Is all surplus legit?

Is all surplus legit?

It’s legit. It’s not eBay and they don’t ship. I think everyone is so used to amazon and eBay that they expect the same level of service.

Are police car auctions worth it?

Pros. Buying a car at a police car auction can get you an excellent deal. The prices are meager because the police want to remove those vehicles from their fleet as soon as they can so they don’t have to manage the cars anymore, but also to recover some of the money owed by the previous owners.

What does Buyers Premium mean at auction?

In auctions, the buyer’s premium is a charge in addition to the hammer price (i.e. the winning bid announced) of an auction item, or lot. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer’s premium.

Does the buyer pay auction fees?

What are the costs I have to pay to the auction house? Yes, there is a buyer’s fee which is a fixed fee of £1000 plus vat and some of the properties may be subject a buyer’s premium. If there is a buyer’s premium this will be disclosed in the addendum prior to the auction.

Who pays fees at an auction?

Property auctions involve fees for buyers and for sellers. For sellers, the fees are straightforward. For buyers, they can be a lot more complicated. The trick is, as always, to read the auction legal pack.

How much does an auction house charge the seller?

in , Tags , Most auction houses charge the seller and buyer fees. However, the fees are negotiable for the seller and about 15-20% for the buyer is expected.

Do you pay taxes on auction sales?

All income from auctions, traditional or online, and consignment sales is generally taxable unless certain exceptions are met. This income is usually considered either “business” or “ordinary” income. Income resulting from auctions akin to an occasional garage or yard sale is generally not required to be reported.

How much commission does Auction Kings get?

The sellers pay a 30-35% consignment fee and the buyers pay a 15% buyers fee. So the auction makes 45-50% of the sold price of each item. But as I said this is a big operation with lots of employees and overhead, so it is an expensive operation to run.

What happens if a house doesnt sell at auction?

If the property doesn’t sell at auction, it becomes a real estate owned property (referred to as an REO or bank-owned property). When this happens, the lender becomes the owner. The lender will try to sell the property on its own, through a broker, or with the help of an REO asset manager.

Can I get my house back after auction?

If you’re able to get another mortgage for the amount you owe on your original mortgage, you can pay off the original loan and regain ownership of your house. This can be as few as two days after the auction or as many as 30 days, depending on your state’s laws. Not all states offer this option.

Are auctions legally binding?

Generally, an auction is complete when the bid is accepted. A binding contract is created by the auction. If the final bid does not reach the reserve price, the property remains unsold. Note that the popular understanding of an auction is identical to the legal definition of an auction.

Why is price fixing bad?

Economists generally agree that horizontal price-fixing agreements are bad for consumers. Price-fixing agreements, since they reduce competitors’ ability to respond freely and swiftly to one another’s prices, diminish consumer surplus by interfering with the competitive marketplace’s ability to keep prices low.

Is vertical price fixing illegal?

Vertical price-fixing arrangements include agreements by manufacturers to set minimum or maximum resale (i.e., retail) prices for their products. Direct agreements to maintain resale prices are per se illegal in the United States and subject to “hard-core restriction” in Europe. …