Frequently Asked Questions about Auctions
Can anyone attend a Wayne Bancroft Auction?
Yes, our auctions are open to the public and everyone is welcome.
Why do people go to auctions?
It's no surprise to us! When surveyed, the #1 reason for going to auctions is "it's fun"! The excitement of bidding, the thrill of the hunt, the rhythmic chant of the auctioneers - all these elements generate a level of enthusiasm that only the auction method can generate. An auction is unlike any other buying or selling environment.
What does "Preview" mean?
Preview means to check out the merchandise before the auction. Look something over so you know what you are buying. Preview is the allotted time set by WBAS which is your time to come in early and look at the merchandise before you buy it. Items purchased at auction are "as is" so, preview can be a really important part of auction going.
Can I really get a good deal at an auction?
YES! It is a common myth that the crowd just keeps bidding on items until they are crazy expensive. This simply is not true. At an auction there are no "retail mark-up" prices to deal with. You see something you want and you decide what you would be willing to pay for that item! The truth is that there are great and sometimes unbelievable deals to find at an auction.
Why does an auction go so fast?
At an auction there are usually many transactions per hour, which means the pace of the auction is fairly quick. This is necessary to sell an entire estate or multiple consignors' items in a short period of time.
Why must I stand where the auctioneer can see me?
It is important to make eye contact with the auctioneer when placing a bid: it is your way of communicating your bid. This reduces the chance of losing an item to another bidder or bidding on an item that you do not want. It is important to pay attention to what is being sold. Listen for the lot number, and watch the ring man and auctioneer for the introduction of an item before bidding.
Hey, the Auctioneer wasn't taking my bid!
Sometimes in an auction two individual bidders will be going along bidding on an item, when a third party wants to jump in and bid, it is auction etiquette to allow those two bidders to continue, but let the auctioneer see you wave your Buyers Number, he is sure to let you in at the very next opportunity.
What kind of things can I find at an auction?
There is usually something for everyone! Every auction is different and unique. Quite simply, if something can be sold, it has probably been sold at auction. WBAS sells a wide variety of personal property including fine art, decorative accessories, glass, china, jewelry, household items, coins, stamps, collectibles, furnishings, tools, cars, recreational vehicles, farm machinery, construction equipment, real estate, live animals, commodities, firearms and much more. We do not sell alcohol.
What if I haven't ever been to an auction? Will I be able to keep up? YES! All of our staff at WBAS love to see new faces mixed in the crowd of our regulars. We understand that a first auction can sometimes be a little scary and intimidating. We always give a run down of what to expect at the beginning of every one of our auctions. Also, there is room for mistakes. If something seems to be mistaken or a bidder is uncertain, we will gladly take a moment to clear things up. Just a few minutes into the auction you'll be a pro!
How do I register at an auction? Do I have to have a business license?When you arrive at the auction the first place to go is our red auction trailer. Once there check in with them showing them your drivers license. They will then issue a Buyer number at no charge which allows you to bid at the auction that day. Anyone can go to an auction to buy. You do not have to have a business license.
How do I place a bid?
Placing a bid on an item is actually pretty quick and easy. You will need a Buyers Number which you can receive at our Auction trailer at no charge. We will need your driver's license to issue you a Buyers Number which is good for that days sale.
Can I arrive at an auction late?
You can arrive at an auction any time and leave at any time. Start at the red trailer by getting your Buyers Number and then just stop by the red trailer again when you're done, pay for your items and get your receipt whenever you are done for the day. Note: Sometimes late in the day are when some great deals happen.
How do I pay for items?
WBAS makes it easy for you to pay for your items. We accept cash, check, Visa, Master Card, Discover Cards, and American Express. Payment can be made after you have successfully bid an item or at the end of the auction. All purchases must be paid in full by the end of the auction. Note: however if the items being purchased are large dollar amount items the Auctioneer may require proof of funds from your banking institution, that will be stated in the terms]. As soon as the auctioneer says "Sold" and your number is recorded with the clerk, the item is your responsibility at that point: please secure it.
What if I change my mind after the auctioneer says sold and I no longer want that item? Or can I return an item?
Your bid is an agreement to purchase. You have committed to purchase the item publically; it is absolute. By bidding you have agreed to the Terms and Conditions of the auction. All sales are final. Please use the preview time before the start of an auction to determine your interest in an item.
What is the difference between an estate auction and a consignment auction?
An estate auction is the property of a single individual. A consignment auction includes goods offered for sale by multiple sellers.
What are the benefits of an auction?
The auction demonstrates to serious buyers that owners are ready, willing, able and committed to sell the items now at a market price. An auction also creates a deadline where one currently does not exist, yielding a higher selling price and thus minimizing costs and maximizing returns in a shortened time frame.
What is the advantage of working with Wayne Bancroft Auction Service?
WBAS brings a superior level of experience, expertise, and creativity to creating an auction experience for you and the buyers. As a leading provider of live call-out auctions and computerized auction solutions, WBAS has a 42-year track record of proven results, has sold millions of dollars worth of items.
When is a good time to sell at auction?
Auctions succeed in at all phases in the economic cycle. Auctions create true price discovery – during uncertain times when transactions are few and far between - and even more so when the market is headed up and sellers want to capture the highest possible price.
Why choose an auction over other sales?
There are many reasons but if you look at many of the high record setting prices that people get for property/items is done at auction. A good marketing plan for an auction brings people who are looking for the item being sold and the more people you have at an auction the better chances are of getting good prices. When you have two or more people competing for the same item the price usually goes up.
How do I choose an Auctioneer?Ask lots of questions and interview the auctioneer to determine if their answers give you a feeling of confidence or not. Some sample questions to ask might include:
- Is the auctioneer licensed in his or her state?
- If guns are sold, is the auctioneer a licensed Federal Firearms Dealer?
- Check with the state business bureau to see if there have been any complaints lodged?
- Ask for references.
- Does the Auctioneer have many sales going? Good auctioneers are usually busy and have a good clientel that follow their auctions.
- Best of all talk to them and if possible attend one of their auctions to see firsthand how they operate and conduct their business.
Frequently Asked Questions about Vehicle Auctions
If I buy a vehicle will there be a title with the vehicle?
Yes, unless the description says there is not a title with the vehicle. You will be given a title when you pick up the vehicle.
Frequently Asked Questions about Real Estate Auctions
I've never attended a real estate auction; how does the process work?
Buying real estate at auction is a very simple process. However, it is important for you to be informed and prepared prior to auction day. You should inspect the property prior to bidding on the property during one of the scheduled preview dates. Most real estate auctions are conducted with open bidding. When you are ready to bid hold up your bidder card and call out your bid.
What types of property sell at auction?
An auction is time-tested method of selling all types of properties, such as land, single-family homes, rental apartments, condominiums, office buildings, hotels, shopping centers, and industrial buildings. Whether a seller needs to recapitalize a productive asset, convert non income-producing assets into cash, resolve a management or partnership issue, or simply accelerate the receipt of sales proceeds, auctions deliver the highest returns in the shortest timeframe.
What are the advantages of buying real estate at auction?
Buying real estate at auction allows you to experience a quick purchase and closing, eliminates lengthy negotiations, and provides the assurance the price paid was market value.
How will the property benefit from the auction process?
An auction creates an immediate response from buyers and creates a deadline for decision-making.
Are there back taxes or liens against the property?
Unless otherwise stated in the Terms & Conditions for the specific Auction, there are no back taxes or liens against the properties. Each property will be conveyed by special warranty deed, and title insurance is provided by the Seller.
What do I need to do to register for the real estate auction?
Registration is free and can be done at the registration table/trailer on auction day. You MUST register to receive a Bidder Card in order to bid. During the registration process, our agents will need to see:
1. Valid, government issued photo ID
2. Certified funds required (see auction terms and conditions)
3. Proof of Funds to close (if paying cash, your bank statement; if obtaining financing, a loan commitment document)
4. Articles of incorporation, trust documentation or other proof of signing authority (only for those taking title in a company name or trust)
5. If you are bidding on behalf of someone else, you will additionally need his / her full name, addressed and a notarized power of attorney authorizing you to bid and execute documents on behalf of the actual purchaser.
If you are the highest bidder for a property you will be required to make an earnest money deposit on auction day, a portion of which must be cash or certified funds.
Some auctions do have specific requirements for registration and so we encourage you to refer to the Terms & Conditions for the specific auction you are planning to attend.
What do the terms "reserve" and "absolute" mean?
An auction where the property is being sold with a “reserve” means that the property is being sold subject to seller approval. The seller reserves the right to accept, reject or counter the final bid. Properties identified as "absolute" are sold to the highest bidder regardless of price on auction day only.
What is the minimum bid?
The audience begins the bidding so there are no set minimum bids. Properties offered online prior to the auction do not impact the minimum starting bid.
Do I have to make a down payment at the auction?
You are required to place earnest money on the contract at auction in the form of certified funds. The exact amount of earnest money required varies by each auction. Please refer to the Terms & Conditions of the specific auction for the exact amount of required funds.
Is my deposit refundable if I change my mind after the sale and decide not to buy the property?
No. If a buyer does not close for any reason on or before the closing date, the initial deposit may be forfeited.
How do I inspect the property?
Many of the properties will be open for inspection on the dates and times listed. However, some properties will be shown by appointment only. Please contact the individual broker; they are available to answer property-specific questions and open house viewing questions. Contact information for a specific properties broker is listed in the auction brochure and along side the property details on this website.
Can I use a broker?
Any real estate broker or agent, may represent you at the auction. However, you are not required to have a broker in order to bid at the auction.
Can I buy more than one property?
Yes. You just need to bring and present a separate cashier’s check for each property you intend to purchase.
Is the amount I bid the total price I will pay?
This answer will be found within the Terms & Conditions for the specific auction you are attending. In most cases, a Buyer's Premium will be added to your high bid amount to determine the final purchase price. The Buyer's Premium is typically a percentage of the high bid amount.
Do both the buyer and seller benefit?
Yes, the asset is sold at the true market price and the seller obtains the maximum returns possible for that asset within the current market condition.
What happens once I become the successful high bidder?
After the auction, you will be provided with a Bid & Deposit Receipt for all properties purchased and your certified funds will be collected. You will then move to the contract table where you will complete the Purchase & Sale Agreement for the property.
When and where are closings held?
Closings are usually 30 days from the seller’s acceptance. Since the seller typically pays for title insurance, a company has been selected and the location information will be provided to you when you complete your contract at the auction.
Is there anything hidden in the auction process that sellers or buyers will not know about?
The auction offers the most transparent form of real estate transaction currently possible. The decision-making process is open and clear for all to see. Buyer’s get the best price and seller’s obtain the maximum returns. This is the future of the real estate industry.