GENERAL Q and A
Why do auctions work?
The most important reason why auctions work is because it brings interested buyers together who then compete for the items being sold. Auctions create urgency. Bid now or it will be too late. They also create competition between bidders, so sometimes winning the item could be more important than getting the item.
Auctions also make planning personal moves easier. You set the date and time of the sale and AAA Auction and Realty Company turns it all into cash.
What types of auctions do you do?
We do live and online auction. We begin by visiting with you about your needs and then we recommend the best method of converting your assets into cash. This may result in a recommendation for a live auction, an online auction, a consignment auction or an outright sale to AAA Auction.
Where do your auctions take place?
The auction may take place at your location, at a rented location, or online. Some examples of rented locations we have used are the VFW, the Anoka County Fairgrounds and the Medina Ballroom. For smaller estates our Live Tuesday Consignment Auctions at Mau’s Corner may work best. Items purchased during one of our online auctions are usually picked-up by the buyer at the Nowthen City Hall.
How do I get my things to you?
You can bring your items to us, or we can come and pick them up.
How does that work if I want to bring something to Mau's Corner to sell?
Please see How to Sell.
What is a reserve auction?
A reserve auction is an auction where the seller has the final choice either accept or reject the highest bid. Reserves are frequently used for real estate auctions and for high value items.
What is an absolute auction?
In an absolute auction, an item sells for the highest bid regardless of amount.
What is an absentee bid and do you accept them?
An absentee bid is a bid placed on an item before the auction starts. The bid is guaranteed with a credit card. We will then bid for you up to your maximum amount if necessary. For example, if your maximum bid is $100 and the bidding is progressing in increments of $2.50, and if the last bid were $50, we would then bid $52.50 for you. If no one else were to bid, then you would win the item for $52.50.
What is a Buyer's Premium?
A Buyer's Premium is an additional charge paid by the purchaser of item. It is often 15% of the winning bid. For example, if a buyer purchases an item for $100.00, the total charge to the buyer would be $115.00. This is a method of dividing the cost of the auction between the seller and the buyer.
How do I pay for my items?
We accept cash, in-state checks, and all of the major credit cards.
Do I have to pay sales tax?
Usually there is no sales tax charged at an auction where all of the items are from one non-commercial seller, but sales tax must be charged at consignment auctions, such as at Mau’s Corner. The buyer's premium is also taxable.
Why should I sell at auction?
Auctions are the best way to sell items for their true market value. Excitement of the auction also often helps bring even higher prices. Auctions also save time, since your items will be sold on the day of the auction, rather than sit around waiting for the right person to come along. They are also safer than inviting strangers into your home to sell them something. Also, all auction sales are "As Is," so returns are not a problem.
Should I sell my items online or at Mau’s Corner
Both are good choices. The basic rule is this: if you sell a good item, you will get a good price. If you sell a bad item, you will get a bad price.
What are my items worth?
In most instances, we do not provide estimates of value. Of course this can vary depending on the nature of the auction. If you need an estimate, we will be happy to discuss that with you. In most cases, a good way to get an idea of the likely auction price of your items is to review our past auctions on our website.
How much would it cost me to have you do an auction for me?
Please see How to Sell.
What do you charge to sell something on consignment?
Please see How to Sell.
How soon do I get paid after the auction?
We will usually have a check for you within 7-10 seven days of auction. If you sell your items at Mau’s Corner, we will pay you on the day of the auction.
What do I have to do to get ready for the auction?
We will set up your live auction at your location for you, although we recommend that you provide as much labor as you can to help keep the set-up costs to a minimum. You set up your own items at the Tuesday Consignment Auctions at Mau’s Corner.
What happens to the items that don't sell at the Tuesday Consignment Auction at Mau’s Corner?
Nearly everything sells at a live auction. For example, if something does not get a bid by itself, we simply add other items to it until a bid is obtained. However, if there are things left over after the live auction at Mau’s Corner, you must remove them from the property before you get paid.
Who does the advertising?
We do all of the advertising for the auction. Although we initially pay for the advertising, you reimburse us for those expenses out of the sale proceeds. We determine these costs with you when the auction contract is signed.