General Auction Questions
What is an auction?
An auction is a public sale in which goods or property are sold to the highest bidder.
What are different types of auctions?
There are three types of auctions: a traditional auction, an online auction, and a webcast auction. A traditional auction is conducted on-site at the auctioneers location or on-site at the place of the goods’ origin. An online auction is only conducted through the internet and only registered bidders can bid. A webcast auction is a combination of an online auction and a traditional auction; bidders have the option of bidding remotely or bidding in person.
What do you sell at an auction?
We sell a wide variety of new and used machinery, equipment, materials, inventories, commercial and residential real estate, and other business assets including liquor licenses and intellectual property.
Do you have a physical store?
No, but we do have an auction warehouse facility where we conduct consignment auctions.
How can I be notified of upcoming auctions?
What is a buyer’s premium?
A buyer’s premium is a fee paid by the high bidder. It is normally a percentage added to the high bid to determine the purchase price.
What is an absentee bid or a proxy bid?
An absentee bid is sometimes called a proxy bid. It is a convenient option for someone who is not available to bid in person or online on auction day. When you place a proxy bid, the auctioneer will bid on your behalf, up to and including the amount you specify as if you were present at the auction. You can place a proxy bid by emailing, faxing, or by directly handing the absentee bid form to our personnel at the auction site.
What is the auction catalog?
A numerical listing of items available for sale at auction, often including detailed descriptions, quantities, and the terms and conditions of the auction sale.
What are the benefits of a real estate auction?
- Smart investments are made as properties are sold through a competitive bidding process
- Buyers receive comprehensive information on the property through a bidder’s information kit
- The sale and closing dates are known
- Auctions eliminate long negotiation periods
- Buyers know the seller is committed to sell
- Buyers determine the purchase price
- Buyers know they are competing fairly and on the same terms as all other buyers
- In multi-property auctions the buyers sees many offerings in the same place at the same time.
Process of an Auction
What is the auction process?
Most auctions have a period of inspection prior to the auction during which prospective bidders may view the assets for sale in order to help them determine the condition and value of the assets. It is important to take advantage of the inspection period since all of the items for auction are sold in an “as-is, where-is” condition.
Each bidder must register by providing their name, address and phone number. Each bidder must also agree to the terms and conditions of the auction sale before being issued a bidder number.
After registration, prospective purchasers may bid on the items in which they have an interest utilizing their bidder number in the process. There is also an option to leave an absentee bid if you cannot make it to a particular auction.
If you are the high bidder for a particular item, you will be required to leave a deposit in the amount of $100.00 or 25% of the amount of your purchase (whichever is greater) and maintain that 25% deposit level throughout the course of the auction. (This refers to Live auctions only)
Items won at an auction must be paid in full two days after the auction has ended.
All items purchased must be removed by the designated time stated in the terms and conditions. Buyers must remove their purchases at their own risk, expense, and liability.
Who can bid at Comly’s auctions?
Anyone can bid at Comly’s auctions. Our auctions are open to the general public and registration to bid is free.
Do I need to register for the auction?
Yes, you must register for every new auction whether its online or on-site.
What do I need to register?
Please bring two forms of identification and a credit card (Visa, Mastercard, or Discover) or cash for your deposit.
Where do I register for an auction?
Registration is usually near the entrance of the auction. You will have to fill out the registration card with all of your contact information.
What if I can’t make it to the in-house or online auction?
You may submit an absentee bid while attending an inspection or you can email the absentee bid form email@example.com. Please read our terms and conditions carefully.
What are the bidding terms?
Every auction will have slightly different terms and conditions. Please read these carefully before bidding.
What does “sold by the each” mean?
Sold by the each, means that you multiply the quantity in each lot by the purchase price. For example, if there are two doors in a lot and the highest bid is $100, the total purchase price is $200 ($100 x quantity of 2 = $200). The highest bid is not the price for the entire lot.
Can I watch an online auction without registering to bid?
Yes, you may choose the ‘View Only’ option to watch. You will not be able to place bids unless you register for the auction.
How will I know if I am a successful bidder?
You will be notified by email if you were the highest bidder at one of our online or webcast auctions.
Will my bid deposit be refunded if I am not a successful bidder?
Yes, if you left a deposit and were not a successful bidder, your deposit will be refunded.
do not want the item that I won at the auction anymore. Do I still have to pay for the item?
Yes, the auction is a binding contract and you are responsible to pay for the items that you purchased.
How do I pay for the auction?
Acceptable Payment Methods
Acceptable methods of payment are: cash, credit card (Visa®, Mastercard®, or Discover®), cashier’s check, wire transfer, or a company check (only with a bank letter of guarantee payment).
Do you collect sales tax?
Each auction is different. If the items are taxable and the auction is a taxable sale, then we are obligated to collect the appropriate sales tax. The amount of the sales tax collected is normally dictated by the location of the assets being sold.
What is the total purchase price of each auction item?
The high bid + buyer’s premium + sales tax = the total purchase price. The buyer’s premium may vary from auction to auction.
What are the requirements for a letter of guarantee?
The letter must be on official bank letterhead signed by an officer of that bank and it must state that the bank will guarantee payment of your check up to a specific amount for a specific auction or a specific period of time. An example of an acceptable letter of guarantee payment is as follows:
Mr./Mrs.______________________________ (specify name) is a customer of our bank, and we will guarantee payment of checks written on his/her account number ______________________________up to $ _______________ (specify amount) for purchases made at your auction on ______________________ (specify date of auction).
Print Name (Bank Representative) _____________________________
Signature (Bank Representative) ___________________________________
How do I get a price quote from a third party vendor for removal services?
To obtain a price quote, contact a vendor directly. You may choose someone from our list of vendors, but be mindful that these companies are not affiliated with our company and are independent contractors Another option is to look through the yellow pages or use an internet search engine to find a company. You should expect to provide them with the following information:
1. The name/date of the auction and location of the asset(s)
2. Description of the asset(s)
3. Ship-to address
We recommend that you insure all shipments.
What if I can’t make it to the removal time or I forgot to pick up the items that I won?
After the scheduled removal, items left on-site will be considered abandoned. Our clients are very concerned that the space be left empty and you will be charged a removal fee for items left onsite. No refunds or chargebacks will be granted due to a lack of removal at the designated times.
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