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Miller Land & Livestock Company LLC W3410 Dore Rd. Lyndon Station, WI 53944
Phone: 608-524-0365 Fax: 608-524-4532
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What Is An Auction
"Sale"
There's something about that word that gets people's attention. You can almost see the raised eyebrows and the dollar signs in their eyes. It means they have an opportunity to buy quality products at fair and reasonable prices. It makes them anxious and excited.
What about when you hear the word "auction" – what do you think of? Does it conjure up the same images for you? Do you think "opportunity?" Do you think "rare and unusual items?"
Well, we are here to tell you that an auction is all of the above and more. In fact, an auction is not only the best and most exciting kind of "sale" it is also the most advantageous type of sale for both buyers and sellers. And through the years, it has become the sale of "choice" by many, many people throughout the country.
Auction Myths
How many of you have been to an auction? Well, for those of you who haven't, we want to dispel a couple of myths. Auctions are a CHOICE for today's buyers and sellers. They are not a "last option." Many people think that auctions are only held when someone has died or has had their property, such as their home or car, repossessed. The reasons for auctions are as varied as the materials and possessions sold there.
Another myth is that you have to be an "experienced" auction goer to buy and sell. Everyone is welcome and the staff are great about helping first timers to understand how auctions work, how to make a bid, etc. Understanding the chant is what some people find the most intimidating. Here's a tip: listen carefully to the caller for a while and get used to his chant method. If you stick around, at the end of the talk I will give you a sample of my chant and explain to you how it works.
Auction Method of Marketing
We refer to our method of selling as "The Auction Method of Marketing."This means much more than just making a sale. It means orchestrating a business transaction and entering into a commitment to meet the needs of both our client and our buyers. We take responsibility for the entire auction. We dedicate many long hours to prepare for and orchestrate the sale so that when that auction gavel falls, the outcome is positive for both the buyer and seller. Some of our responsibilities include:
- Rendering appraisals on merchandise.
We get to know your property. We use our expertise to look at all the items up for bid and assess their value.
- Advertising the sale.
It is part of our responsibility to ensure that people know about the auction, so we work hard to reach as many of them as possible through ads in the newspaper, fliers and posters and web site postings.
- Repairing and cleaning up items for display.
We want your goods to look the best they can so we spend time fixing them, polishing them up and displaying them so they will be appealing to bidders.
- Keeping a financial record of items sold.
We keep a log of items sold and their sale prices.
- Cleaning up the site after the sale.
When the sale is over, we help tidy up the auction location, picking up bidder numbers, debris and other items. We want to leave it as we found it before the sale.
Background on Auction Industry
I want to give a little background on the auction industry. It has a vast history that some say dates as far back at 500 B.C.
- The term "auction" is derived from the Latin word "auctus," which means "increasing or gradual increase." Today the word as we have come to know it means a public sale of property to the highest bidder.
- Rome is said to have been the first country to license auctioneers.
- American auctions date back to the Pilgrims' arrival on America's Eastern Shores in the 1600s.
- George Washington liked to attend auctions and is said to have selected all of the furnishings for Mt. Vernon through auctions.
The history of auctions is solid and substantial. Most everything has been sold by the auction method of marketing, including livestock, antiques, real estate, household items, business equipment, artwork, collector cars, electronics – I could go on and on, but you get the picture.
The Auctioneer
Auctioneering is a solid and reputable career. Today there are an estimated 30,000 auctioneers throughout the country.
Auctioneers are educated marketing professionals versed in their field. They are detail-oriented, technology savvy and leaders in their community. They just keep getting better at their trade and that's a plus for consumers.
Many auctioneers attend auction school to learn their trade, then become licensed in their profession.
Continuing education classes are another part of the auction business. Auctioneers attend classes to keep up on current trends and to learn new methods such as video auctioneering and live internet auctioneering. Some auctioneers take classes to earn specialized designations in fields such as real estate, personal property, agri-business, legal and more.
Referrals is a great way to find a good auctioneer, but a tried and true method is to look for auctioneers who are members of the National Auctioneers Association. NAA members are bound by a code of ethics that protects consumers against unfair auction practices, and they are privy to a wide range of educational materials and programming that help me to stay abreast of the latest developments in the industry. Just look for the NAA logo when looking for a trustworthy and professional auctioneer.
Benefits of Auctions
Now that we have given you some background on the auction industry, we want to talk with you about the advantages of using the auction method of marketing to buy and sell goods.
The best way for us to do this is to compare the auction method to other sales methods. How many of you have ever been to a garage sale or yard sale? How about a swap meet or open market sale? We're sure all of you have been to a community event or fair where there are a number of booths featuring items for sale. All of these sales are approaches people use to market and dispose of their property, and make some money.
When compared with auctions, these types of sales are not in the same ballpark. I'm not knocking these types of sales; they serve a purpose and are quite popular. But if you're looking for the best and most efficient way to sell your property, nothing compares to an auction.
Garage sales, swap meets and these other types of sales are very time-consuming for the seller (including the prep time, the time spent sitting and waiting for customers to come, etc.). Most of their marketing comes in the form of a cardboard sign stuck in the ground, and sometimes through a general ad that publicizes the event, but not always their particular items or booth. And when the sale is over, there are always a large number of items left. This is true, isn't it? How many of you have had a garage sale or yard sale, only to end up with half the items you had for sale back in your house? Or, you spend time and energy loading it all up in your car or truck and taking it down to the Goodwill store or local thrift store?
With an auction, the auctioneer and his or her staff take care of preparing items and estimating their fair market value. They professionally market the sale so that people from throughout the county, state, or even country will know about it. And they make it their job to create a competitive and entertaining atmosphere that attracts consumers to the sale. Their hand gestures, eye contact with the crowd and their rhythmic "chant" stirs buyers and brings the sale to life. Through auctions, sellers can obtain the highest possible price, dispose of all their property and receive money for their goods all in one day.
And buyers have the opportunity to "shop" for unique merchandise and pay the price they want in the spirit of competition. All of these things separate auctions from other types of sales.
If you have never been to an auction or sold goods through the auction method of marketing, you're missing out on expertise, value, excitement and fun. It's one of the oldest and most popular sales method.
Real Estate Auctions Questions and Answers
Q: Do I have to make a down payment at the auction?
A: You are required to place earnest money on the contract at auction in the form of certified funds. The exact amount of earnest money required varies by each property auction. Please refer to the Terms & Conditions of the auction for the amount of required funds.
Q: Is my deposit refundable if I change my mind after the sale and decide not to buy the property?
A: No. If a buyer does not close for any reason on or before the closing date, the initial deposit will be forfeited.
Q: Can anyone attend a Miller Land & Livestock, Co real estate auction?
A: Yes! All auctions are open to the public.
Q: I've never attended a real estate auction; how does the process work?
A: Buying real estate at auction is a very simple process. However, it is important for you to be informed and prepared prior to auction day. You should inspect the property prior to bidding on the property during one of the scheduled preview dates.
Q: What are the advantages of buying real estate at auction?
A: Buying real estate at auction allows you to experience a quick purchase and closing, eliminates lengthy negotiations, and provides the assurance the price paid was market value.
Q: Why are properties sold at auction?
A: Owners make a business decision to sell property in a one-day sale rather than continuing to incur carrying costs. Sellers are motivated to sell and offer you an opportunity to purchase desirable property at the best price.
Q: How do I inspect the property?
A: Many of the properties will be open for inspection on the dates and times listed. However, some properties will be shown by appointment only. Please contact the individual broker; they are available to answer property-specific questions and open house viewing questions. Contact information for a specific properties broker is listed in the auction brochure and along side the property details on this website.
Q: Are there any back taxes or liens against the property?
A: There are no back taxes or liens against the properties. Each property will be conveyed by special warranty deed, and title insurance is provided by the Seller.
Q: Can I use a broker?
A: Any real estate broker or agent, may represent you at the auction. However, you are not required to have a broker in order to bid at the auction.
Q: Will properties be sold prior to the auction?
A: Yes! Miller Land & Livestock, Co. has a Bid-Now Program that allows you to make an offer on a property prior to the auction. Sellers are highly motivated and will entertain all offers. Once you select a property to purchase click Bid-Now to begin the process. Once you select a property to purchase contact us at auction@execpc.com or by phone at 1-608-524-0365 and your information will be forwarded to our broker:
What do I need to do to register for the real estate auction?
A: Registration is free and can be done at the registration table on auction day. You MUST register with a valid ID (Driver’s License) on auction day and receive a Bidder Card in order to bid. If you are the highest bidder for a property you will be required to make an earnest money deposit on auction day, a portion of which must be cash or certified funds.
Q: How are auctions conducted?
A: Most real estate auctions are conducted with open bidding. When you are ready to bid hold up your bidder card and call out your bid, or tell one of the Miller Land & Livestock, Co bid assistants the amount you want to bid. See Buying at Auction for more details.
Q: What is the minimum bid?
A: The audience begins the bidding so there are no set minimum bids. The final sale price for each property is subject to approval by the seller. In some cases, the sellers are present at the auction to make an immediate decision. Recently, over 170,000 properties have been offered in similar auctions across the United States. Unless the properties are offered “absolute”, the seller reserves the right to accept, reject or counter the final bid!
Q: Is the amount I bid the total price I will pay?
A: A Buyer's Premium will be added to your bid. The premium is a percentage amount (typically 12%) paid by the buyer and added to the highest successful bid to determine the final contract price.
Q: Is financing available?
A: Some auctions have financing available while others do not. See the specific auction details to determine the availability for the auction you are attending.
Q: Can I buy more than one property?
A: Yes. You just need to bring and present a separate cashier’s check for each property you intend to purchase.
Q: To whom do I talk to if I don't understand the auction contract?
A: It is very important for auction buyers to be educated and informed regarding the real estate auction process. Make sure all your questions and concerns are answered before you attend an auction. A sample contract can be made available to you. Feel free to have your legal advisor review the contract prior to the sale. However, please note that the seller does not permit additions or changes to the form contract.
Q: What do the terms “reserve” and “absolute” mean?
A: An auction where the property is being sold with a “reserve” means that the property is being sold subject to seller approval. When a property is being sold “absolute” it will be sold to the highest bidder regardless of price. Any absolute properties will be noted in the brochure.
Q: What happens once I have become the successful high bidder?
A: You will move to the contract table where you will present your check and complete the Purchase and Sale Agreements. Agreement examples are available the day of the auction.
Q: Do I have to make any more deposits other than my initial deposit before closing?
A: Usually you must increase your initial deposit to a total of 10% of the purchase price upon execution of the contract, which takes place at the auction. You may pay this additional amount by personal or company check.
Q: When and where are closings held?
A: Closings typically are 30 - 45 days from the seller’s acceptance. Since the seller typically pays for title insurance, a company has been selected and the location information will be provided to you in the contract room.
NAA Public Relations Resources
Current Auction News
NAA Auction Calendar
Find an NAA Auctioneer World Wide
Contact us at
1-608-524-0365 Voice
1-608-524-4532 Fax
Auction@execpc.com
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For On Line Absentee Bidding for our Live at Site Auctions Click Link Below.
The above Link is not to be used for our on line auctions.
Call Us for Your Auction Needs
1-608-524-0365
or
email us at
auction@jvlnet.com
