Checklist of Process to Watch at Auctions



Before Auction

  • Conduct a thorough examination of the goods before you buy them. Take the opportunity to examine the goods before you buy them - auctioneers normally hold inspection days before the auction so that you can check through the lots that interest you.

  • Check to see whether any money is owed on the goods, especially if high value goods are involved. You may not always be able to check that the goods are subject to a security, as notices of security interests are registered in the name of the debtor. With motor vehicles however, searches can be done by the vehicle’s serial number.

  • Make sure that you do not bid more than you can afford. Once the hammer hits the table then it says that the auctioneer accepts your bid and the goods have been bought by you.

  • Make sure you check fully the terms of sale. Work out the amount that you want to bid to and add on the buyer’s premium etc as applicable.


Terms

  • Buyer’s premium to be added to price

  • Goods must be collected on the day

  • Payment will only be accepted in cash or bank check

  • Buyer to arrange own delivery

  • Goods ’as is where is’.


During and After Auction

The process of an auction is:

  • A product is offered for sale.

  • You make an offer by way of a bid to the person conducting the auction (the auctioneer).

  • If that bid is accepted by the auctioneer then the sale is concluded.

  • There is then a legal agreement for you to purchase the goods at the price that you have offered when you made your bid.


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