Lots of people have seen auctions on television, but they might not know much about what the auction process is actually like. Auctioneers help with the sale of a variety of items and assets, from antiques to commercial buildings. A good auctioneer isn’t just someone who can speak at the speed of light—they are a trained professional with a specific set of skills and broad knowledge of the rules and regulations that apply to auctions. Find out more about auctioneers by taking a look at some of the most frequently asked questions about auction services in Maryland:
- How do I find a reliable auctioneer? The most important part of holding an auction is finding a reputable auctioneer to oversee the bidding. The best way to find a good auctioneer is by asking for references from friends and family members or looking for reviews online. By getting a firsthand account from a former customer, you can find out everything you need to know about an auctioneer before you make a hire.
- What are buyer’s premiums? If you haven’t heard of a buyer’s premium before, it’s a good idea to become familiar with this term. This premium is a fee that is automatically added to the winning bid price and paid by whomever wins the auction.
- What exactly are auctioneers saying? Most people are familiar with the iconic auctioneer chant. The rapid speech includes asking prices, acknowledgements of bids and a variety of filler words, which add up to an average of 600 words per minute!
- What are bank letters of credit? In some cases, bidders at an auction may be required to display bank letters of credit. This letter of credit shows the amount that a bidder is authorized to pay and proves that bidders at an auction are actually able to make a purchase.
- Are there special rules that apply to bidding? Different auctions have different rules about how to place bids, what the minimum bid is and what kinds of fees apply to bidding. It’s a good idea to do your research and ensure that you understand all of the different rules that apply to the specific auction you will be attending. It may be helpful to speak with a friend who routinely attends auctions to get a better idea about what the experience will be like.
- When is payment due for auctioned items? Although policies can vary from auction to auction, a bidder is usually expected to pay for the items or property they won directly following an auction. If you bid on several different items at the same auction, you will likely be able to pay once the entire auction has been completed.
If you have any more questions about auction services in Maryland, feel free to get in touch with Jane Campbell-Chambliss & Associates, LLC for answers. We serve the community in and around Annapolis with outstanding services, including appraisals and auctions. We can walk you through every step of the auction process and take care of all the details so that you know exactly what to expect the next time you need to have a piece of property auctioned.