Auction FAQs

Surplus Asset Management: Frequently Asked Questions

The Team at SAM Auctions has proven experience and knowledge in

  • Live Auctions
  • Online Auctions
  • Online Stores
  • Asset Appraisals
  • Complete Liquidations
  • Storage and Redeployment
  • Shipping and Rigging Services
  • Asset Management
  • Consignments
Where can I find out more about standard auction practices?

To learn more about non-property specific auction practices, please visit our Auction FAQ’s and What to Expect pages

What is a Buyer’s Premium?

A buyer’s premium is a fee added to the final bid. Usually the Buyer’s Premium is 10% and is paid for by the Buyer. *Bankrupt assets do not have a buyer’s premium added because the Seller pays the fee.

When is payment due?

Unless otherwise stated, full payment is due by the end of the auction day in the form of cash, cashier’s check, credit card, or wire transfer made payable to the escrow company (or Ch. 7 Bankruptcy Trustee).

Who is responsible for title fees and closing costs?

Unless otherwise stated, the Bidder is responsible to pay for all title fees and closing costs. If a property is offered for auction and no title company has been employed (i.e. in a bankruptcy case) the Buyer can always choose any title company they want to issue title insurance.

Do I have an opportunity to inspect the real estate I bid on?

Yes. All bidders are encouraged to personally physically inspect the subject property PRIOR to auction to satisfy themselves with the subject property in its entirety. Unlike a traditional real estate transaction where you make an offer, then you conduct a 10-day inspection; Buying at auction requires the bidder conduct their own independent inspections, appraisals, surveys, title research prior to the auction as the buyer is purchasing the subject property in as-is condit

Do I need to be financially qualified before I bid on real estate?

Yes. If you are not paying with cash, please get pre-qualified through a lending institution up to the amount of your bid.

Do I have to pay taxes in addition to the purchase price of the real estate?

No. Real estate taxes are levied and paid annually through the county assessor.

Can you help me sell my equipment?

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.

Can I leave an Absentee Bid at your LIVE auction?

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

Can I preview items before I bid?

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

Can I buy equipment before the auction?

Once a piece is listed as ‘for sale at auction’ we are unable to pre-sell the item. If you are looking to purchase equipment outright, we have a large inventory database and multiple showrooms across North America to meet your needs.

How do I sign up for auction notifications?

You can sign up simply by entering your information into the fields under the “Subscribe to Newsletter” heading at the bottom of each page.

How Does Shipping Work?

We do not provide shipping, however we will prepare items for shipping and load trucks for a fee. While it is the buyer’s responsibility to arrange shipping, we are happy to provide resources to help facilitate the process.

Do I pay sales tax?

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 Resale Certificate to the sale.

How do I pay my bill?

We accept cash, PayPal (online only), cashier’s checks, Visa, Master Card, Discover, and American Express.

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

Removal timeframes will vary, but are generally three business days after the close of the auction. A removal schedule will be announced and posted on sale day. Removal deadlines are concrete and non-negotiable, and bidders should keep them in mind before their purchases finalize. If bidders are unable to gather their items in the time allotted, the items will be considered abandoned and will be disposed of.

How long do I have to pay for my items?
  • LIVE: All items must be paid for in full on the sale day.
  • ONLINE: All items must be paid in full within 24 hours of winning the item.
How will I know if I am the high bidder for an ONLINE Auction?

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

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

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. This applies solely to Online Only auctions; sales with a live component will not have the auto-extend feature.

What if I change my mind after bidding?

It is best to be sure you would like to purchase an item before placing a bid. By participating in the day-before preview and coming early to the auction, you can examine all available equipment and get your questions answered by our knowledgeable experts. If you are unsure about an item, it is best not to bid.

How do I register for auctions?

LIVE AUCTIONS:

Registration is a process of identifying yourself as a potential buyer. Bidders participating in a Live Auction event will be directed to the registration desk to complete the registration form, sign the standard Terms & Conditions for the auction, and receive a bid number which will identify you and secure your purchases.

ONLINE AUCTIONS:

To bid online, first visit the SAM Auctions website. Visit the page of the auction you are interested in, view the full catalog by clicking the button, and sign up for the sale via Proxibid (a third party service used to conduct our online sales). Your Proxibid account can be used for all Online SAM Auctions sales.

Have additional questions?

Our industry experts are here to help. Contact us via email at info@samauctions.com or call 877.726.2828 for more information.

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