 |
Who sells at auctions? |
 |
The US Bankruptcy Court, Assignee's for the Benefit of Creditors,
State Court Receivers, Financial Institutions, Fortune 500 Companies, Corporate
and Individual Owners, CPA's, Insurance Companies, Leasing Companies and Turnaround
& Management Companies. |
| |
|
What is the cost of an auction? |
|
The normal fee structure for an auction is 5-10%. In addition
the expense of the advertising, labor and miscellaneous expenses are the responsibility
of the seller. |
| |
|
|
What is the Buyer's Premium? |
|
The Buyer's Premium is a percentage, normally 12.5%, that
is added to the final bid. For example, if the normal 12.5% Buyers Premium is imposed
on a lot that is sold for $100.00, the total purchase price, exclusive of any
applicable sales tax would be $112.50. |
| |
|
|
Do I have to register to attend the auction? |
|
Yes, the morning of the auction or the day before at the
preview of the assets, you need to obtain a Bidders Number. Before you are given
the Bidders Number you will be asked to read the terms and conditions of the auction
and sign the said terms and conditions . . . agreeing thereto before you receive
your bidders paddle. |
| |
|
|
Will I have to leave a deep-set? |
|
ALL auction attendees MUST REGISTER AND LEAVE A FULLY REFUNDABLE
DEPOSIT. The deposit must equal 25% at all times for any purchases made at the
auction. If the buyer does not make a purchase their deposit is returned immediately.
If the buyer is the successful bidder, CMA will apply the deposit toward the total
purchase price on the day of the auction, with the balance due no later than 24
hours after the sale. |
| |
|
|
How do I bid on the item(s) I want to buy? |
|
After you have registered and obtained your bidders paddle, you simple raise
your paddle in the air to get the auctioneer's attention. The auctioneer will
acknowledge your bid and ask for the next bid. If there are no further bids the
item is yours. It's that simple. |
| |
|
|
How do I remove the items I purchased? |
|
During or after the auction you make an appointment with the registrars office
to pick up your items. These appointments are usually from 9am - 4pm the three
days following the auction. No items may be removed during the auction. No items
can be removed until final payment has been made to the auctioneer. You can remove
the items yourself or use a moving/rigging company company that has proof of insurance. |
| |
|
|
Do I have to pay sales tax on my purchases? |
|
Yes, unless you have a valid resale certificate or your purchases are being
shipped out of state by a common carrier. |
