid on an item that is not physically present?

People can bid on items when they’re not physically present at the auction through an absentee bid by phone, email, pre-delivered letter or online. As-is. When you buy something as-is, the item doesn’t come with a warranty. Bid. A bid is the amount of money you offer to pay for an item. Bidder number.

What is bidder number?

Your bidder number, which you’ll get when you register, is how the auction company tracks what you’ve purchased. Buyer’s premium. When you win an auction, you generally have to pay a buyer’s premium, which is a percentage of the item’s sale price. Conditions of sale.

What is live auction?

What Are Live Auctions Like? Live auctions are exciting, and there are a lot of “moving parts.”. The best part is that there’s a place in an auction for anyone who wants to participate. You can always go to an auction to watch without participating, too, just to get a feel for how it all works.

Do you have to register to bid?

In most cases, you’ll be required to register before you’re allowed to bid. You’ll have to bring identification (like your driver’s license), and sometimes you’ll also have to provide a credit card to pay for any items you choose to buy. You’ll get a bidder number when you register.

Smartphone with a camera

If there is a crowd, you will only get a minute to look into the unit so others can have a turn to look too. That's just enough time to snap some photos. Then get out of the way and look at the photos, enlarge the photo to read box labels or see if that really is a gun case back there.

Waiting List

When you are buying storage units for a living, you end up with a waiting list of people who are looking for something. Just the other day, my Dad (who is a landlord) was looking for a window air conditioner for one of his buildings. We usually do find those, but didn't have one the day he called, so now he's on my waiting list.

Moving Buddy

This could be a friend or family member who is also bidding, but agree not to bid each other up. You can always buy that box of baseball cards or Ty beanie babies from him/her after it is won. Or trade it for something he/she wants out of the unit you won.

Food and Water

Buying storage units for a living is thirsty work! It is very much like moving from one house to another. Always have water so you can stay hydrated, even in the winter.

Locks and Keys

Be sure to bring locks and keys. Don't bid on more units than you have locks for!

Rubber Gloves

Some items are dirty or too gross for me to pick up with my bare hands.

Flashlight

When bidding, it helps you to see in the back. My husband, Mike, was at an auction that went later into the night and there were no lights to see what you were bidding on. Sometimes, you have to go inside a building and the hallway is not well-lit and the unit inside has no lighting; so be sure to bring a quality flashlight or other light.

1. What is your fee structure?

It is very important that all consignors receive a formal contract from the auction house, and this must specify the auction house’s fee structure. This can vary tremendously from auction house to auction house but usually involves a seller’s fee – a percentage based on the hammer price made per lot.

2. What is your experience or expertise with items in my category?

Some auction houses specialize in specific antique or collectible categories, including fine art, stamps and coins, dolls and bears, furniture, ephemera, Americana, etc. If you are selling a collection representing a specific category of goods, look for an auction house partner with proven experience or history with those sorts of items.

3. How do you promote your sales?

Today, given the COVID-19 situation and nearly universal adoption of internet bidding, it is highly recommended that consignors partner with auction houses that also make their auctions and lots available for bidding online. Bidding platforms operated by Bidsquare, Liveauctioneers, Invaluable, as well as in-house platforms, are a few examples.

4. How and when do I get paid?

It is essential that this is spelled out specifically in a consignment contract. Often, this is six to eight weeks post-sale, after the auction house has had the time to collect and process buyer’s payments and send out items that sold at the auction.

5. What happens if some of my items do not sell?

Again, this must be addressed in an auction consignment contract. Auction houses are very interested in strong sell-through statistics, meaning the percent of the lots on offer that sold per sale. The higher the sell-through rate, the better the auction house’s performance.

How to buy foreclosure homes?

If you are looking to buy a foreclosure home, consult an online resource like RealtyTrac or Auction.com to find foreclosure auctions in the area or areas in which you want to buy. Remember: After creating a free account at Auction.com, you can easily view which foreclosure homes are for sale near you. If you find something you like, save it to your favorites.

What is foreclosure sale?

Depending on the state, a trustee assigned by the lender or an officer of the court conducts a foreclosure sale to recover the balance of a loan from a borrower who’s defaulted on their mortgage payments.

Why are foreclosure auctions postponed?

Sometimes an auction is canceled because the borrower comes up with the money to pay the lender the amount they owed, obtains a loan modification or sells the property as a short sale. Auctions might be postponed for a myriad of reasons; for example, the bank or lender might not be able to compile the proper documentation in time, or the owner might request more time to complete a short sale.

What happens when you bid on a foreclosure?

Homes in the foreclosure process are usually occupied by the owner who’s being foreclosed upon or a renter. Do not trespass or disturb the occupant! Doing so is a criminal offense. When you bid on a foreclosure, you’re bidding on the property “as-is.”.

Why are auctions postponed?

Auctions might be postponed for a myriad of reasons; for example, the bank or lender might not be able to compile the proper documentation in time, or the owner might request more time to complete a short sale.

How much advance deposit is required for foreclosure auctions?

The deposit amount varies across municipalities, but generally runs from 5% to 10% of the expected final bid amount of the property .

Where are foreclosure auctions held?

And in fact, almost all foreclosure auctions are conducted live in front of (or in a room inside of) county courthouses. Many states only require a publicly accessible space, like a hotel ballroom or room in a convention center.

What is dealer auction?

Dealer (or private) auctions are restricted to licensed car dealers. Unlike the local public auction, where you might be able to pick up a decommissioned patrol unit or a bright orange pickup from the highway department, dealer auctions avail buyers to hundreds or thousands of vehicles.

What is public car auction?

As the name implies, a public car auction is open to almost anyone with money and a signature. These include fleet sales from local municipalities, larger governmental agencies, individual dealerships, those Mecum and Barrett-Jackson events you might’ve seen on television, and most of the vehicles offered on websites like eBay.

What is the bond for a car dealer license?

The bond value often depends on the types and number of vehicles sold, but $25,000-$50,000 is typical.

Do you need a license to buy a car at auction?

If you want an opportunity to bid against the dealers, you’ll need a license to buy cars at auction.

Is it expensive to get a dealer license?

Obtaining a dealer license can be a time-consuming and expensive endeavor, but those who do so gain access to a bounty of vehicles that may serve as the basis of a profitable business.