Is live auctioneer legit?
Live Auctioneers LLC is BBB Accredited. LiveAuctioneers is an acquired company based in New York City (United States), founded in 2002 by John Ralston and Julian R Ellison.
Does it cost more to sell at auction?
There are fees and commissions the auctioneer charges on the sale price if there is a successful sale. This can be anywhere from 11% – 25%. Make sure to ask your auctioneer when first meeting with them what commission they will take. Commission: Auctioneers often charge a commission, representing a percentage of the auction’s gross sales. A 10% to 15% commission is typical for this profession. Depending on the deal, they may also receive bonuses .The starting rate for an auctioneer’s commission will usually be around 2% + VAT or more and that’s only paid when the property successfully sells.Buyers typically pay a “buyer’s premium” by adding a percentage to the final auction price. This fee helps cover administrative costs and platform maintenance. The rate can vary widely—from 5% to 25%—depending on the auction house, product type, or platform policies.How Do Auction Fees Work? The seller’s commission at major auction houses, such as Christie’s or Sotheby’s, is 15%. On top of that, you’ll be asked to pay shipping, LDL (loss, damage and liability insurance), as well as a hefty marketing and cataloguing fee. These are negotiable fees when it comes to consignment.When selling a house at auction, you should expect to pay your auctioneer around 2.
Are auctions trustworthy?
Sometimes, the seller may even create false bids to increase the price. If you’re thinking about bidding in an online auction, it’s important to do your research ahead of time and be aware of the potential risks. Because online auction scam affects buyers and sellers, both parties should be cautious of scammers online. Legitimate auction sites prioritize user safety, provide secure payment options, and have clear terms and conditions. They also have a solid reputation, backed by positive customer reviews and professional affiliations. Understanding these factors is crucial in distinguishing legit auction sites from potential scams.
Is it risky to buy at auction?
While the potential for savings is real, so are the risks. Auction homes are typically sold as-is, which means there may be hidden issues—like structural damage, code violations, or past-due property taxes. You’ll also need to come prepared. Auctions often require cash or a large down payment on the spot. If you change your mind after the auction then you can decide to withdraw from the purchase, but this will result in heavy penalties. You will forfeit the deposit you’ve paid (which is usually 10% of the purchase price). You may also have to cover the other side’s costs, and any other losses they incur as a result.Auction weaknesses are: You can never be sure of precisely how much you will get. Marketing costs tend to be higher. Auctions concentrate the buying process into a short period of time. This may turn out to not be the ideal time to sell.If the auction has finished, you can contact the winner and, if they agree, you can cancel the transaction. You can only end auction listings with bids one at a time by selecting a valid reason.If you change your mind after the auction then you can decide to withdraw from the purchase, but this will result in heavy penalties. You will forfeit the deposit you’ve paid (which is usually 10% of the purchase price). You may also have to cover the other side’s costs, and any other losses they incur as a result.Don’ts: What not to do at an auction Changing your mind or not being able to afford it are not acceptable get-out clauses. This is why it’s crucial to have your finance lined up before the auction. Additionally, don’t go into an auction blind. You need to make sure you have all the information you need.
Is it worth selling items at auction?
This is a question we get asked a lot and it is actually pretty easy to answer: It depends on what you are trying to sell. As a rough guide; selling through an auction is ideal if you want to market your items to a wide audience. Auctions are suited to items that have a subjective value or are of low commercial value. Auctions typically go live item by item. If it’s in-person, auctioneers will present the items one at a time on stage, buyers will bid, and then once the bidding stops, the highest bidder wins, and they move on to the next item.