Personal property auctions typically require payment in full in cash, as soon as possible after purchasing the item, but in all cases no later than immediately after the auction. Actually cash tender is the preferred method of payment, although cashiers check is usually acceptable, and wire transfer is also usually acceptable, particularly when the asset is bought online.
In certain circumstances, usually for when selling larger equipment that will require specialty removal, a personal or business check may be accepted, as long as the payment has been pre-approved. Sometimes this is accomplished by the buyer furnishing a bank letter of credit, other times by providing a copy of the buyer’s current bank statement.
Buyers should always be aware of the acceptable forms of payment and take measures to comply before the auction.
“As-is”
We make every effort to indicate the condition of electronics and power equipment when auctioning it. If we are aware an item does not work correctly, we will disclose it. However, no items are warranted at auction, everything is always sold “as-is”. Usually computers will be turned on, and keys can be provided for vehicles and equipment so that buyers can turn them on before the auction. On certain items, however, there may be too many to power up, or we were not able to get them running, etc.
On any items where a bidder cannot verify the aspects of the condition to their satisfaction, we strongly recommend that they only bid based upon their own comfort level with the condition, as there are no refunds for auction purchases.
Expedited Removal
One important rule of most personal property auctions to keep in mind is that, immediately following payment, the buyer is expected to furnish all labor and equipment necessary for quick removal of the purchased items from the auction location.
Additionally, purchasers need to take responsibility for loss or damage to the items once they have been purchased. The reasons for this are simple – we are often selling the remaining assets of a former business in the premises, which must be cleared out quickly, due to the fact that the business or bankruptcy estate is most likely not paying rent, or if they are, the Trustee or Receiver needs to have the property vacated in order to turn the property back to the landlord.
