Tom's Auction's auction management  process culminates into an auction event,  but actually dose involve over 100 separate steps from beginning to end, all coordinated by us. You are provided with your auctions details keeping you aware of the step by step auction and marketing activities at all times. This carefully orchestrated strategy takes between 4 and 8 weeks depending upon the property type and your time needs. Your auction is an accelerated marketing program rather than simply an auction.

FREE AUCTION CONSULTATION
We will review your property personal or Real,  and make an on the spot assessment of your current need, we will  provide recommendations, and a plan tailored to meet your needs.

Click here to get information about your free consultation.

SIGNED AGREEMENT
We can begin implementation of the accelerated marketing plan immediately upon receiving your written authorization.

PROPERTY FACTS GATHERED
We gather all available information which we will use to prepare property files and marketing materials. 

TOM'S ACCELERATED MARKETING PLAN
Your property is exposed to the market through a combination of direct mail, newspaper ads, signage, industry and neighborhood networking, advanced Internet marketing techniques, and other means. When possible, we will combine your property with others to expand the marketing reach.

INFORMATION FULFILLMENT
An informed buyer is a better buyer. We make is easy for bidders to obtain full product knowledge. Ad and signage call-ins receive brochures promptly via mail, fax, e-mail, or world-wide-web. Property information is packaged for bidder review. Preview periods enable bidders to inspect property prior to auction.

REAL ESTATE BROKER ALLIANCES
Listing brokers accelerate the sales of their assets through auctions, while selling brokers earn generous commissions by registering buyers.

AUCTION EVENT
The auction event is handled smoothly and professionally by our auction day team. The tempo is upbeat, and bidding excitement is contagious as the auctioneer chants the price upwards. Contract signing and earnest money collection are handled quickly and efficiently to reinforce the buying decision.

COORDINATING THE CLOSING
On real estate transactions, our follow-up system assures that the contract speeds toward a successful closing, usually within 30 days of the auction.

Types of Auctions

There are many settings in which an auction can be conducted. Some of these venues go back hundreds or thousands of years, many have come about only in the past dozen years. All can be effective in their own way, and there is no single best way to conduct the actual auction.

Perhaps the oldest recognized method of conducting auctions is the onsite auction. This method was reportedly used by Roman officers disposing of assets seized during military campaigns, in order to raise money for continued operations. In fact, the word auction derives from the Latin “auctio”, meaning “to drive up (the price)”. Onsite auctions are still widely employed to sell single assets, directly at the property location. A similar type is the offsite auction, where an asset may be sold in another location, such as the county courthouse, usually in the context of a foreclosure. Sometimes this is also done in a courtroom – a typical example will be a Section 363 auction under the Chapter 11 bankruptcy laws.
Another widely used variant of this is a caravan auction, where a number of assets are sold site to site under a single marketing umbrella. Many times a situation where the seller has many scattered small assets will warrant this type of auction, as it is often likely that the greatest interest will be from neighbors of the various assets. Sometimes if there are several assets in a single neighborhood or area in the mix, one asset will be selected as the sale site for all of them.
A typical format we have seen in the past 30 to 40 years is the ballroom auction, where many assets from a market area (and sometimes multiple market areas) are sold in sequence in one afternoon or evening. These have the advantage of being able to offer a number of diverse assets on an individual basis in a very short period of time. This format is similar and probably grew out of agricultural tent auctions where multiple parcels of land may be sold to a crowd assembled under a tent.
In the past few years we have seen the development of several online auction formats.

The most common form of online auction is the online only auction. Perhaps the most familiar form of this has been popularized by eBay over the past dozen years. This is usually known as a timed online auction. Bidding ends when the bid deadline is reached, although most timed online formats now have bidding “autoextends” where the bid deadline is automatically extended for, say, 5 minutes if there are any bids placed at the deadline, with bidding concluded when 5 minutes passes with no additional bidding.
Another variant of the online auction is the live online or webcast auction. This is simply a more modern version of the “satellite” auctions of a few years back where bidders in a remote ballroom were able to bid through closed circuit TV and cameras set up at both the auction facility and the remote facility. In this format, online bidders have an audio feed, a bidding interface with images of the assets being sold in real time, and sometimes a video feed. The auctioneer is able to see and accept bids through the online interface, most often through an online facilitator, who acts as a ringperson, taking online bids and relaying them to the auctioneer in much the same way as an onsite ringperson would do.
Often, the live online or webcast auction will be conducted in conjunction with an onsite or ballroom auction, where the auctioneer is able to accept bids both from onsite and from online bidders.

MARKETING BENEFITS
Sell today instead of months or years from today
Reduces carrying and operating costs
Frees capital for better uses
Property-specific intensive and widespread marketing
Exposure to hundreds or thousands of targeted buyers
Assures the maximum level of bidding
YOUR CHOICE OF SALE DATE
You select the day you want the real or personal property to sell
In a real property auctionYou control your real estate closing date
Auction CREATES URGENCY!
Creates a “now or never” atmosphere
Bidders know they have only one chance
They must bid their best to win!
YOU CONTROL THE TERMS
In the case of a real estate auction the earnest money deposit is non refundable.
Noncontingent quick closing on real estate 99% closing certainty (much higher than with ordinary real estate sales)
The only term the buyers set is price

When Can an Auction Benefit Me?

Auctions can be a valuable tool for the asset owner or disposition manager in many situations.

Two very good examples are:

WHEN THE SELLER MUST SELL QUICKLY
An auction provides an arm’s length setting for all interested bidders to compete, with an intensive marketing campaign. Holding costs are minimized, and capital is freed for other uses.

WHEN A PROPERTY HAS HIGH DEMAND
The Onassis auctions and the Atlanta Olympic auctions gave bidders the opportunity to pay what they thought the assets were worth – between 300% and 1000% of what the sellers would have asked!

Auctions Work Well For:
Personal Property
Vehicles
Equipment
Collectibles
Real Estate
Financial Instruments
Antiques and Much More!

Single Seller/Multiple Property Auction (Portfolio Sale)
This format allows for an offering at a single location and time, or at regional locations at different times, for a single owner offering multiple properties.

Multiple Seller/ Multiple Property Auction
This format allows multiple sellers to pool their properties, creating a larger auction event. For a seller who has flexibility in terms of time, this format provides an economy of scale, allowing inclusion of smaller properties for attractive advertising contributions and brings together buyers for various properties to the same event in a synergistic way.

Sealed Bid Offerings
This format allows bidders to submit bids on pre-approved contract forms and the seller can accept or reject an offer.>

Sealed Bid Convertible
This format begins with a sealed bid program to identify the market segments and judge the depth of market. At sufficient market depths, the format may be converted to open outcry formats.

Essentially, there are four types of auctions: absolute auction (or auction without reserve); second a minimum bid auction known as a  reserve auction ,third a Subject to  Owner Confirmation Auction (no hard set reserve but subject to confirmation day of sale).Forth is a foreclosure auction. The characteristics of each type of auction are outlined below:

Absolute Auction:

• Property sells to the highest bidder, regardless of the price.
   
• Since sale is guaranteed, buyer excitement and participation are heightened.
   
• Generates maximum response from the market place, thereby being the only auction process to ensure attaining TRUE market value.
   
• Many sellers, including financial institutions and government agencies, have begun to use this method more frequently since an absolute action offers the best performance results of all.

 Reserve Auction:

• Auctioneer accepts bids at or above a published minimum price. This minimum price is usually stated in the brochure and advertisements.
   
• Reduces risk for seller if the seller wants a set price or will not sell. The sales price must be above a minimum acceptable level.
   
• Buyers know they will be able to buy at or above the minimum. The seller may, however, limit interest in the auction to only those buyers willing to pay the minimum bid price, and therefore it must be low enough to act as an inducement rather than a hindrance. It is not only difficult to set this lower figure, but there is a great risk of setting some form of anticipated value by using this figure.

• With a reserve auction a predetermined reserve price is set by the seller in the sales agreement with the auctioneer,the auctioneer may or may not be disclosed the reserve prior to the auction in his/her sole discretion,when the reserve price has been reached the seller by contract is fully obligated to sell the property at or above the agreed apon reserve price .
   
• if minimum bid is not reached, the seller reserves the right to accept or reject the highest bid within a specified time --anywhere from immediately following the auction up to 24 hours after the auction concludes.
   

Sold Subject To Owner Confirmation:

The Subject To Owner Confirmation format is often used, and benefits are seen by both sellers and buyers.The seller retains the ability to refuse an unsatisfactory bid, but remains open for a meeting of the minds the day of the auction. The seller will make a yes or no decision on the current high bid or may counter offer. The buyer has the opportunity to actable or reject the counter offer. If the buyer accepts  the new open bid, bidding resumes and a sucsefull  high bid is accomplished.

Foreclosure Auction:

• Mortgagor, through a legal procedure, forces the property to be sold thereby removing all existing deeds of trust on the property. This procedure, among other things, requires the sale to be promoted in the legal notices of the local newspaper several times prior to the sale and also requires the sale to take place within a time frame of several hours on a designated day on the courthouse steps. Although this procedure may resemble an auctioneer's method in some ways, it simply can be a legal maneuver to allow the existing mortgagor to reacquire the title of the property.
   
• An auctioneer's marketing strategy usually is much more detailed because the specific property is marketed throughout the community and other market areas. Advertisements, brochures and auction signs are utilized, along with soliciting as many bidders personally as possible. This marketing strategy entices the entire market place to be at the auction site, not on the courthouse steps, at a specific time, not within the time frame of several hours, to competitively bid among each other, attaining the TRUE market value.
   
• Any artificial bidding such as a foreclosure by a seller or a mortgagor to protect his/her interest has nothing to do with the TRUE value of the property. Artificial bidding can be a detrimental influence on the bidding of the market place itself, thereby diminishing the odds significantly that the property will sell for TRUE market value. Such practices are not looked upon favorably by the real estate auction industry.

How to Buy Real Estate at an Auction

Broker Price Opinions & Comparable Market Analysis

What’s it worth?  Do you know the value of your home? Not the appraised value.  Not the Estimated Market Value. But the true Market value…The truth is, until your home is sold, the market value is somewhat of an unknown.  

That’s why we offer services like BPO’s (Broker Price Opinions) and CMA’s (Comparable Market Analysis).  Using comparable sales and listings, and making adjustments for various factors, we help you in determining the window of value your property might be worth.  We also have a certified appraiser on staff which gives us access to a multitude of comparables and sales.

The benefits of selling by auction are many. Of course, converting property, possessions or inventory to cash is one of the major ones. But, people don't want to sell unless they get fair market value and that's where the auction comes in. An auction outperforms any other marketing method for whatever people have to sell. The competition created among the buyers stimulates prices and establishes current market value. And finally, the auction method is flexible. The customer decides when to sell and what to sell. Anything in real or personal property can be sold.

Well-trained auctioneers use established and successful procedures to ensure maximum benefits from an auction.

Step 1

First, the auctioneer meets with the potential seller to see what is to be auctioned and understands the seller's expectations. The auctioneer's services and the seller's desires are discussed. This process includes determining what type of auction will be utilized.

Step 2

The auctioneer will then present a proposal which details the auction date, location, time of auction, cost of advertising, sales commission and other matters. When the terms of the proposal are agreed upon, a contract is initiated.

Step 3

At this point, different steps are taken for different types of auctions. Today, with more and more strict regulations, many background checks take place to assure that the auction will conform with the Uniform Commercial Code, any city, county or parish and state license requirements, to verify title to the property, and to notify creditors of the auction.

Step 4

Next, an advertising campaign is prepared to help assure good attendance. Newspaper ads, handbills, posters, direct mailing pieces and radio and TV advertising are commonly used. A well-planned advertising program is essential to the success of the auction.

Step 5

According to the sellers' wishes, auctioneers may take the responsibility of preparing the merchandise before the auction. Much cleaning, grouping, organizing and often repairing and painting take place so that the property will be more marketable on auction day.

Tom’s Auction Tips

 Items you may need before you leave for the auction.

Suggestions:

Print and take a copy of the on-line catalog for the auction you want to attend.

Prepare a list of items of interest for anything you’re thinking about bidding on.

Take time to preview the items of  interest to you. All Items Are Sold As-Is Where-Is.

Pen and paper, any research notes, comparable values of items of interest.

Identification, checkbook or cash, letter of guarantee from your bank if you are a first time buyer unknown to the auctioneer.

"Dealers"  Please down load a copy of the Virginia tax exempt form Found on our web site ( PLEASE FILL IT OUT IN ADVANCE)  be sure to include your VA. tax exempt number and present  it to our clerk when registering, this will qualify you for a non-taxable status at the auction.

Dress comfortably. Remember, it might be hot/cold outside but the air conditioning/heat might be working overtime inside.

There is allways ample food and drink on hand at all of our auctions.

Save a seat before you look at the preview. If this is an onsite auction you will want to bring a folding chair.

When you arrive at the auction be sure to register, Ask what types of payment are accepted. If the auctioneer charges a buyer’s premium, inquire about hauling/delivery concerns or pick-up times before you bid.

 Preview the items you bid on before you bid.  “You are the expert !

Please pay attention!  Make sure you know what item number is being bid on at all times.

Raise your hand or paddle to bid. Once you’ve been acknowledged, further bids on an item can be made by a nod of the head, etc..

If you have any questions ask the auctioneer or auction staff, we are here to help make your auction experience an enjoyable one.

Thank You!  Tom

Auction Bidding Tips

Feel free to just get your feet wet - don't think you have to go to your first auction ready to bid. Attend an auction or two in your area to get a feel for how they are conducted. Watch and listen, then move on to bidding if that makes you comfortable.

"Am I getting a bargain?" is a frequent question. Think of it this way - buyers get exactly what they want, at a cost of only one bid higher than someone else was willing to pay.

Many auctioneers spend some time addressing commonly asked questions and explain how the auction is going to work. Some even conduct pre-auction or practice sessions, or brief tutorials, about the auction process. If you are interested in going to your first auction, check with local auctioneers to see if they offer such a service.

Always remember at an auction to feel free to ask questions if you don't understand something. Auctioneers and their staff want people to continue to come to their auctions, so they will do all they can to encourage repeat business. Ask a question of a member of the auctioneer's team and they will find the answer for you.

When people arrive at an auction, everyone is encouraged to read the rules printed on or displayed on posters, brochures or handouts. Again, ask questions if you don't understand a policy. Inspect the merchandise you're interested in, as most is auctioned on an "as is", " where is" basis. This means it is not guaranteed. When you buy an item, you become responsible for it. And, keep in mind that you'll pay for the items you purchase before you leave the auction, even if you aren't taking everything with you that day.

During the auction, auctioneers stand where they can be easily seen and often use a public address system so the bidders can clearly hear them. An item is selected, described and then bidding is opened.

In order to bid at an auction, you need to make contact with the auctioneer or the ring person. Ring personnel assist the auctioneer in hearing and acknowledging all bids and assures the bids are accurate. A ring person takes bids from the audience and then passes those on to the auctioneer. To bid, hold up your bid card, your hand or shout "yes." The auctioneer or ring person will make eye contact with you, take your bid and immediately turn and seek another bid. You can remove yourself from the process at any time by shaking your head "no" or saying "no" if the auctioneer or ring person turns your way. Should an auctioneer or ring person misinterpret any of your signals, simply report the mistake right away.

As increasing bids are received, the auctioneer's "chant" becomes a series of prices, with filler words to make the chant rhythmic.

When the final bid has been accepted, the buyer will identify himself/herself and the clerk will record the bid. When the buyer is ready to leave, the cashier will receive payment and release the merchandise. Today's modern auctioneer tape record the entire auction to benefit both the buyer and seller.

Newspaper ads and direct mail campaigns provide information on most auctions. They list date, time, location and often list many of the items for sale.

How to Buy at Auctions

Q: What is Tom's Auction?
A:Full Services Auction & Appraisal Company/ On-Line Auction Platform / Providing Local classifieds and forums - community moderated, and largely free.

Q: What can I find there?
A: Auctions, real estate, antiques & collectibles, a wide variety of goods, on-line store, services, local activities, advice - just about everything regarding auction & appraisals business.

Q: What is the origin of Tom's Auction?
A: An auction directory customized for you that was started by Tom Perry in 1983.

Q: Who runs Tom's Auction?
A: Tom Perry has been CEO since early 1980's.

Q: Is Tom's Auction a nonprofit?
A: No, Tom's Auction was founded as a for-profit company in 1983.

Q: How much traffic does Tom's Auction get?
A: on average More than 20 thousand page views per auction.

Q: How many people use Tom's Auction?
A: More than  in the US alone.

Q: What languages does Tom's Auction support?
A: Danish, Dutch, English, Filipino, French, German, Italian, Norwegian, Portuguese, Spanish, Swedish, Turkish.

Q: What is a buyer's premium?

A: A buyer's premium is a stated percentage added to the winning bid to determine the total price paid by the buyer.

EXAMPLE: An item sells for $10.00, and the announced buyer’s premium is 10%, the total cost of item will come to $11.00 plus any applicable sales tax.

Q: How do I register for auctions?

A: LIVE: Registration is a process of identifying yourself as a potential buyer. You have the option of registering online for a Live Auction or registering at the Live Auction event. If you register online for a Live Auction, you will need to provide proof of identity and sign the forms at the Live Auction event. You will receive a bid card with a bid number which is used to identify yourself as the successful bidder. This process will save you time at the live Auction event since you do not have to complete the forms by hand.

If you register at the Live Auction event, you will need to complete the registration form, sign the standard Terms & Conditions for the auction then you will receive a bid card with a bid number which is used to identify yourself as the successful bidder.

ONLINE: Register on the Tom's Auctions website. You will then be prompted to agree with the Legal Terms and Conditions. If you agree, you will be prompted to enter your bidder information. Once completed, you will receive a permanent bidder number which can be used for all ONLINE Tom's Auction Auctions.

Q: Why do you require a credit card to register and bid for ONLINE Auctions?

A: We want to ensure that all bidders are valid, qualified, and have met the same conditions to be able to participate in our ONLINE auctions.

Q: What if I change my mind after bidding?

A: By bidding on an item you are creating a contract that is enforceable in a court of law. Tom's Auctions will pursue all legal remedies required to enforce this contract. The terms of usage prevent retraction of a bid once it has been SOLD. If you are unsure about an item, DO NOT BID.

Q: How does the Auto-Extend feature on an ONLINE auction work?

A: If an item receives a bid in the last two minutes, the ending time for that auction will automatically be extended by three minutes. Once three minutes have passed without any bidding, the item will close.

Q: How will I know if I am the high bidder for an ONLINE Auction?

A: The highest bidder will receive an email after the auction closes.

Q: How long do I have to pay for my items?

A: LIVE: All items must be paid for in full on the sale day.

ONLINE: All items must be paid in full within 24 hrs of winning the item.

Q: How long do I have to remove items that I have purchased?

A: LIVE: Removal timeframes will vary, but are generally 3 to 5 days after the close of the live auction. A removal schedule will be announced and posted on sale day.

ONLINE: The date by which all merchandise must be removed from the premises is posted on an auction-by-auction basis, on the specific auction page.

Q: How do I pay my bill?

A: We accept Cash, PayPal (online only), Cashier’s Checks, Visa, Master Card, Discover, and American Express.

Q: Do I pay sales tax?

A: Buyers are responsible for all applicable State, County, and City sales taxes at our auctions. If items are purchased for RESALE, please bring, fax, or email a copy of your Tax Exempt Certificate to the sale.

Q: Shipping?

A: Yes! SAM Auctions does offer shipping at an additional cost.

Q: How do I sign up for auction notifications?

A: You can simply sign up by clicking our tab labeled Auction Alerts (and instantly start receiving email alerts for all our auctions).

Q: Can I buy equipment before the auction?

A: Once a piece is listed as ‘for sale at auction’ we are unable to pre-sell the item.

Q: Can I preview items before I bid?

A: Yes. Each auction will have information regarding where the items are located and a scheduled preview time.

Q: Will there be anyone onsite to watch over my purchase?

A: We make every effort to protect your purchase, but ultimately once the auctioneer has SOLD the item, it becomes the sole responsibility of the highest bidder. We suggest you bring a second person with you on auction day to protect your property.

Q: Can I leave an Absentee Bid at your LIVE auction?

A: YES. We accept all absentee bids at our live auctions. Please contact us for more information.

Q: Can you help me sell my equipment?

A: We are a full service company that will make every effort to help you sell your equipment. Our experts will consult with you to assess the value of the assets and determine which of our three methods will convert your asset into cash promptly and with greatest success: Online Auction - Live Auction - Premier Sale.

Q: Do you pay for sales leads?

A: Yes. Please contact us for more information.